As every week, BeInCrypto presents the TOP 5 altcoins that increased the most in the cryptocurrency market during the last 7 days. More specifically, the period between June 4-9, 2023.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). The TOP 5 altcoins that caught the attention of traders and appeared in many headlines are:
- FLEX Coin (FLEX) price increased by 130.1%
- Beldex (BDX) price increased by 24.0%
- Terra (LUNC) price increased by 15.9%
- tomiNet (TOMI) price increased by 7.9%
- Stacks (STX) price increased by 6.0%
FLEX Coin (FLEX) Leads the TOP 5 Altcoin Rankings
For the past two weeks, the FLEX price has been in a very strong, ascending trend. At the end of May, the price broke out of the declining resistance line (black), which had been in place since March 2023. After validating it as support on May 22 (orange circle), the FLEX price generated a higher low and started an upward movement.
By early June, the uptrend is intensifying, with the FLEX price generating double-digit candles every day. The nearest resistance now is the $2.89 level, where the daily candle closed in March 2023.
However, if the upward momentum weakens, the FLEX price could return to the breakout area at $1.13 or make a standard correction to the 0.382 Fib retracement level in the $2 area. It corresponds with the resistance approved in mid-April (blue circle). After such a correction, the uptrend initiated in May can be expected to continue.
Beldex (BDX) Bounces off of Long-Term Support
The BDX price had been in a downtrend since March 2023, when it recorded a high of $0.075. Since then, it has followed a descending resistance line (black), from which it broke out earlier this week (orange circle).
The breakout was preceded by the validation of the long-term support/resistance area (green rectangle), from which BDX broke out in March.
After validating the diagonal resistance line as support, the pace of increase accelerated. The BDX price managed to break through resistance at $0.045 and is rising towards the next area at $0.052. This level was lost on May 1. Its recovery would be a bullish event, which would confirm the shift of the trend to upward.
However, if the $0.052 level rejects the price, the altcoin can be expected to return to the $0.045 area to validate it as support.
Terra (LUNC) Increases but Fails to Break Through Strong Resistance
Next in the ranking of the top five altcoins is Terra (LUNA). In early May, the LUNC price reached long-term support in the $0.000085 area (green rectangle).
On the other hand, on June 4, the altcoin generated a large green candle. Its upper wick touched the descending resistance line (black), which has been in place since November 2022.
The LUNC price failed to break above this line and reach the strong resistance area around $0.00012 (red rectangle). For Terra to have a chance to break the long-term decline and initiate an uptrend, it is necessary to recover this area.
tomiNet (TOMI) records another All-Time High
The TOMI price has been in a strong uptrend since its launch in mid-January 2023. The chart seems to follow a parabolic rising curve (black), which has already been validated 5 times (blue arrows).
If the curve provides support this time as well, the TOMI price could soon break the current all-time high (ATH) of $6.60 set on June 6, 2023.
However, if support is lost, the first target will be the $4.17 level. It corresponds with the 0.382 Fib retracement level of the entire upward movement and the horizontal support area.
Stacks (STX) Is Poised to Start an Uptrend
The STX price bounced this week from long-term support at $0.55 (green rectangle). The bounce was coupled with a breakout above the descending resistance line (black), which has been in place for the past three months.
The upward move led to an area of resistance near $0.68 (red rectangle). This is a significant level, as it previously served as both support and resistance. Its recovery will be a bullish signal and will put another target in front of the STX price at $0.80.
However, rejection and loss of long-term support at $0.55 could lead to a decline all the way down to the $0.34 level, from which STX broke out in February 2023. This would be a downward move of 46% measured from the current valuation.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
