PEPE leads altcoin winners with price increase. STX and CFX are showing signs that their corrections are coming to an end. According to crypto analyst Valdrin Tahiri, these are likely to be followed by significant upward moves. The analyst discusses this week’s 5 winning altcoin projects.
PEPE leads winning altcoin projects: 71.44%
The altcoin price has dropped below a descending resistance line since May 11. This decline regressed to $0.0000008 on June 13. However, cryptocoin.com As you follow, the price of PEPE has increased since then. Thus, it cleared the descending resistance line on June 21. This is a sign that the fix is over. After the breakout, the price rallied as high as $0.0000015. PEPE is struggling to clear the 0.5 Fib retracement resistance from the $0.0000015 low.
PEPE Six-Hour Chart / Source: TradingViewIf successful, it is possible for PEPE to move to the next resistance at $0.0000021. However, if it is rejected, a bearish move is possible, confirming the resistance line at $0.0000011.
The price of this altcoin bounced after the drop: 46.11%
Stacks (STX) price declined sharply after reaching $1.31 on March 20. The decline was rapid and dropped as low as $0.44 on June 10. The price then jumped and has since increased. The increase caused it to retrace and confirm the $0.55 zone as support. STX hit a high of $0.88 on June 22. The wave count supports continued growth. Since November 2022, the STX price has completed a five-wave increase. The ensuing 82-day drop looks like a completed correction. If so, STX price has now started a fresh upward move that will push it to at least $1.40.
STX Daily Chart / Source: TradingViewHowever, despite this bullish STX prediction, a break below $0.44 will mean the trend is still bearish. In this case, the STX price will likely drop to $0.25.
Possible for Conflux to break out of corrective pattern: 40.13%
CFX price has fallen inside a descending parallel channel since March 19. The channel is considered a corrective pattern, meaning it often leads to breakouts. On June 10, the price bounced off the support line of the channel and started an upward move. Currently, the price is trading just above the middle line of the channel. This is also a sign that could lead to a breakout in the future.
CFX Daily Chart / Source: TradingViewIf CFX breaks out, the nearest resistance will be $0.44. However, if the price is rejected by the resistance line of the channel, there will be a drop on the cards to the nearest support at $0.14.
Bitcoin Cash completes correction: 35.8%
BCH price rallied after falling as low as $90.3 on June 10. The increase was rapid. It created a long bottom wick that same day. Thus, it created a break from the descending resistance line on June 21. Also, the move since November 2022 looks like a completed five-wave spike followed by an ABC correction. This indicates that the price has started a new upward move, pushing it to a new year high.
BCH Daily Chart / Source TradingViewIf the increase continues, it is possible for the altcoin price to move to the next resistance at $190. However, if BCH fails to close above $140, a drop to the next nearest support at $115 is likely.
WOO Network, the last altcoin on the list: 25.01%
WOO price has rallied near an ascending support line since late November 2022. This line has been verified many times. More recently, the price confirmed this and bounced on June 14 (green icon). The leap started the current increase.
WOO Daily Chart / Source: TradingViewCurrently WOO is breaking the short term descending resistance line. If successful, it is possible for this to start an increase to $0.32. However, if the altcoin price is rejected, it could drop back to the ascending support line at $0.17.
