BeInCrypto breaks down some of the biggest altcoin movers and shakers from the previous week. Will their momentum continue?
During the week of March 1 – March 8, these were the biggest altcoin gainers:
- Enjin Coin (ENJ) – 183%
- Chiliz (CHZ) – 175%
- Decentraland (MANA) – 79%
- Ocean Protocol (OCEAN) – 59%
- Bancor (BNT) – 58%
Biggest Altcoin Gainers
ENJ reached a new all-time high price on March 8, but it is approaching the upward movement’s potential top.
CHZ also reached an all-time high on March 8 and is increasing parabolically. However, indicators and Fib levels indicate that another potential increase is possible before an eventual correction.
MANA also reached a new all-time high on March 8 and is approaching the first resistance area at $0.49.
OCEAN reached a new all-time high price on March 7 but has created a long upper wick and several bearish divergences.
BNT also reached a new all-time high price on March 7 and has generated significant bearish divergence.
Enjin Coin (ENJ)
ENJ has been moving upwards rapidly since validating the previous all-time high as support on Feb. 23. Currently, it is a full 400% above the price on that day.
On March 8, it reached a new all-time high of $1.88.
However, the rally has become completely parabolic, and ENJ has nearly reached the 4.618 external Fib retracement of the most recent drop. In price discovery, this is often the final potential resistance area.
Therefore, despite increasing the most from our top five altcoin gainers, it is likely that ENJ is approaching the top of its parabolic upward movement.
Chiliz (CHZ)
Similarly, CHZ has been increasing rapidly since Feb. 23 and reached a new all-time high on March 8.
However, technical indicators are still bullish, evidenced by the invalidation of potential bearish divergence in the weekly RSI & increasing MACD.
If CHZ continues increasing, the next closest resistance area will be found at $0.192 & $0.236 after that.
Decentraland (MANA)
MANA has also been moving upwards since Feb. 23.
After breaking out from a descending resistance line, MANA reclaimed the previous breakout level at $0.35.
Two days later, MANA returned to validate this level as support and has been increasing since. On March 8, it reached a new all-time high of $0.48.
Technical indicators are bullish, so MANA likely will continue to increase. A bullish cross would confirm this in the Stochastic oscillator.
MANA has nearly reached the closest resistance area at $0.49, with the next one being found at $0.68.
Ocean Protocol (OCEAN)
The OCEAN upward move has been ongoing since Feb. 28, with the all-time high of $1.69 reached on March 7.
However, the movement left a long upper wick behind, a sign of selling pressure. This is further accentuated by the bearish divergence in both the RSI & MACD.
Therefore, it is possible that OCEAN re-tests the $1.30 level once more before potentially moving higher.
Bancor (BNT)
BNT has also been increasing since Feb. 28. The price has gone up by 90% since.
On March 7, it reached a new all-time high price of $8.89.
Similar to OCEAN, technical indicators show weakness, evident by the bearish divergence in both the RSI & MACD.
BNT has also reached the 1.61 external fib retracement at $8.26, which is likely to cause rejection.
The next closest resistance area would be found at $10.67.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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