Highest Crypto Gainers of the Week; GMX, COMP, MKR Price Analysis

Highest Crypto Gainers of the Week; GMX, COMP, MKR Price Analysis

These cryptocurrencies outperformed their peers amid the recent uptick in the crypto market, suggesting they have a better potential to extend their recovery rally.

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Amid escalating concerns over the U.S. government shutdown, the cryptocurrency market unexpectedly rallied during the final week of September. The surge was not uniform across the market; as some of the cryptocurrencies exhibited particularly strong bullish momentum. Given the current positive sentiment, these standout coins could potentially further extend their recovery to new highs.

Also Read: Robert Kiyosaki Teases Bitcoin (BTC) as Solution to Hyperinflation

GMX Price Analysis: Dual Resistance Breakout Set Upcoming Rally

GMX Price AnalysisSource- Tradingview

Amid the recent uptick in the crypto market, the GMX coin price recently concluded a week-long winning streak, lifting its price from a low of $32.97 to a current trading value of $42.53—a notable 26% increase. 

In addition, this rally facilitated a definitive breakout above two key resistance levels established on September 28th. The first was the neckline of an inverted head and shoulders pattern, and the second was a longstanding support-turned-resistance trendline that had been directing the previous correction. 

Should buyers maintain this trajectory, the GMX price could appreciate by an additional 12.8%, targeting a price of $47.70 before potentially rallying to $61.90.

COMP Price Analysis: Bullish Pattern Hints Break Above $50

COMP Price AnalysisSource- Tradingview

Similar to GMX Coin, the Compound coin price showed the formation of an inverted head and shoulders pattern over the last six weeks. On September 28, the asset saw a significant breakout above the pattern’s neckline, recording a 20% intraday gain. 

Following a minor pullback, the altcoin is currently priced at $47.23, rekindling its bullish momentum. Sustained buying could propel the asset by another 8%, aiming for the combined resistance at $52 and a longstanding resistance trendline. 

A decisive break above this level could signify a strong bullish recovery, potentially driving the price north of $57.

MKR Price Analysis: A Minor Pullback Needed Before the Next Jump

MKR Price AnalysisSource- Tradingview

The Maker Coin price has largely traded sideways for over a year, bounded by a support zone at $500 and a resistance level at $1,366. With the recent bullish sentiment, the coin price has surged 23% since last week’s low of $1259 and reached the current trading price of $1544.

This upswing shattered the previous $1,366 resistance, suggesting the commencement of a new bullish cycle. However, the higher price rejection candles around the $1550 hint, the prices may witness a minor pullback to recuperate the exhausted bullish momentum.

Should the coin maintain its position above the recently shattered $1,366 resistance, its upward trajectory could easily break past its $1,600 peak, thereby reinforcing its bullish stance.

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Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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