BeInCrypto breaks down the five biggest altcoin movers and shakers from the previous week. Will their momentum continue?
The five altcoins that increased the most last week were:
- NEM (XEM): 21.83%
- Ravencoin (RVN): 7.66%
- Hedera Hashgraph (HBAR): 4.73%
- UNUS SED LEO (LEO): 1.93%
- Revain (REV): 1.58%
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%.
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.
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.
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.
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.
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.