Exclusive The Magnificent Seven: TFUEL, THETA, HNT, MATIC, CEL, ENJ, UNI — Biggest Gainers, May 21—28

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In Brief
  • TFUEL and HNT are attempting to break out from descending parallel channels.

  • THETA is trading in the middle of a descending parallel channel.

  • ENJ is following a descending resistance line.

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BeInCrypto takes a look at the seven altcoins that increased the most over the past seven days, from May 21 to May 28.

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These altcoins are:

  • Theta Fuel (TFUEL) – 24.23%
  • THETA (THETA) – 9.17%
  • Helium (HNT) – 2.51%
  • Polygon (MATIC) – 2.23%
  • Celsius (CEL) – 1.72%
  • Enjin Coin (ENJ) – 0.66%
  • Uniswap (UNI) – 0.13%

TFUEL

TFUEL has been trading inside a descending parallel channel since reaching an all-time high price of $0.568, on March 24. Parallel channels often contain corrective movements. On May 19, it reached the support line of the channel and began the current bounce. 

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The upward movement was preceded by bullish divergence in both the RSI and MACD. The former has crossed above 50, while the latter is close to turning positive.

At the time of writing, TFUEL has reached the resistance line of the channel. 

A breakout would likely take it towards the all-time high region of $0.56.

Chart by TradingView

THETA

Similarly to TFUEL, THETA is also trading inside a descending parallel channel. It has been doing so since April 16, when it reached an all-time high price of $15.88. 

If the movement was an A-B-C corrective structure, waves A:C had a 1:1 ratio, with the latter ending at the $3.85 low, on May 19. 

At the time of writing, THETA was in the process of reclaiming the middle of the channel, a bullish sign.

Chart By TradingView

HNT

Like both THETA and TFUEL, HNT is also trading inside an extensive descending parallel channel. It has done so since reaching an all-time high price of $21.50, on April 7.

It bounced at the support line of the channel, on May 23, and began to move towards the resistance line.

However, it was rejected sharply by the resistance line of this channel, on May 27, and has been moving downwards since.

Chart By TradingView

MATIC

MATIC has been increasing since reaching a low of $0.74, on May 23. The upward movement has been swift and looks like the beginning of a new bullish impulse. Furthermore, it caused a breakout from a descending resistance line.

The token has been retracing since May 26, when it reached a high of $2.43. 

It is approaching a crucial support level at $1.59. This is the 0.5 Fib retracement level, a horizontal support area and the descending resistance line, from which MATIC broke out previously.

Chart By TradingView

CEL

CEL is potentially trading inside a symmetrical triangle. The pattern began on April 9, and so far both the resistance and support lines have been validated more than thrice. 

This is a neutral pattern, so both a breakout or breakdown could occur. On top of this, technical indicators are neutral. This is especially evident by the RSI cross above and below 50 and the MACD being at the 0 line.

At the time of writing, CEL is trading close to the resistance line of the triangle.

Chart By TradingView

ENJ

ENJ has been following a descending resistance line since April 9, when it reached an all-time high price of $4.

So far, it has made four unsuccessful breakout attempts. The most recent one occurred on May 26, after ENJ bounced from the $1.10 support area three days prior.

Despite the rejection, it is still possible that ENJ will re-test the $1.10 area once more and eventually break out.

Chart By TradingView

UNI

On May 23, UNI reached a low of $0.13 and bounced, creating a bullish engulfing candlestick (highlighted). The bounce took it all the way to the 0.5 Fib retracement level at $0.28. The token was rejected afterwards and has been decreasing since.

There is support at $21.50, created by the 0.5 Fib retracement support level.

Chart By TradingView

Be sure to check out BeInCrypto’s “The Hateful Eight: LUNA, HT, WAVES, OKB, REV, COMP, SOL, ICP — Biggest Losers May 2128.”

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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