Weekend Winners: These 3 Cryptos Outperformed the Market

2023-10-16 14:00

Stratis (STRAX), Band Protocol (BAND), and Bitcoin SV (BSV) are the weekend’s best crypto gainers. STRAX broke out from a horizontal resistance area, BAND broke out from a descending resistance trendline, while BSV is approaching a key resistance.

The cryptocurrency market experienced a significant increase during the weekend, which is ongoing today. This was especially notable in these three crypto gainers.

STRAX Reaches New Yearly High

The STRAX price has increased since reaching a low of $0.38 in September. The increase accelerated sharply over the last two weeks, leading to a new yearly high of $1.22 today.

The upward movement also caused a breakout and close above the $0.85 horizontal resistance area.

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Well-known cryptocurrency trader Anbesa100 perfectly predicted the ongoing increase and breakout, making the call in the middle of September.

During the increase, the daily trading volume reached a 7-month high, as outlined by Santiment. The 24-hour volume currently stands at $577 million, nearly four times the market capitalization of Stratis.

STRAX/USDT Weekly Chart. Source: TradingView

If the upward movement continues, STRAX can increase by 27% and reach the next closest resistance at $1.40.

However, a sudden loss of momentum and creating a bearish candlestick can lead to a 25% fall to the $0.85 horizontal support area.

BAND Clears Long-Term Resistance

The BAND price had fallen under a descending resistance trendline since its all-time high in April 2021. The decrease led to a low of $0.85 in August.

The price bounced afterward and broke out from the trendline last week. At the time of the breakout, the trendline had been in place for 910 days.

With the exception of STRAX, BAND is the biggest 24-hour gainer in the top 160 cryptocurrencies ranked by their market capitalization.

BAND/USDT Weekly Chart. Source: TradingView

If the increase continues, the $3.20 resistance area will be 130% above the current price.

However, if BAND fails to sustain the increase, it can drop by 25% and validate the descending resistance trendline at $1.15.

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Bitcoin SV Concludes Crypto Gainers

The BSV price has increased alongside an ascending support trendline since June. More recently, the price bounced at the trendline on September 11 and October 9 (green icons).

The rate of increase accelerated on October 16. The BSV price is now approaching the $40 horizontal resistance area. The area has been in place since July and creates an ascending triangle when combined with the ascending support trendline.

A daily close above the $40 resistance area can lead to a 50% increase to $55. The target is found projecting the triangle’s height to the breakout level.

BSV/USDT Daily Chart. Source: TradingView

Despite this bullish BSV price prediction, a rejection from the $40 area can lead to an 11% decrease to the ascending support trendline at $33.

Read More: 6 Best Copy Trading Platforms in 2023

For BeInCrypto’s latest crypto market analysis, click here.

The post Weekend Winners: These 3 Cryptos Outperformed the Market appeared first on BeInCrypto.

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