Actuality
Conflux (CFX) at the forefront of successful altcoins
The editors of AlsaBot compiled a top list of altcoins that showed the maximum increase and left all the players of the crypto market far behind this week:
The list of these altcoins includes:
- Conflux (CFX) +101.36%
- Stacks (STX) +85.04%
- SingularityNET (AGIX) +55.81%
- ImmutableX (IMX) +54.53%
- Render Token (RNDR) +40.46%
Conflux is a first-level blockchain created as a competitor to Ethereum with active government support from China. In February, the project partnered with state heavyweight telecom China Telecom to develop and release blockchain- enabled SIM cards .
The results of the technical analysis show that the Conflux (CFX) price rebounded from the $0.145 horizontal support area on March 11 and has been rising since then. Two days later, the price broke through the descending resistance line.
On March 15, CFX peaked at $0.366 but formed a long upper wick (red icon). Together with the level on February 20, this led to the appearance of a double top on the chart, which is considered a bearish pattern.
If the price goes down, it could reach the $0.145 support area. If we see continued growth, CFX may rise to $0.511.
Stacks (STX) forms a double top
Stacks is a first-level blockchain solution that adapts smart contracts and decentralized applications (dApps) for the Bitcoin ( BTC ) network, importing them with full functionality. It is noteworthy that in July 2019, the US SEC for the first time in the history of crypto projects approved Blockstack ’s application for a token sale in accordance with the established “A +” provision, creating the first such precedent.
Like the CFX, the STX formed a double top (red icons). A distinctive feature of the pattern is a very long upper wick that appeared on the chart on March 15th. If this provokes a price drawdown, the coin may fall to the Fibo level of 0.618 correction at $0.73. Meanwhile, continued growth could target bulls at $1.50.
SingularityNET (AGIX) attempts a bullish breakout
As BeInCrypto recently reported , AI tokens have been actively strengthening this week in response to the news about the release of version GPT-4, an improved version of the ChatGPT chatbot . The highest results were demonstrated then, among others, by SingularityNET (AGIX).
Since February 8, the AGIX rate has been declining along the descending resistance line. The price bounced off this barrier three times (red icons).
The price movement below this resistance line resembles a completed ABC corrective structure. Accordingly, now we can expect a bullish breakdown of this line. If successful, the token could rise to $0.90.
If we see another bounce off this line, AGIX could pull back to $0.29.
ImmutableX (IMX) Breaks Key Resistance
IMX, the scaling protocol token for the Ethereum ImmutableX network , has been on the rise since March 11. On March 17, the price broke through the $1.25 resistance area, but it has yet to close above that level.
If the growth continues, the next resistance at $1.86 will come into play. However, a close below $1.25 could see a retest of lows around $0.90.
Render Token (RNDR) completes the correction
The RNDR token closes the top list of altcoins of the week . On February 8, it interrupted its parabolic growth and has been falling ever since. As a result, the price reached a low of $0.89 in March.
After that, the token began to grow. Potentially, this could mean that he completed the corrective ABC structure. This will be confirmed by a bullish break of the descending resistance line, allowing the price to reach at least the $2 area. However, a new bounce could push the RNDR down to $0.75.
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