Be[In]Crypto takes a look at the five cryptocurrencies that increased the most from June 24 to July 1, including Compound (COMP), which is in the process of breaking out from a corrective pattern.
These cryptocurrencies are:
- Compound (COMP): 8.61%
- The Sandbox (SAND): 3.76%
- Tron (TRX): 2.13%
- Dogecoin (DOGE): 1.12%
- Apecoin (APE): 0.45%
COMP has been falling since completing a five wave upward movement on June 26. The decrease has been contained inside a descending parallel channel, which usually indicates that the decrease is corrective. So, a breakout from the channel would be expected.
If one occurs, the next closest resistance would be at $68, a level that has not been reached since the beginning of June.
On June 28, SAND broke down from an ascending support line that had been in place since June 19. The downward movement took the price to the $0.97 horizontal support area, which is also the 0.618 Fib retracement support level.
Afterwards, the price bounced (green icon) and initiated a sharp upward movement. It is currently facing resistance at $1.15. A breakout above this level would be expected to accelerate the rate of increase.
On June 30, the price broke down from an ascending parallel channel in which it had been trading since June 17. Currently, it is in the process of validating it as resistance (red icon).
The previous support line of the channel also coincides with the $0.066 horizontal resistance area. If the price gets rejected, it would be expected to decrease towards the closest support at $0.0585.
DOGE has been moving upwards since June 18. The upward movement led to a high of $0.078 on June 27. DOGE decreased afterwards since it was rejected for the fourth time by a descending resistance line in place since May 10. The resistance line also coincides with the $0.072 horizontal resistance area.
So, until the price manages to break out from both, the trend cannot be considered bullish.
APE has been increasing since June 15. On June 27, it broke out from a descending resistance line and returned to validate it as support three days later (green icon).
If this leads to the continuation of the upward movement, the closest resistance area would be at $5.40. A breakout above it would be expected to accelerate the rate of increase.
For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here