In the week from March 3-10, Bitcoin (BTC) and most altcoins have lost over 5%. Bankruptcies in the banking sector were the main catalyst behind the decline. In this article, we list the 5 altcoins that closed the week on a positive note despite the selling pressure in the market, along with the next technical levels.
- Kava.io (KAVA): +9.76%
- DAO Maker (DAO): +6.80%
- Liquidity (LQTY): +2.89%
- XRP (XRP): +0.45%
- Bone ShibaSwap (BONE): +0.23%
Kava.io (KAVA) leads gains in altcoin market
KAVA price has fallen within a descending parallel channel since Jan. Such channels often contain corrective moves, which means that an eventual breakout is expected. The price is currently at the top of the channel, which increases the likelihood of a breakout.
According to technical analyst Valdrin Tahiri, if the channel is broken to the upside, KAVA price could rise to $1.06. On the other hand, if a rejection follows, KAVA could drop to $0.70, the support line of the channel.
DAO Maker (DAO) failed to break critical resistance
The DAO price has rallied since it broke out of a descending resistance line at the beginning of the year. The upward move reached $1.90 on March 8. However, the price was rejected by the 0.618 Fib retracement resistance level (red icon) and formed a bearish candlestick.
If the rejection starts to reverse, the DAO could drop to the nearest support area at $1.35. On the other hand, if it climbs above $1.85, the price could rally to $2.50.
Liquidity (LQTY) shows signs of weakness accompanied by altcoin market
LQTY price has dropped below a descending resistance line since March 6. It is currently trading slightly above the $1.70 horizontal support area. If the price structure breaks down, the next support level could drop to $1.40.
On the other hand, if LQTY breaks out of the resistance line, it could start a relief rally from the $2.08 low to the 0.5 Fib retracement level.
XRP price drops in descending channel
Similar to KAVA, XRP price has also been falling within a descending parallel channel since Dec. The resistance line of the channel rejected the price on March 8 and 9 and formed long upper wicks (red circle).
If the price continues its favorable course, it could drop to the support line of the channel and the $0.33 support area. On the other hand, a breakout could lead to a sharp increase towards $0.42.
Bone ShibaSwap (BONE) drops to lows
At the end of February, BONE price made several unsuccessful attempts to break above $2. These have created a large number of long top wicks (red circles), which are considered signs of selling pressure. Also, they are combined with a bearish divergence on the RSI (green line). Then, the price dropped to the $1.45 support area and bounced back.
Currently, the altcoin is trading between $1.45 and $2. Breakout or down can determine the future trend. A break could lead to a rapid increase to $2.60, while a break could lead to a drop to $1.17. cryptocoin.comShibarium launch is currently one of the main catalysts behind the BONE token.
