HomeNewsCan Chainlink, Maker, Synthetix, and BitDAO Ride the Bull Market Wave? An...

Can Chainlink, Maker, Synthetix, and BitDAO Ride the Bull Market Wave? An In-depth Look

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  • Chainlink, Maker, Synthetix, and BitDAO have emerged as the biggest gainers in the cryptocurrency market from July 14 to 21, with Synthetix (SNX) price leading the pack with an increase of 31.04%.
  • All these altcoins, including Maker (MKR) and BitDAO (BIT), have made significant progress, breaking crucial resistance levels and potentially setting the stage for further gains.

In the constantly shifting sands of the cryptocurrency landscape, this week’s victors are altcoins Chainlink, Maker, Synthetix, and BitDAO. These digital assets, coins alternative to Bitcoin, have caused a significant stir in the crypto space between July 14 to 21, rallying impressively and leaving a strong imprint on the market.

Synthetix (SNX) Takes the Lead

The price of Synthetix (SNX), a decentralized synthetic asset issuance protocol, rose dramatically this week, climbing 31.04%. It successfully overcame a significant descending resistance line and has held it as support since July 17, leading to a subsequent bounce and sustained price increase.

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At the moment, the SNX trades just shy of the $3.10 resistance barrier, mounting its second breakout attempt. If successful, the next milestone is the resistance at $4.30. Conversely, a setback could see a fallback to the resistance line at $2.60.

XDC Network Nears Annual Peak

XDC Network (XDC), another altcoin star, experienced a 25.23% increase in price. Having overcome a descending resistance line on July 13, it reached a notable high of $0.043 on July 21, teasing the yearly high of $0.048. If XDC overcomes the last resistance at $0.045, it could potentially target the next resistance at $0.066, marking a 52% rise from its current position.

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Maker’s Ambitious 100% Leap

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Maker (MKR), with its 23.17% increase, is gearing up for an ambitious move. If it breaks out from the current resistance area of $1,150, it could target the next resistance level at $2,400, doubling from its current standing. A failure to do so could see the price tumble to the $750 support level.

BitDAO Eyes Yearly High

BitDAO (BIT) has shown considerable promise, having experienced a steady ascent since June 27. Currently, BIT is closing in on the yearly high resistance at $0.64. If it clears this resistance, it can set its sights on the next target at $0.80. Conversely, a rejection could lead the price to retreat to the resistance line at $0.48.

Chainlink Follows a Parabolic Trajectory

Chainlink (LINK), which saw a 13.05% rise, is moving along a parabolic support line. It now approaches its yearly high at $8.80. Should it break through this level, it could aim for the $9.40 resistance. However, should it close below the parabolic support line, a downward correction to $6 could be expected.

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Jack Williams
Jack Williams
As a Blockchain Analyst, I specialize in analyzing the performance of decentralized systems and optimizing their efficiency. Through data analysis, I provide insights on blockchain technology, smart contracts, and cryptocurrencies to help businesses make informed decisions and improve their operations.
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