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

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

Source- 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

Source- 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

Source- 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.