The market noticed that many altcoins had a massive leap on Tuesday as the CPI data was released. The king of cryptos, Bitcoin, broke through the $25,000 resistance after the CPI data was released. This influenced the bulls to push the altcoins into a bearish sentiment.
Furthermore, traders showed their support for AI cryptos after GPT4’s launch. This drove the price of these tokens to rise. Although many cryptocurrencies showed exceptional performance, few digital coins stood out among the rest.
Let’s take a look at the top-performing cryptocurrencies and the reason why they have earned a place on this list.
Conflux (CFX)
Conflux is one of the blockchain networks that enable projects to easily build in Asia, focusing on connecting decentralized economies to strengthen the global DeFi ecosystem. CFX, Conflux’s token, is ranked first as the price is at $0.2795, after experiencing a surge of 48.87% in seven days. However, CFX’s trading volume is at $1,067,783,316, with a 27.63% fall in 24 hours, which could indicate that the demand for this token is reducing.
When we look at the 4-hour chart, CFX is running with the bulls as the 50 EMA is above the 200 EMA. Moreover, the 200 EMA and the 50 EMA almost crossed each other’s path, however, CFX escaped the death cross as the gap between the indicators continue to widen. This could indicate that CFX’s upward journey will continue for some time.
Looking closer at CFX’s movement, this altcoin duplicates a similar upward trajectory it witnessed in late February. The February price movement reveals that CFX witnessed a similar near-death cross experience before it continued to grow even further. The RSI (Relative Strength Index) is valued at 60.13, considered a neutral zone by some traders.
However, with the RSI pointed upward, there is a chance that it could go beyond its current position. If RSI continues upwards, it could cross above the SMA, confirming CFX’s bull run. Ultimately, Traders should closely observe the indicators as they could confirm whether CFX will continue its bull run.
Stacks (STX)
Stacks, once again, is one of the top-performing coins for this week. STX is currently priced at $0.9039 while experiencing a 45.47% surge over the week. However, with a market cap of $1,246,681,569, STX tumbled from the Resistance 2 level ($1.0482-$1.0732) to its current price.
The 4-hour chart shows that the 50 EMA is above the 200 EMA, indicating the start of the bull run. Moreover, the price has left the Support 2 region in the dust and continues to widen the gap between the EMA indicators. If this gap continues to widen, there is a chance that STX will continue its upward trajectory with a possibility of going beyond the Resistance 2 level.
Traders should note that the current market sentiment is bullish after the CPI data was released this week. This is another factor that could lead the STX beyond the Resistance 2 level. However, a price reversal could happen over the coming weeks.
Traders should observe the indicators closely, such as the ATR, and RSI, to understand the price movement and the volatility. Furthermore, if the indicators state that the price could continue upward, then, traders should purchase STX, however, be cautious of a trend reversal.
SingularityNET (AGIX)
AI continues to be the talk of the town with the release of GPT4 this week. While many AI cryptos experienced a spike, AGIX, SingularityNET’s token, outperformed all of them. Priced at $0.5033, AGIX witnessed a hike of 35.05% over this week, at the time of writing. AGIX’s market cap is valued at $606,505,685, with a surge of 0.15% in 24 hours.
Looking at the 4-hour chart, AGIX showed a remarkable performance after making a comeback from the death-cross situation. On Saturday, AGIX made a death cross as the 50 EMA crossed the 200 EMA from above; however, the AI crypto, on Tuesday, formed a golden cross as buyers rallied, driving the price upwards.
The BBP(Bull Bear Power) indicator, valued at 0.03144, also confirms that the AGIX is currently under the bull’s power. Moreover, the BBP is pointed upwards, which could indicate that AGIX could rise sooner. Although the RSI (Relative Strength Index) is valued at 61.76, it is below the SMA, which is considered a sign that the bears could pull the price down.
However, looking at RSI’s trajectory, it might cross the SMA. This could confirm that AGIX will rise even more as buyers show demand. Traders should observe the indicators closely before buying AGIX as there could be a chance for a price reversal soon.
Kava (KAVA)
KAVA has secured fourth place in the top-performing coins race for this week. KAVA is currently priced at 0.9966 with a surge of 11.41% in seven days. On Tuesday, KAVA hit a price high of $1.21 but closed at $1.12. However, KAVA faced a downfall in 24 hours with a market cap of $444,003,212.
During this week, the 4-hour chart shows that KAVA was climbing upwards. However, KAVA is currently trading below the 50 EMA, which could be considered a sign that KAVA will start descending from its bullish climb. Moreover, the RSI is currently valued at 42.09, which is considered a neutral zone by many traders.
The RSI’s movement shows that it slipped below the SMA, which confirms KAVA’s descent. Furthermore, traders should be cautious while trading with KAVA as these are early signs, which could indicate that it will fall under the bear’s trap soon. However, this could also be a market retracement and KAVA would rise again.
ImmutableX (IMX)
ImmutableX’s token, IMX, is priced at $1.32, with a surge of 55.09% in just seven days. Moreover, with a market cap of $1,147,890,239, IMX also jumped by 11.05% in 24 hours, earning itself a fifth place in the top-performing coins race. However, the trading value is at $105,571,727 facing a fall of 40.67% in 24 hours, indicating that the demand for this altcoin could simmer down soon.
The chart shows that IMX is currently forming a rising wedge pattern. This could signal that IMX might fall soon and traders should watch the price movement closely. Although IMX formed a golden cross on Tuesday after its massive price spike, it is moving closer to the stop point of its rising wedge pattern.
Moreover, The RSI (Relative Strength Index) is currently above the SMA and pointed upwards, indicating that the price will continue to ascend. However, the RSI is valued at 68.55 and continues its journey toward the overbought region. When the IMX reaches the overbought region, traders can expect that IMX could face price correction.
Render Token (RNDR)
Ranking third among the top AI cryptocurrencies, RNDR showed a spectacular performance this week. At the time of writing, RNDR is priced at $1.39 experiencing a 38.09% increase in just seven days. Moreover, RNDR’s price jumped by 9.13% in 24 hours with a market cap of $501,030,522.
One of the reasons why RNDR is among the top-performing coins is that it experienced a massive price spike on Sunday. Even though the 50 EMA is below the 200EMA, buyers rallied to the RNDR’s defense increasing its prices. From Sunday onwards, the gap between the 200EMA and 50EMA started to reduce, suggesting there could be a possible golden cross forming soon.
The RSI recently crossed the SMA moving upwards, with a value of 61.15. This is a sign that the price may continue its ascend until it reaches the overbought region. Once RNDR reaches the overbought region, the price could expect a correction as traders look forward to selling the AI crypto. It should be noted that the crypto market trend could shift unexpectedly, therefore, traders must watch the indicators closely.
GMX (GMX)
GMX is currently trading at $79.04 with a surge of 26.56% in seven days, making it one of the best-performing altcoins. However, GMX faced a fall of 3.42% with its market cap standing at $677,180,397. GMX has proved its worth after recovering from a huge tumble.
On Saturday, GMX was trading at a low of $53.99, however, on Thursday, it closed its trade at $76.18, indicating that it recovered from its downfall. GMX’s trajectory is currently aimed upward as the price continues to rise. Moreover, on Tuesday, the 200 EMA and 50 EMA crossed forming the golden cross, signaling the start of the bull run. Moreover, the RSI is valued at 60.72, which is considered a neutral zone by some traders.
The RSI is currently touching the SMA which is a vital zone for traders because the trajectory of GMX is yet to be decided. If the RSI goes above SMA, then, it could indicate that the price will continue upward. Meanwhile, if RSI goes below the SMA, then it could signal that the price might descend soon.
However, if the RSI reaches the overbought region, GMX may face a price correction.
Cosmos (ATOM)
ATOM makes it to one of the top 10 performing coins list for this week. ATOM is currently priced at $13.13, experiencing a surge of 25.37% in one week. Meanwhile, ATOM has a market cap of $3,755,234,645 with a spike of 4.01% in one day.
However, the 50EMA is below the 200 EMA which is considered a sign of bearish sentiment. When focusing on ATOM’s price movement, it is currently still going upwards, and the gap between the 50 EMA and the 200 EMA continues to reduce, signaling a golden cross is imminent.
The RSI also confirms that the golden cross could be formed as its trajectory is pointed upwards. Moreover, RSI crossed SMA’s path and remains to be soaring above as it moves closer to the overbought region. Currently, the RSI is valued at 65.39 and may soon cross the 70 margin. After crossing the overbought region, ATOM’s price could face a correction soon.
Fetch.ai (FET)
As GPT4 was launched this week, AI crypto’s demand skyrocketed. Similar to AGIX and RNDR, FET also showcased an incredible performance this week. FET is priced at $0.4447 with a 47.98% spike in just seven days. Moreover, FET’s market cap is valued at $364,331,642, with a surge of 3.63%.
The 4-hour chart reveals that FET’s price made a massive leap twice, on Sunday and Tuesday. Over the week, FET was saved from the bears through its golden cross, indicating the start of the bull run. The golden cross signals that FET will continue to go upwards for some time.
Moreover, the RSI is valued at 62.49 and is moving closer to the overbought territory as the indicator is pointed upwards. RSI also crossed SMA, which also confirms that FET could remain in the bull run for some time. However, the moment it hits the overbought region, FET could descend gradually.
Tezos (XTZ)
Tezos captures the tenth place among the “top-performing coins” race after showcasing an astonishing price movement. Similar to many altcoins, XTZ also experienced a massive surge on Tuesday. At the time of reporting, XTZ is priced at $1.23, with a surge of 26.40% in seven days. Moreover, the market cap is valued at $1,141,730,849 with a 2.05% spike in 24 hours.
Looking at 4-hour charts, XTZ recently formed the golden cross as the price continues to rise upwards. With the formation of the golden cross, XTZ will continue to run the bulls and traders could expect the prices to rise even more.
The RSI also confirms this prediction as its trajectory is faced upwards. Moreover, the RSI is above the SMA indicating that it will move into the overbought region soon. Traders could expect that XTZ will remain in the region for some time before its price is corrected.
Conclusion
One of the similar price movements observed among the top-performing altcoins is that they continue to go upwards, indicating that the price continues to run with the bulls. Many of these coins mentioned in this list have recovered from the death cross and recently formed a golden cross.
Furthermore, incidents such as the CPI data being published and the launch of GPT4 have increased the price of the crypto market. Simultaneously, traders should note that the market could shift, making the cryptocurrencies fall into the bear’s claws.
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