BeInCrypto breaks down the 5 greatest altcoin movers and shakers from the earlier week. Will their momentum proceed?
The 5 altcoins that elevated probably the most had been:
Theta Gas (TFUEL) – 51.91%
THETA (THETA) – 45.66%
Curve DAO Token (CRV) – 44.68%
Solana (SOL) – 43.38%
Kusama (KSM) – 37.34%
Since reaching a excessive on March 24, TFUEL had been buying and selling inside a descending parallel channel. On Might 19, it bounced on the help line and has been shifting upwards since.
On June 1, it broke out from the descending parallel channel.
Technical indicators are bullish. That is particularly evident by the RSI cross above 50 and the bullish cross within the Stochastic oscillator (inexperienced icon).
It’s potential that this motion is the start of wave 5 in a bullish impulse. In that case, potential targets for the highest of the motion can be discovered at $0.69 and $1.02.
THETA has been buying and selling inside a descending parallel channel since April 16. On the time, it had simply reached its all-time excessive value of $15.88.
It’s potential that the motion contained in the channel is an A-B-C corrective construction. On this case, waves A:C had an actual 1:1 ratio.
THETA has been growing since touching the help line of the channel on Might 19 and is presently at its resistance line.
A breakout from this channel might take it to the $14.50 resistance space.
On Might 23, CRV reached a neighborhood low of $1.05 and has been shifting upwards since. Thus far, it’s managed to succeed in a excessive of $2.90 on June 5.
The rise took CRV contained in the 0.5-0.618 Fib retracement resistance space of $2.64-$3.02, the place it was rejected. The $3.02 degree can also be a horizontal resistance space.
CRV has to reclaim this line so as to verify its bullish pattern. Conversely, the $2.20 space might act as help and create the next low in case of a rejection.
SOL has been shifting upwards because it reached a low of $19.10 on Might 23. On Might 30, it broke out from a descending resistance line that had been in place for the reason that all-time excessive value of $58.38. Thus far, it’s elevated by 130% from the lows.
Just like CRV, SOL is buying and selling on the 0.618 Fib retracement resistance at $43. Reclaiming this degree is essential so as to verify the bullish pattern.
As well as, SOL is following an ascending help line (dotted).
KSM has been growing since reaching a low of $158.75 on Might 19. Thus far, it has moved upwards by 172%. All through the upward motion, KSM reclaimed the $295 help space. The pattern may be thought of bullish so long as it’s buying and selling above this degree.
Just like each CRV and SOL, KSM has been rejected by the 0.618 Fib retracement resistance degree.