CORE, WIF, and MNT Shone Last Week – Can They Keep It Up?
Will These 3 Altcoins Resume Their Increase? | Credit: Hameem Sarwar
Key Takeaways
- CORE, WIF and MNT were last week’s biggest gainers.
- Only nine cryptocurrencies posted double digit rates of increase.
- Will they continue their positive trend next week?
After sharp increases this week, WIF and MNT both reached new all-time highs. Even though CORE paced the market, it still trades more than 50% below its all-time high. Neither of the three cryptocurrencies were part of the biggest gainers last week.
However, as the new week unfolds, investors are left pondering: will these tokens sustain their upward trajectory, or are short-term corrections on the horizon?
Biggest Crypto Market Gainers
The crypto market was bullish last week. A sharp increase started on March 25, while the rest of the week followed a bullish, albeit much more gradual trend. Interestingly, only nine altcoins posted double digit rates of increase.
CORE (white) was far and away the biggest gainer, increasing by nearly 230%. It was followed by WIF (orange) and MNT (blue) at 63 and 46%, respectively.
Out of last week’s top 10 biggest gainers, BCH and DOGE are present in this week’s cliimbers. BCH was eighth last week and moved to fourth this one, while DOGE jumped to number eight from number 10.
Interestingly, neither of the top three gainers from last week, ONDO, TON and ICP were present this one. It will also be intriguing to monitor if BCH and DOGE will be present in next week’s crypto market gainers once more.
A final observation is the lack of narrative commonality both weeks. The top 10 biggest crypto market gainers included Layer-1, memecoins, DeFi and AI tokens.
CORE Price Reaches Critical Resistance
The CORE price traded inside an ascending parallel channel since September 2023. The price movement inside the channel was gradual, devoid of any significant volatility.
This changed once CORE broke out from the channel on March 27. It has increased by 210% since, culminating with a high of $2.92 on March 21, the highest price in over a year.
CORE trades inside a critical horizontal and Fibonacci resistance level at $2.85. Whether it breaks out or gets rejected will be key in determining if the next movement is toward the all-time high, or if it is a correction to $2 instead.
The daily RSI is heavily overbought, but has not generated any bearish divergence yet. So, while it’s possible that a short-term correction happens, the long-term trend is likely still bullish. The closest support area is at $2 while the next resistance is at $4.38.
WIF Price Reaches New All-Time High
The WIF price has increased swiftly since the start of February. After a temporary decrease in the middle of March, the price resumed its upward movement and reached a new all-time high of $4.91 on March 31. The high came the 1.61 external Fibonacci retracement of the previous decrease.
It is likely the upward movement since February is part of a five-wave increase (white). If so, WIF is currently in the fifth and final wave of this increase. This possibility is supported by the bearish divergence in the daily RSI and the confluence of the price high with the Fib resistance.
If the WIF price corrects, it can fall 30% to the closest support at $3.20. Conversely, a daily close above the $4.54 resistance can trigger a 35% increase to the next Fibonacci resistance at $6.15, completing wave five in the process.
Can MNT Sustain Its Breakout?
The MNT price had increased under an ascending resistance trend line since the start of December 2023. After four unsuccessful breakout attempts (red icons), the MNT price finally moved above this trend line on March 27 (green icon), reaching a new all-time high of $1.47 in the process. The high was very close to the 1.61 external Fibonacci retracement of the previous drop.
While MNT has fallen slightly since, it still trades above the ascending resistance trend line, now expected to provide support. If this pattern continues, it is possible MNT will consolidate above the trend line and below the $1.39 resistance before eventually breaking out. The next resistance is at $1.79.
A daily close below the ascending resistance trend line will render this bullish prediction invalid. Then, MNT can fall 25% to the closest support at $0.92.
Short-Term Corrections Could Ensue
It is possible the CORE price decreases slightly this week due to trading inside a critical resistance area. While the same can be said for WIF, MNT is well positioned to resume its increase as long as it does not close below its ascending trend line.
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