The fluctuation in the price of Bitcoin did not trigger a massive increase in altcoins. However, it is laying the groundwork for it. If BTC can solidify higher levels as support, we may see impressive price increases in altcoins in the coming days. On the other hand, we should not forget the few cryptocurrencies that have shown positive divergence on a weekly basis. So, what do the current data indicate?
BSV Coin: Is it Worth Buying?
The BSV Coin, one of the forgotten BTC forks, has recently been making waves. Perhaps there is an expectation that its competitors will also receive attention as interest in BTC increases with ETF approvals? Time will tell, but regardless of the reason for the rise, the price is heading to new highs.
The price has continued to rise above the upward trend line since June, reaching the $56 resistance area. We mentioned the importance of closing above $56 for the end of the long-term downtrend and the possibility of testing this area days ago.
If the price surpasses $56 and closes above it, the rally could extend towards $66 and $80 levels. However, in case of rejection, we may see the price drop by 26% to the horizontal support area of $40.
STX Price Analysis
The STX price has been on the rise since the end of September, within an ascending parallel channel and above a descending resistance trend line. On October 20th, STX broke out of the channel, forming a large bullish candlestick. If the rally continues, the price could increase by 35% and target the horizontal resistance area of $0.88. However, in the opposite scenario, we may see a drop of 28% to the support level of $0.5.
MX Token Analysis
It is among the top 3 cryptocurrencies with the highest increase of the week. The Elliot wave analysis can give investors an idea about the price trajectory. The token seems to have started a new upward movement after completing the ABC corrective structure. If the Elliot wave count is correct, the price could climb to $4.4 with a 56% increase.
However, despite the optimistic expectation, a rejection from the $2.9 resistance area will likely lead to a drop to the $2.1 support. Of course, the performance of BTC will be crucial during this process. It will be important for the king cryptocurrency to maintain the $28,800 support and target the $30,650 region.
