BeInCrypto breaks down the five biggest altcoin movers and shakers from the previous week. Will their momentum continue this week?
The five altcoins that increased the most last week were:
- Cosmos (ATOM): 28.65%
- Audius (AUDIO): 25.40%
- Avalanche (AVAX): 23.06%
- Curve DAO Token (CRV): 17.47%
- Ren (REN): 14.35%
ATOM
Since June 20, ATOM has been moving upwards above a parabolic ascending support line. On Sept 20, it reached a new all-time high price of $44.80.
It’s likely that ATOM is in the fifth and final wave of a bullish impulse. The high was made at a confluence of Fib resistance levels between $45.70-$47.22. The area is created by the 1.61 length of waves 1-3 (orange) and the 1.61 external Fib retracement level (black).
Therefore, it’s possible that ATOM has reached a local top.
REN
REN has been moving upwards since July 20. After initially struggling with the $0.64 resistance area, it managed to break out on Aug 31.
REN returned to validate the $64 area as support twice on Sept 7 and 13 (green icons) before resuming its upward movement.
The closest resistance area is found at $1.22. This is the 0.618 Fib retracement resistance level. A breakout above this zone could trigger a sharp upward move toward a new all-time high price.
However, REN seems to be decreasing towards the $0.64 support once again.
AUDIO
AUDIO has been falling since Aug 17 after it reached a high of $4.07. It was rejected by the $4.05 resistance area and created a long upper wick (red icon).
After a low of $1.81 was reached on Sept 7, AUDIO bounced and broke out from a descending resistance line in the process.
The breakout is supported by the increasing MACD and RSI.
Therefore, if AUDIO manages to hold on above the $2.45 support area, it could initiate another upward move toward the $4 level.
AVAX
On Aug 24, AVAX decreased after reaching a high of $58.98. This led to a low of $32.23 on Sept 7.
However, AVAX increased after reaching support and managed to break out above the $50 resistance area on Sept 11. This led to a new all-time high of $76.27 on Sept 19.
The high was made right at the 1.61 external Fib retracement resistance level when measuring the most recent portion of the drop. This is a likely area for a top to be reached.
Furthermore, both the RSI and MACD have generated bearish divergences. Therefore, it’s possible that AVAX will drop towards the $50 area once again.
CRV
CRV has been moving upwards since July 27 when it broke out from a descending resistance line.
Initially, it struggled to move above the $2.45 resistance area but was successful in doing so on Sept 14.
Following this, it reached a high of $3.44 on Sept 16 before falling.
Currently, CRV is attempting to validate the $2.40 area as support. Doing so could cause it to bounce and move toward the $3.65 resistance area.
The MACD is still positive and the RSI is above 50, suggesting that the trend is still bullish.
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.
