Some of the last week’s gains were returned in the past week from April 14th to 21st. While BTC and ETH are losing over 10%, the following 5 altcoins are picking up all the profits in the market.
- OCD (OCD): 14.81%
- Render Token (RNDR): 12.61%
- Casper (CSPR): 9.91%
- Injective (INJ): 7.89%
- Ziliqa (ZIL): 5.67%
OKB (OKB) leads the emerging altcoin market
OKB price has been stuck in an uptrend since June 2022. The upside momentum hit a new annual high of $58.85 on Feb. 18.
After a short decline, the price broke out of a symmetrical triangle on April 14. OCD is likely to be in its fifth and final wave of bullish action right now. If so, it could top out around $72.23, according to technical analysis.
However, if the price breaks below the $23 support (red line), it will invalidate the bullish count and could lead to a drop to $14. This is because Elliott Wave rules state that the fourth wave cannot overlap with the first wave.
Render Token (RNDR) drops from peak
RNDR price has been falling ever since it hit a yearly high of $2.19 on April 20. That same day, he recorded a long top wick. Such wicks are considered signs of selling pressure, as they mean that buyers are unable to maintain the price. Rather, the sellers took over and pushed it down, creating the wick.
If the decline continues, RNDR price could decline to the nearest support at $1.70. On the other hand, if the momentum returns, RNDR could rise to its previous high of $2.19.
Casper (CSPR) price returns to support level altcoin bulls must defend
Similar to RNDR, CSPR price has been declining since hitting the yearly high of $0.060 on April 16. Currently, the price is trading inside the $0.049 horizontal support area.
When horizontal resistance levels are broken, they are expected to provide support after price retests them. This position will be valid for the $0.049 area. If CSPR price bounces off, it could move back to the $0.060 area. However, there could be a downside to $0.037 on the upside.
Injection (INJ) price rejected at critical resistance
INJ price has been a bullish altcoin since the beginning of the year. During this time, it increased within an ascending parallel channel. When such channels involve price movements, the price bounces repeatedly at the resistance and support lines before a definitive move pushes it out of the pattern.
In the case of INJ, the resistance line of the channel rejected the price on April 17 (red icon). If the decline continues, it risks falling as low as $6 according to technical analysis. However, if the price regains its balance, it could re-reach the channel’s resistance line at $12.
Ziliqa (ZIL) failed to break horizontal resistance level
ZIL price has been declining since it was rejected by the horizontal resistance area of $0.035 on April 19 (red icon). The region is very important as it has previously served as resistance since September 2022.
If the downside continues, ZIL could drop to $0.026. However, if the price explodes, there will be a chance to rise to $0.045.
The week of April 14-21 was unproductive for the crypto market. Bitcoin and ETH declined below critical support levels. cryptocoin.comAs you follow, a few technical analysts like DonAlt are warning that $27,000 could be broken.
