BeInCrypto breaks down the 5 greatest altcoin movers and shakers from the earlier week. Will their momentum proceed?
The 5 altcoins that elevated essentially the most final week have been:
- Avalanche (AVAX): 157.1%
- Audius (AUDIO): 67.5%
- NEAR Protocol (NEAR): 61.1%
- Fantom (FTM): 48.9%
- Areware (AR): 40.1%
AVAX has been growing at a fast tempo since July 20. In a span of 32 days, it has elevated by roughly 440%. This led to a excessive of $50.27 on Aug 21.
All through the upward transfer, AVAX broke out from a descending resistance line on Aug 16 after which reclaimed the $38 horizontal resistance space on Aug 21. The $38 space is now anticipated to behave as assist.
Technical indicators don’t present any indicators of weak point, regardless of the overbought RSI. The subsequent closest resistance space is at $56.50, near the all-time excessive value.
It’s attainable that AVAX will commerce in a variety between $38-$56.50 earlier than making an attempt to succeed in a brand new excessive.
AUDIO had been growing inside an ascending parallel channel since June 22. On Aug 16, it broke out from the channel and proceeded to succeed in a excessive of $4.07 the following day. Nonetheless, the upper costs couldn’t be sustained and it created a protracted higher wick (crimson icon) and has been transferring downwards since.
The rejection and drop validated the $4.05 horizontal space as resistance.
The primary assist space is discovered at $2.70. This can be a horizontal stage that beforehand acted as resistance.
Not like AVAX, there are indicators of weak point in technical indicators, such because the potential RSI cross beneath 70 and decrease momentum bar within the MACD.
Due to this fact, if the $2.70 space doesn’t maintain, it’s attainable that AUDIO will return to $2 and validate the resistance line of the channel as assist earlier than transferring upwards once more.
NEAR has been transferring upwards since July 20. On Aug 19, it reached an area excessive of $4.82 however was rejected for the fifth time by a descending resistance line that had been in place for the reason that March 13 all-time excessive.
Nonetheless, NEAR broke out two days later and proceeded to succeed in a excessive of $6.59 on Aug 22. This validated the $6.50 space as resistance. A breakout above would seemingly result in a brand new all-time excessive value.
Technical indicators within the every day timeframe are bullish, supporting the opportunity of an eventual breakout.
NEAR is at the moment looking for assist after the parabolic improve. The closest assist space is discovered at $4.66. This goal is the 0.382 Fib retracement assist stage.
FTM has been growing alongside an ascending assist line since reaching a low on July 20. The speed of improve started to speed up on Aug 16.
On Aug 22, FTM managed to succeed in a excessive of $0.598. Nonetheless, it appeared to have gotten rejected by the 0.5 Fib retracement resistance stage and failed to succeed in an in depth above it. If it might begin closing above this resistance, its subsequent goal could be discovered at $0.70.
Conversely, the beforehand outlined assist line is situated at $0.46.
AR had been growing inside an ascending parallel channel since July 20. It managed to interrupt out on Aug 15. After validating the channel as assist three days later (inexperienced icon), AR started to speed up.
This led to a excessive of $36.16 on Aug 18. Nonetheless, the upper costs couldn’t be sustained and AR decreased shortly after, validating the $33 space as resistance.
Presently, AR is looking for assist above the 0.382 Fib retracement assist stage at $27.60. The subsequent assist is discovered at $22.40.
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