Avalanche (AVAX) Breaks out From Bullish Pattern: Biggest Weekly Gainers

Updated by Geraint Price
In Brief
  • CRV is following a descending resistance line.
  • CVX has broken out from an ascending parallel channel.
  • AAVE has broken out from a descending resistance line.
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Be[In]Crypto takes a look at the five cryptocurrencies that increased the most last week, more specifically from July 1 to July 8.

These cryptocurrencies are:

  1. Curve DAO Token (CRV) : 50.23%
  2. Convex Finance (CVX) : 41.56%
  3. THORChain (RUNE) : 27.25%
  4. Aave (AAVE): 25.91%
  5. Avalanche (AVAX) : 24.37%

CRV

CRV has been moving upwards since reaching a low of $0.535 on June 18. The upward movement has so far led to a high of $1.02. This has taken CRV all the way to a descending resistance line that has been in place since May 11. 

If the price manages to break out, the next resistance area would be at $1.65. This is created by a longer-term descending resistance line that has been in place since the beginning of April.

CVX

CVX had been increasing inside an ascending parallel channel since June 18. It finally managed to break out on July 5 and validated the resistance line of the channel as support the next day (green icon). The resistance line is now expected to provide support. 

If the upward movement continues, the next closest resistance would be at $7.60.

RUNE

RUNE has been moving upwards since June 18 and created a higher low on July 5. Currently, it is making its fourth attempt at breaking out from a descending resistance line. 

Even if it is successful in doing so, the trend cannot be considered bullish until the price manages to clear the $3.60 horizontal resistance area.

AAVE

AAVE has been increasing since June 18. On July 5, it broke out from a descending resistance line that had previously been in place since the beginning of June. 

Currently, the price is attempting to reclaim the $72 horizontal resistance area. If it is successful in doing so, the next closest resistance would be at $94.50. This is the 0.618 Fib retracement resistance level when measuring the entire downward movement.

AVAX

AVAX had been trading inside a descending wedge since May 10. It finally managed to break out from it on June 11 and validated it as support on July 1 (green icon). 

AVAX has been increasing since but has yet to reclaim the $21 horizontal resistance area. If it is successful in doing so, the next resistance would be at $28. 

For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here

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