AAVE Breaks out From 302 Day Resistance Line, Climbs 25%- Five Biggest Weekly Gainers

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In Brief
  • RUNE broke out from an ascending parallel channel.

  • GRT and BAT have broken out from short-term descending resistance lines.

  • AAVE and WAVES have broken out from long-term descending resistance lines.

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In this article, BeInCrypto takes a look at the five cryptocurrencies that increased the most last week, more specifically from March 11 – 18. 

These cryptocurrencies are:

  1. Aave (AAVE) : 25.45%
  2. THORChain (RUNE) : 21.95%
  3. The Graph (GRT) : 21.71%
  4. Basic Attention Token (BAT) : 20.79%
  5. Waves (WAVES) : 17.94%

AAVE

AAVE has been decreasing underneath a descending resistance line since May 18. So far, it reached a low of $112.4 on Feb 24. 

The price has initiated a small upward movement since, and seems to be in the process of breaking out from the line. 

If the upward movement continues, the next closest resistance would be at $275. The level has not been reached since the beginning of Jan 2021.

RUNE

Rune has been increasing since Feb 24. So far, it has reached a high of $8.59 on March 17. This amounted to an increase of 185% in 21 days. The price has decreased only slightly since.

If the downward movement persists, the closest support areas would be at $7.20 and $4.65. The first is the resistance line of the previous ascending parallel channel, and is now likely to act as support. 

The second is the middle of the channel and the 0.382 Fib retracement resistance level.

GRT

GRT had been decreasing alongside a descending resistance line since Feb 7. On March 14, it broke out from this line and validated it as support four days later (green icon). 

If the upward movement continues, the closest resistance area is at $0.51. If GRT manages to move above it, the rate of increase would be expected to accelerate. 

BAT

Similarly to GRT, BAT broke out from a descending resistance line on Feb 28 and validated it as support on March 8 (green icon). It has been moving upwards since and is approaching its Feb highs at $0.97. 

A breakout above this level would likely accelerate the rate of increase.

WAVES

WAVES had been following a descending resistance line since reaching an all-time high price on May 4.

After beginning an upward movement in March, WAVES broke out from this line on March 9 and validated it as support three days later.

The closest resistance area is at $32.60. Clearing this level would likely lead to a new all-time high price.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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