Exclusive Five Biggest Altcoin Gainer Showcase — July 12-19

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In Brief
  • RVN and XEM have broken out from descending resistance lines.

  • HBAR is trading inside a descending parallel channel.

  • LEO is facing resistance at $2.95.

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BeInCrypto breaks down the five biggest altcoin movers and shakers from the previous week. Will their momentum continue?

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The five altcoins that increased the most last week were: 

XEM

XEM has been moving upwards since June 22 after it reached a low of $0.0852. The upward movement continued until a high of $0.17 was reached on July 17. This amounted to an increase of 100%. 

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During the upward move, XEM also broke out from a descending resistance line. 

However, the aforementioned high occurred right at the 0.5 Fib retracement resistance level at $0.167, causing a rejection. 

If XEM manages to clear this resistance, it would likely increase towards the next closest resistance level at $0.24.

XEM Chart By TradingView

RVN

RVN has been decreasing alongside a descending resistance line since May 20. On June 22, it proceeded to reach a low of $0.040. 

However, REV has been moving upwards since. On July 16, it broke out over the descending resistance line and reached a high of $0.065 before decreasing. 

The main resistance area is found at $0.083. This target is the 0.618 Fib retracement resistance level and a horizontal resistance area.

RVN Chart By TradingView

HBAR

Since March 15, HBAR has been decreasing inside a descending parallel channel. It bounced after reaching the support line of the channel on June 22. The bounce also served to validate the $0.15 horizontal area as support.

Even though the Stochastic oscillator has made a bearish cross, there are bullish divergences in place in both the RSI and MACD, indicating that a rebound is expected. 

HBAR has to reclaim the midline of the channel in order to confirm the possibility of a breakout.

HBAR Chart By TradingView

LEO

LEO has been moving upwards since reaching a low of $2.06 on June 27. So far, the upward movement has amounted to an increase of 43.50%. 

Currently, LEO is trading at the 0.5 Fib retracement resistance level at $2.96. In addition, the level is a confluence of a horizontal resistance area and the resistance line of an ascending parallel channel. 

Due to the confluence of resistance levels, a rejection would be the most likely scenario.

LEO Chart By TradingView

REV

REV reached an all-time low price of $0.005 on June 22 and bounced, creating a long lower wick with a magnitude of 64%. 

It has decreased slightly since and is currently trading near $0.007. 

The price action looks extremely irregular and the primary resistance level is found at $0.013.

REV Chart By TradingView

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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