As the cryptocurrency market continues to captivate investors and enthusiasts, a select group of altcoins has emerged as the top gainers of the week. This was quite a shock for the community. These altcoins, which are cryptocurrencies other than Bitcoin (BTC), have experienced remarkable growth from June 30 to July 7. Let’s take a closer look at the five altcoins that have garnered attention and made substantial gains in the market.

1. Maker (MKR) – Price Increase of 41.99% Maker (MKR) has demonstrated impressive performance, witnessing a substantial increase in price. After breaking out from a descending resistance line and validating it as support on June 10, the MKR price created a higher low on July 1 and accelerated its rate of increase. On July 5, MKR reached a new yearly high of $1,080. However, despite the upward movement, the presence of several long upper wicks, indicating selling pressure, suggests caution. Additionally, it remains uncertain whether MKR has definitively broken out above the $950 resistance area or if the current breakout is merely a deviation. If MKR successfully breaks out, the next resistance level to watch is $1,120, while a close below $950 could lead to a potential decrease to the closest support at $800.
2. eCash (XEC) – Price Increase of 25.46% eCash (XEC) has experienced a notable increase in price after breaking out from a descending resistance line on June 30. The following day, it reached a new yearly high of $0.000045. However, the price failed to clear the resistance at $0.000041, resulting in a long upper wick and signaling selling pressure. Although there was a bounce after the rejection, XEC still trades below the $0.000041 area. If the bounce continues, XEC may reach the resistance level at $0.000041. However, a loss of momentum could lead to a potential decline towards the closest support at $0.000032.
3. BitDAO (BIT) – Price Increase of 19.68% BitDAO (BIT) has shown an increase in price since bouncing on July 27 and reclaiming the 0.618 Fibonacci retracement support level. Despite the upward movement, the price faced rejection at a descending resistance line on July 5, resulting in a bearish candlestick the following day. If the decrease continues, BIT may fall to the 0.618 Fibonacci level at $0.40. However, a breakout could lead to an increase towards the $0.64 high.
4. Flow (FLOW) – Price Increase of 17.70% The FLOW price initiated an upward movement on June 10, reaching a high of $0.79 on July 3 before retracing. Currently, the FLOW price trades within a horizontal range between $0.50 and $0.75. The trend’s direction will depend on a breakout above or below this range. A breakout could result in a surge to $1.10, while a breakdown may lead to a drop to $0.30.
5. Frax Share (FXS) – Price Increase of 15.56% Frax Share (FXS) recently broke out from a 144-day descending resistance line on July 3. Although breakouts from long-term structures often indicate an acceleration of the rate of increase, FXS has struggled to sustain this momentum. The price created a long upper wick on July 6, followed by a subsequent decrease. A drop below the June 15 low of $4.59 would invalidate the breakout and suggest a bearish trend, potentially resulting in a further decline to $3.

As the cryptocurrency market continues to evolve in these times, these altcoins have showcased their potential for significant gains. However, investors should exercise caution and conduct thorough research before making any investment decisions. The cryptocurrency market is known for its volatility, and trends can change rapidly. Stay informed and stay ahead of the game.