Exclusive Five Biggest Altcoin Gainers Showcase: May 10-17

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In Brief
  • MATIC and KSM reached new all-time high prices on May 15.

  • ADA has potentially completed wave five of a bullish impulse.

  • AAVE has reclaimed the $530 horizontal support level.

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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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These biggest altcoin gainers were:

  • Revain (REV) – 108.5%
  • Polygon (MATIC) – 77%
  • Kusama (KSM) – 28%
  • Cardano (ADA) – 21.3%
  • Aave (AAVE) – 20.4%

REV

REV began a significant upward movement on May 10 and proceeded to reach a new high of $0.062 the next day. 

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However, it has decreased considerably since, currently trading near $0.028. Despite the drop, the current price is still considerably higher than on May 10.

However, the price action looks extremely unusual. In addition, REV is still trading below the $0.038 area, which is likely to continue acting as resistance. 

REV Chart By TradingView

MATIC

MATIC has been moving upwards since May 4. The rate of increase accelerated on May 14, leading to a new all-time high price of $1.89 the next day. The high was made right at the 4.61 external Fib retracement of the previous drop.

MATIC has decreased slightly since. There are some signs of weakness since the RSI has generated a considerable bearish divergence. However, both the MACD and Stochastic oscillator are still increasing. 

The closest support levels are found at $1.43 and $1.29 (white). 

MATIC Chart By TradingView

KSM

KSM has been moving upwards since April 23. It reached an all-time high price of $618.36 on May 15 before decreasing slightly. 

After a brief drop, it initiated another upward movement. Technical indicators are also bullish.

It’s currently in the process of reclaiming the $560 area. If successful in doing so, the next resistance area would likely be found at $743.

KSM Chart By TradingView

ADA

ADA has been moving upwards since April 23. The upward movement continued until May 16, when ADA managed to reach a new all-time high price of $2.47.

It’s possible that ADA has reached the top of the fifth wave of a bullish impulse that began in March 2020. A similar target near $2.40 is given by both a Fib projection on waves 1-3 (white) and sub-waves 1-3 (orange).

ADA Chart By TradingView

AAVE

AAVE has been moving upwards since April 18. It proceeded to increase until it reached an all-time high price of $634 on May 14. 

While it has fallen slightly since then, it’s still trading above the $530 area that previously acted as resistance. The same area is now likely to act as support.

AAVE 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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