Band Protocol (BAND) has broken out from a descending resistance line.
Loopring (LRC) has reclaimed the $0.635 resistance area.
Zcash (ZEC) is approaching long-term resistance at $407.
KuCoin Token (KCS)
KCS has been moving downwards since April 10, when it reached an all-time high price of $20.
The drop was swift, and on April 16, KCS dropped to a low of $11.29. This was made slightly below the 0.5 Fib retracement support level of the previous downward movement.
The wave count suggests that this is wave four of a bullish impulse.
Therefore, KCS would be expected to decrease towards the middle of the parallel channel from which it broke out before moving upwards. This would complete a fourth-wave pullback.
Afterwards, a new all-time high price would be expected.
However, a bounce at the 0.618 Fib retracement level at $10.1 would be more likely.
Band Protocol (BAND)
BAND had been following a descending resistance line since the previous all-time high of $20.77 on Feb. 13.
It managed to break out above this line on April 16 and reached a new all-time high price of $23.87 the next day.
Currently, it is in the process of validating this line as support. Also, it has reclaimed the $19.70 area and validated it as support.
Technical indicators are bullish, supporting the continuation of the upward movement.
Therefore, it is likely that BAND increases towards the next closest resistance area of $26.82.
Loopring (LRC)
LRC has been following a descending resistance line since Feb. 12. On April 5, it managed to break out from this line. Shortly afterward, it reclaimed the $0.635 resistance area.
Technical indicators are bullish, supporting the continuation of the upward movement.
The next resistance area is found at $0.85.
Zcash (ZEC)
ZEC has increased considerably over the past three weeks. The ongoing increase is also supported by technical indicators, especially the RSI cross above 70.
As a result, ZEC is likely to increase towards the closest resistance area, which is found at $407. This is the 0.5 Fib retracement level of the previous downward movement.
Kyber Network (KNC)
KNC has been increasing since Feb. 28. However, it is trading inside an ascending parallel channel. This is often a corrective pattern.
KNC just decreased below the middle of the channel and validated it as resistance afterward (red arrow).
Therefore, a breakdown from the channel would be the most likely outline. This is also supported by the bearish divergence in the RSI and the bearish MACD.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
