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%
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 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 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.
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 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.