Most cryptocurrencies start 2023 on a high note. Notably, Bitcoin has surged from a low of around $16,000 to its current price of $23,100. In this article, you can see the expectations of 9 altcoins and analysts that have performed the best in the last seven days. Here are the details…
Popular altcoin CVX has been one of the highest risers this week
cryptocoin.com As we have also reported, Convex Finance (CVX) is a DeFi coin established on the Curve Finance exchange. Convex encourages CRV investors with increased DeFi returns. CVX price has increased by about 28.52 percent in the last 7 days. According to analyst Valdrin Tahiri, the Convex Finance (CVX) price has risen since January 6th. It broke out of a descending resistance line on January 15 and rallied as high as $5.39 the next day. This caused the RSI to rise above 70. If the upside continues, the closest resistance will be at $5.85. If the rally loses momentum, CVX price could bounce back and confirm the resistance line as support.
HBAR rose more than 30 percent
HBAR is Hedera’s native token. The protocol primarily serves two purposes: finance and operations. HBAR, like all governance tokens, is used to pay transaction fees and for compensation within the network. The token is also used in consensus for operational purposes such as data logging and management of NFTs. Another important aspect of HBAR is its use for staking to secure Proof-of-Stake. HBAR transactions are fast and complete in less than three seconds on a ledger. The HBAR price has increased by about 35.55 percent in the last 7 days.
OP, the scaling solution for the leading altcoin ETH, is also on the list
Optimism (OP) is a layer 2 scaling solution for Ethereum. The biggest feature of Optimism is that it makes Ethereum application transactions extremely cheap. The coin allows transactions to proceed from one blockchain to the next. As a result, gas fees are significantly reduced and efficiency is increased. The OP allows Ethereum developers to use all available tools in Ethereum without any modifications. According to the Optimism development team, traders will pay 10x lower gas fees. The OP price has increased by about 36.81 percent in the last 7 days.
FXS was one of the top rising
Frax is a permissionless and open source fractional-algorithmic stablecoin protocol, according to its website. It is also an Ethereum-based platform to transform and develop the industry. The primary goal of this system is to provide decentralization, scalability and fast transaction payment. In order to understand why the FXS price is rising, it is necessary to understand what 4pool is in particular. The FXS price has increased by about 53 percent in the last 7 days.
According to analyst Valdrin Tahiri, FXS price has been trading below the $7.55 zone since May 26. After three failed breakout attempts, it broke above it on January 15 and hit $10.67 five days later. If the upside continues, the next closest resistance will be $17.50. If the rally loses momentum, FXS price could return to the $7.55 zone. Although the RSI is overbought, it has yet to form any bearish divergence, indicating that the upward move will continue.
Aptos outperformed others on a weekly basis
Aptos is a smart contract platform considered the technological successor to Meta’s failed stablecoin network Diem. It is a layer 1 Blockchain that uses Move, a new smart contract programming language. The project was created by Aptos Labs, a blockchain firm founded by two former Meta employees. It comes to the fore with transaction speeds of up to 100,000 transactions per second. APT price has increased by about 90 percent in the last 7 days.
Decentraland also rises: what’s next for altcoin?
The price of Decentraland (MANA), which is up 42 percent this week, has soared since dropping to $0.28 on December 30. The up move was swift and the price reached $0.76 on Jan. 21. However, it was rejected by a descending resistance line, according to analyst Valdrin Tahiri. It has since fallen. This also caused the RSI to drop below 70. If the Down move continues, the nearest support area will be $0.40. If MANA price breaks out of the resistance line, it could rally to the $1.12 resistance area.
ENJ tries to break above $0.41
The price of Enjin Coin (ENJ), which has gained 36 percent this week, has increased since December 30. The upward move accelerated on January 11 and ENJ price broke out of both a descending resistance line and the $0.30 horizontal area. So far, ENJ price has reached $0.47. However, it formed a long upper wick and settled below the $0.41 zone. If it successfully rises above it, Enjin price could rise to $0.55. If rejected, the price could drop to $0.30.
Last altcoin on the list: CRV
Curve DAO (CRV) price, which has risen 35 percent this week, has risen since November 22. It formed a higher low on December 30 and then accelerated the pace of gain. On January 13, CRV price broke out of both the descending resistance line and the $0.70 horizontal resistance area. If the upside continues, the closest resistance will be at $1.03. A break above this could send the price towards $1.50. On the other hand, if the rally stops, CRV price could drop to $0.70.
