BeInCrypto breaks down the 5 largest altcoin movers and shakers from the earlier week. Will their momentum proceed?
The 5 altcoins that elevated probably the most final week have been:
Axie Infinity (AXS) – 116.54%
Kucoin Token (KCS) – 81.78%
Stream (FLOW) – 74.58%
Stacks (STX) – 57.46%
Synthetix (SNX) – 46.99%
AXS had been following a descending resistance line since April 29. It made three unsuccessful breakout makes an attempt earlier than lastly shifting above the road on June 15.
It returned to validate the road as assist on June 23 and has been shifting upwards at an accelerated fee since.
In a span of barely lower than 18 days, AXS elevated by 585%, reaching a brand new all-time excessive worth of $19.60 on July 10.
Regardless of the sharp improve, there are indicators of weak spot current. Whereas AXS has created the next excessive, there are bearish divergences in each the RSI and MACD. As well as, each highs are mixed with lengthy higher wicks.
If a correction have been to happen, the $9.20-$11.20 space could be anticipated to behave as assist. This vary is the 0.5-0.618 Fib retracement assist space.
KCS had been following a descending resistance line since April 10. It broke out from the road on July 3, reaching a excessive of $14.85 within the course of. The excessive was reached barely above the 0.618 Fib retracement resistance degree of $14.
KCS decreased afterwards, falling all the way in which to a low of $10.40 on July 8. Nonetheless, an extended decrease wick was created nearly instantly and the worth bounced again.
Technical indicators are bullish, supporting the continuation of the upward motion. The MACD is constructive, the RSI is above 70, and the Stochastic oscillator has made a bullish cross.
If KCS manages to reclaim the $14 space, it could be anticipated to make an try on the $20 all-time excessive worth.
FLOW has been shifting upwards since reaching a low of $6 on June 22. On July 6, it broke out from a descending resistance line that had been in place for the reason that April 5 excessive.
Up up to now, FLOW has managed to achieve a excessive of $20.28 on July 11.
Technical indicators within the day by day time frame are bullish. The MACD is sort of constructive, the RSI is above 70, and the Stochastic oscillator has made a bullish cross.
The primary resistance space is discovered at $25.30. That is the 0.5 Fib retracement resistance degree and a horizontal resistance space. A breakout above this resistance would affirm that the development is bullish.
STX has been growing since June 22, after reaching a low of $0.50. The upward transfer continued till a excessive of $1.47 was reached on July 11.
This brought about a breakout from each a descending resistance line and the $1.20 horizontal resistance space. The latter is now anticipated to behave as assist.
The closest resistance space is discovered at $1.67. That is the 0.5 Fib retracement resistance degree and a horizontal resistance space. Technical indicators are bullish, and assist the continuation of the upward motion in the direction of this degree.
SNX has been growing since June 26. It broke out from an ascending parallel channel on July 4 and made a excessive of $12.74 after two days.
SNX decreased after this, validating the resistance line of the channel as assist (inexperienced icon). This seems to have been a fourth wave pullback sample.
A possible goal for the highest of the upward motion is between $15.64 and $16.28. This vary is the 0.5 Fib retracement resistance degree (black) and a projection of the size of waves 1-3 (white).