Bitcoin price has struggled to hold critical support levels over the past week. After last July with consolidation, it revisited the $25,000 region last week. The following 3 altcoins stand out in terms of performance amid the downturn.
Here are 3 altcoins that gained value as Bitcoin fell
Stellar (XLM)
XLM price has been breaking below a descending resistance line since July 13. On August 15, the altcoin broke through the horizontal support area of $0.130. This is a crucial area as it initially provided resistance in July 2022 and then turned into support in July 2023. After the crash, XLM hit $0.105 before jumping (green icon) and forming a long lower wick. The bounce confirmed the horizontal support area at $0.110.
The price is up 18% since then and it is trading back in the $0.130 region. The area now also coincides with the descending resistance line mentioned above.
Whether the price exits or rejects this combination of resistance levels will determine the direction of the future trend. A successful breakout could trigger a 30% increase to the next resistance at $0.170, according to analyst Valdrin Tahiri. However, a rejection would likely result in a 12% drop to the $0.110 support area.
XRP
XRP price has increased significantly since the beginning of the year after an ascending support line. The increase led to a new annual high of $0.938 on July 13. However, the price has since dropped. The altcoin formed a long lower wick by confirming the rising support line on August 17 (green icon). The bottom wick is considered a sign of buying pressure. Besides confirming the support line, it provided a 22% price increase.
Despite the bounce, altcoin price failed to retrace the $0.550 horizontal resistance area. Some negative Ripple news came over the weekend as the case judge allowed the SEC to file an appeal in the ongoing Ripple and SEC war. cryptocoin.comWe have included the details in this article.
The outcome of the new case will likely determine the direction of the future trend. A successful retracement will likely lead to an increase of 35% to $0.70. On the other hand, it is likely that this is down 13%, leading to the $0.47 level. The popular altcoin is currently spending time in the $0.5235 region.
Monero (XMR)
XMR price broke out of a descending resistance line on June 23. This line had been in place since early February before it broke. The altcoin hit $172 before falling after it broke out. The rejection and the ensuing drop (red icons) resulted in a drop to $136 on August 17. Rejection also confirmed the $168 resistance area. However, XMR price then bounced and confirmed the line (green icon). It has gained 8.70% so far.
If the upside continues, the bulls will put pressure on the $168 resistance area. On the other hand, if the rally loses momentum, a 9% drop would be expected to confirm the previous resistance line at $133. The altcoin is currently moving sideways above $145 in line with the market overall.
