Fantom, GMX, EthereumPoW, Dogecoin, and Huobi Token Are on the Rise

2 December 2022, 12:00 GMT+0000
Updated by Geraint Price
2 December 2022, 12:00 GMT+0000
In Brief
  • FTM is following a descending resistance line.
  • GMX nearly reached a new all-time high.
  • DOGE broke out from an ascending parallel channel.
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BeInCrypto takes a look at five altcoins that increased the most from the entire crypto market last week, more specifically, from Nov. 25 to Dec. 2

These digital assets have taken the crypto news and crypto market spotlight: 

  1. Fantom (FTM) price is up 36.55%
  2. GMX price is up 22.22%
  3. EthereumPoW (ETHW) price is up 21.39%
  4. Dogecoin (DOGE) price is up 20.84%
  5. Huobi Token (HT) price is up 17.91%

Fantom Price Leads Altcoins in the Crypto Market

The Fantom price has decreased below a descending resistance line since May 23. The line has caused three rejections (red icons), the most recent on Dec. 1. This led to a low of $0.16 on Nov. 22. 

However, the FTM price reversed shortly afterward and reclaimed the $0.20 area in the process. 

While this is considered a bullish sign, the Fantom price has yet to break out from the descending resistance line. 

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Whether it breaks out from the line or fall below the $0.20 area will determine the direction of the future trend.

Fantom (FTM) Altcoins Price Resistance
FTM/USDT Daily Chart. Source: TradingView

GMX Nearly Reaches All-Time High

The GMX price has been moving upward since Nov. 9. The upward movement accelerated on Nov. 30 and the price nearly reached a new all-time high on Dec. 2. However, it was rejected by the 1.61 external Fib retracement at $59.80.

If GMX is successful in holding above the $50 horizontal area, it could make another attempt at moving towards a new all-time high.

GMX Price Breakout Crypto Market
GMX/USDT Daily Chart. Source: TradingView

ETHW Price Breaks Out Above Resistance

On Nov. 29, ETHW broke out from a descending resistance line that had been in place for more than 20 days. The breakout was preceded by bullish divergence in the RSI. The indicator has now moved above 70 and is in the overbought regions.

The main resistance area for ETHW is at $4.50. It is possible that the area will reject ETHW once the price gets there. On the other hand, a breakout from it would greatly accelerate the rate of increase.

ETHW Price Breakout
ETHW/USDT Six-Hour Chart. Source: TradingView

Dogecoin Price Breaks out From Parallel Channel

The Dogecoin price broke out from an ascending parallel channel on Nov. 29, and returned to validate it as support on Dec. 2 (green icon). The drop was preceded by bearish divergence in the RSI (green line).

Whether the DOGE price bounces or holds falls inside the channel will determine the direction of the short-term trend. However, the long-term Dogecoin price trend still looks bullish.

Dogecoin price channel
DOGE/USDT Six-hour chart. Source: TradingView

HT Faces Rejection

HT has increased since it bounced at the $4.30 horizontal support area on Nov. 20. The upward movement was swift and led to a high of $7.38 seven days later. The HT price was rejected by the $7.40 resistance area afterward.

Due to the rejection (red icon), the most likely scenario is a fall towards the $5.40 horizontal support area.

A daily close above $7.40 would invalidate this bearish HT price prediction.

Huobi Token (HT) Daily Price
HT/USDT Daily Chart. Source: TradingView

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer: BeInCrypto strives to provide accurate and up-to-date news and informationbut it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.