Chainlink, Maker, Synthetix, and BitDAO Lead the Altcoin Market

• Maker, Chainlink, Synthetix, etc lead altcoin ecosystem with huge progress on the price curve to challenge their yearly highs. 

• Maker has since June 10 surged by 125 percent as it targets another 100 percent increase. 

This week was an interesting one for most cryptos as some of the well-known altcoins led the entire crypto market to a mini rally. One of these assets is Synthetix (SNX). Over the past seven days, Synthetix broke some critical resistance levels to stage a 14 percent run to a current price of $3.01.

According to market data, this altcoin has a bullish sentiment and a market capitalization of $802,141,346. Analysts have observed that Synthetix broke out from a descending resistance line and then made it a support line on July 17.

Currently, it has a resistance level of $3.37 and is making its second attempt to break into that. From its sentiment levels and other factors, there is a huge possibility that the asset could surge to $4.3 once it goes past this resistance level. However, it may drop marginally below its support level of $2.71 if it gets rejected. 

XDC Network

The next altcoin to win the hearts of investors over the week is XDC Network (XDC). This asset has made an incredible price gain of 17.9 percent just in the last 24 hours. This brings its weekly gain to 52.12 percent at a current price of $0.050088.

Just like Synthetix, XDC has a bullish sentiment and a market cap of $693,734,084. In fact, the asset broke out of a descending line and sustained its price surge. The current price point is a new yearly high after going past the $0.048 price point.

One interesting observation is that the asset had a critical resistance level of $0.045. With this, analysts predicted that the price could reach $0.066 once it breaks into this level. Interestingly, it did that in just 24 hours and could proceed to the predicted height. 

Maker

Maker (MKR) is another altcoin that took the market by storm. Maker is currently trading at $1,100.46 after surging by 26 percent in the last seven days. In the last 30 days, Maker has surged by 45 percent. Since June 10, the asset has surged by 125 percent and was trading around $511.

It has a resistance level of $1,209.58 and could set another resistance line at $2,400 once it breaks the current level. This is a 100 percent surge from the current price. Maker could however fall to a support line of $750 when it fails to break into the $1209 resistance. 

BitDAO

BitDAO (BIT) has a neutral sentiment and is currently trading at $0.581369. In the last seven days, BitDAO has surged by 13 percent, and 35 percent in the last 30 days. It also broke out from a descending resistance line on July 13. This line is said to have been there since February.

According to analysts, the current run indicates that the previous correction has ended and a new upward trend has started. Its yearly high and resistance level is $0.64. It is likely to proceed to $0.80 when it goes past this level. However, it could fall to $0.48 if it gets rejected. 

Chainlink

The last on the list is Chainlink (LINK). This altcoin has recorded a 17 percent surge in the last seven days to trade at $8.18. According to analysts, Chainlink has risen alongside the parabolic support line since June 10.

On July 20, it created a bullish candle and is currently heading toward a yearly high of $8.80. Once this line gets broken, Chainlink can target another resistance level of $9.40. Interestingly, this resistance level is said to have been there since May 2021. In this case, any break out above this level can send the price to $15.

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