BeInCrypto breaks down some of the biggest altcoin movers and shakers from the previous week. Will their momentum continue?
During the week of April 5 – 12, the biggest altcoin gainers were:
- Kucoin Token (KCS) – 170%
- Bitcoin Gold (BTG) – 166%
- XRP (XRP) – 97.5%
- Binance Coin (BNB) – 68%
- PancakeSwap (CAKE) – 65%
KCS
KCS has been increasing parabolically since the beginning of the month. So far, it has done so by 270%.
So far, it has managed to reach a high of $20. This is only slightly below the all-time high of $21.30 reached in Jan. 2018.
There is some weakness developing, visible in the form of bearish divergence in both the RSI & Stochastic oscillator.
Therefore, some rejection could occur once HOT reaches the ATH area. This would also make sense since the upward movement has not retraced since $4.
Therefore, a breakout above the ATH area on the first try would be unusual.
BTG
BTG was subject to a very rapid increase last week, reaching a high of $121.35.
The upward move took it to the long-term resistance area of $110, where it was rejected.
Technical indicators in the weekly time frame are bullish, suggesting that the long-term trend is also bullish.
However, until BTG manages to break out above this area or gets rejected, the short-term trend direction cannot be determined.
If BTG gets rejected, the closest support levels are found at $77.8 and $61.
On the other hand, the next resistance is found at $275.
XRP
Similar to BTG, XRP has reached the 0.382 Fib retracement level of the previous downward movement.
The long-term trend is clearly bullish, with the RSI just moving above 70 and the Stochastic oscillator making a bullish cross. The next resistance area is found at $2.25.
However, some short-term retracement could occur before the continuation of the upward movement.
BNB
BNB has been moving upwards since breaking out from a symmetrical triangle on March 30.
Since then, it has increased by 112%.
Technical indicators are bullish, but BNB has reached the $208 resistance area. The 2.61 external Fib retracement creates this. Besides, the rally is completely parabolic.
The next resistance area is found at $770.
CAKE
CAKE has been moving upwards since breakout out from the $18 resistance area on April 18.
It is currently approaching the next resistance area, which is found at $30. This acted as the all-time high on March 18.
CAKE is expected to reach it.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.
Disclaimer
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