Best Performing Altcoins of Last Week: BNB, TRX, MANA, MKR

Key Insights:

  • Bitcoin’s value confronted sturdy resistance on the $31,000, whereas altcoins made makes an attempt to get better. 
  • BTC’s restoration above the $27,000 mark pushed sure altcoins in direction of a short-term restoration.
  • BNB, TRX, MANA, and MKR had been among the many cash that bought an honest upswing.

Bitcoin’s value tried restoration above the $30,000 resistance degree, however after going through rejection forward of the $31,000 mark, its value oscillated near $28,983 on the time of writing. BTC’s value jumped by nearly 7% in a day, reducing its weekly losses to lower than 18%, in tandem altcoins noticed a short-term value push.

The world’s largest cryptocurrency by market cap was nonetheless down by over 50% from its all-time excessive made in November 2021 at round $69,000. After BTC’s current short-term uptrend, most of the key altcoins confronted the uphill process of recovering above their key assist/resistance ranges.

Altcoins short-term value surge

Certain altcoins that carried out properly during the last week in tandem with BTC’s restoration above the $27,000 mark had been binance coin (BNB), Tron (TRX), Decentraland (MANA), and Maker (MKR).

In addition to that, two ethereum (ETH)-based altcoins known as Chain’s XCN and FLEX Coin’s FLEX token charted notable weekly features regardless of the widespread crypto meltdown.

The native token of the blockchain know-how firm chain, XCN, rose by greater than 30% in value during the last seven days from a low of $0.071 to a excessive of $0.091.

On the opposite hand, Hong Kong-based futures change platform’s native token FLEX jumped by over 33% within the final week from a low of $3.72 to a excessive of $4.95.

Furthermore, many altcoins like DOT, AVAX, SHIB, MATIC, FTT, FTM, and APE had been briefly within the inexperienced zone. Apecoin’s APE token rallied by 46%, breaking above the $9.00 degree, whereas FTM, MANA, and GALA noticed near 50% features during the last week.

BNB, TRX, MANA, and MKR see short-term value features

Binance Coin’s BNB noticed a bounce from the $200 assist zone, rising to as excessive as $300 on May 13. However, the fifth-ranked coin by mark cap confronted appreciable resistance on the $315 mark and after making a excessive of $313 on May 13, it made its manner again to the $250 degree.

MANA Price Action | Source: FXEmpire

If bulls push MANA above the $1.15 mark, further gains could be expected in the near term for the alt.

So, what do altcoins need to recover?

Most of the top altcoins have a high BTC correlation during bear markets. The top coin’s price movement and volatility provide ample opportunities for alts to rally.

Crypto analyst Rekt Capital notes that BTC would need a monthly close above the $35,000 mark for a bullish higher timeframe close and to keep losses at bay. While a monthly close above the $35,000 mark may seem unachievable, if volatility and buying pressure takes on the same could pan out in favor of the bulls.

BTC’s monthly close above the key resistance at $35,000 could aid positive momentum to altcoin trajectories. In the last week, BTC’s price has made some decent progress recovering above the range low of around $28,600, but a push from bulls above the $30,000 mark would be needed for altcoins to move upwards.

Analyst Rekt Capital additionally highlighted that for ‘BTC to develop some semblance of bullish momentum, it must preserve $28600 as assist for value to problem $32000.’ However, a BTC weekly shut beneath the $28600 mark could be bearish.

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About the Author: Daniel