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Despite the cryptocurrency market being predominantly influenced by meme coins such as Pepe (PEPE) this week, it can be stated that the market generally bore a crimson hue. While the aggregate value of the cryptocurrency market stood at $1.255 trillion on April 30, it receded to $1.210 trillion on May 1. Although inklings of a rebound have emerged, particularly since May 1, the market has yet to regain its initial weekly position. Nevertheless, three altcoins managed to ascend amidst the sea of red.
In the midst of its decline, Bitcoin plummeted to as low as $28,000 on certain exchanges, having commenced at $29,738. Currently trading above $29,000, BTC exerts a substantial influence on altcoins. Despite BTC’s fluctuations, the noteworthy altcoins of the week continued their upward trajectory. It is worth mentioning that these altcoins occupy top echelons in terms of overall market capitalization.
CSPR, RPL, and TRX Garner Attention
Casper (CSPR) undeniably heralds the arrival of altcoin season. The CSPR price breached the crucial $0.047 resistance point, surging to $0.064. With no formidable resistance in sight, CSPR investors now set their sights on $0.098. Should this rally falter, the $0.047 level will serve as support. CSPR currently boasts a 12% weekly increase.
Another burgeoning altcoin is Rocket Pool (RPL). Since the year’s inception, the RPL price has been ensnared in an ascending parallel channel. Although this pattern is perceived as a negative trend, a breakout could propel the price upward. Support at $43 might serve as the catalyst for a rally to $70. RPL has accrued a 7% gain this week.
Finally, Justin Sun’s beloved Tron (TRX), which has recently made headlines concerning Binance and SUI, claims the third spot. The TRX price shattered the trend it had been following since March 10, attaining $0.068 and confirming the breach of the triangle pattern in which it was enmeshed. TRX’s subsequent target will be $0.080. TRX managed to achieve a 5.65% increase this week.
Pivotal Data for BTC and Altcoins
Moreover, the forthcoming US unemployment and employment data will be crucial for both BTC and altcoins. Should the data deviate from expectations, it may engender significant price volatility in either direction.
