BQX and CRV have the potential for a rise in direction of the closest resistance space, whereas HEDG has but to interrupt out above long-term resistance. AVAX is already at an all-time excessive following a parabolic help line, making its place probably the most precarious out of the 5 altcoins.
Largest Altcoin Movers
In the course of the week of Jan 11-18, the 5 altcoins that elevated probably the most had been:
- HedgeTrade (HEDG) – 275%
- Voyager Token (BQX) – 162%
- Curve Dao Token (CRV) – 154%
- IOST (IOST) – 147%
- Avalanche (AVAX) – 133%
HEDG has been following a descending resistance line since reaching a excessive of $3.15 on June 4, 2020. HEDG has validated the road a number of instances up up to now, most not too long ago on Jan. 16, throughout final week’s upward motion.
Regardless of the numerous improve, HEDG failed to interrupt out above this line, merely validating the $2.85 space as resistance as soon as extra. At the moment, HEDG is again to buying and selling under this descending resistance line.
Whereas technical indicators within the each day time frame are nonetheless bullish, the lengthy higher wick and failure to interrupt out is a powerful signal of promoting stress.
Subsequently, it’s potential that HEDG drops to the 0.618 Fib retracement degree earlier than doubtlessly making one other breakout try.
Starting on Jan. 4, BQX has had an enormous run-up, growing by 933% within the course of.
Regardless of such a substantial upward transfer, there isn’t any weak spot in technical indicators but, regardless of all of them signaling that costs are within the overbought territory.
The weekly chart additionally suggests that there’s room for additional will increase. The closest resistance space is discovered at $2.03 (0.382 Fib retracement degree).
Weekly indicators are equally overbought however bullish, supporting the continuation of the upward motion.
CRV has been growing quickly since breaking out from a descending resistance line and validating it as help on Jan. 11.
Regardless of the parabolic price of improve, technical indicators are nonetheless bullish, although they’re in overbought territory.
The closest resistance space is discovered at $2.27 (0.382 Fib retracement degree). Just like BQX, CRV is predicted to succeed in this resistance.
On Jan. 15, IOST reclaimed the $0.0175 space, which had beforehand acted as resistance because the starting of 2018. IOST validated the world as help after and has been growing since.
Technical indicators are nonetheless bullish, regardless of being overbought, supporting the continuation of the upward motion.
Subsequently, IOST is predicted to proceed growing in direction of the closest resistance space at $0.037.
AVAX has been growing quickly since breaking out from a descending resistance line and reclaiming a horizontal degree on Jan. 8. Since then, the speed of improve has change into parabolic.
Because of the lack of help under the present value, the rally appears a bit of unstable. However, technical indicators are nonetheless bullish, supporting the continuation of the upward transfer.
Attributable to AVAX being at an all-time excessive, we have to use a Fib extension on the unique upward transfer with a purpose to decide the subsequent resistance areas.
Doing so provides us the $16.87 and $23 ranges as potential resistance areas (2.61 and three.61 Fib extensions respectively).
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Disclaimer: Altcoin trading carries a high level of risk and may not be suitable for all investors. The views expressed in this article do not reflect those of BeInCrypto.