BQX and CRV have the potential for a rise in the 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 essentially the most precarious out of the 5 altcoins.
Greatest Altcoin Movers
Throughout the week of Jan 11-18, the 5 altcoins that elevated essentially 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 occasions up up to now, most just lately 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. Presently, HEDG is again to buying and selling beneath this descending resistance line.
Whereas technical indicators within the day by day time frame are nonetheless bullish, the lengthy higher wick and failure to interrupt out is a powerful signal of promoting strain.
Subsequently, it’s doable that HEDG drops to the 0.618 Fib retracement degree earlier than probably making one other breakout try.
Starting on Jan. 4, BQX has had a large run-up, rising by 933% within the course of.
Regardless of such a substantial upward transfer, there is no such thing as a 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 rising quickly since breaking out from a descending resistance line and validating it as help on Jan. 11.
Regardless of the parabolic fee 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 anticipated to achieve 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 realm as help after and has been rising since.
Technical indicators are nonetheless bullish, regardless of being overbought, supporting the continuation of the upward motion.
Subsequently, IOST is anticipated to proceed rising in the direction of the closest resistance space at $0.037.
AVAX has been rising quickly since breaking out from a descending resistance line and reclaiming a horizontal degree on Jan. 8. Since then, the speed of improve has turn into parabolic.
As a result of lack of help beneath the present value, the rally appears slightly unstable. Nonetheless, technical indicators are nonetheless bullish, supporting the continuation of the upward transfer.
Resulting from AVAX being at an all-time excessive, we have to use a Fib extension on the unique upward transfer to be able to decide the subsequent resistance areas.
Doing so offers 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.