Trusted

LUNA Classic, Ravencoin, Cosmos, Ethereum Classic and Chainlink – Biggest Weekly Gainers

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • LUNC has reached a crucial Fib resistance level.
  • ATOM has broken out from a long-term descending resistance line.
  • LINK is trading in a range between $6.20 and $9.30.
  • promo

Be[in]Crypto takes a look at the five cryptocurrencies that increased the most last week, more specifically, from Sept 2 to Sept 9.

These cryptocurrencies are: 

  1. Terra Classic (LUNC): 127.97%
  2. Ravencoin (RVN): 54.49%
  3. Cosmos(ATOM): 23.92%
  4. Ethereum Classic (ETC): 18.26%
  5. Chainlink (LINK): 15.00%

LUNC

LUNC has increased considerably since Aug 25. The upward movement has so far led to a high of $0.00059 on Sept 8. 

The high was made at two important Fib resistance levels. The 4.2-4.61 extension of the initial upward movement (black) and the 1.61 length of waves one and three (white). Therefore, it is possible that LUNC will soon reach or has already reached a top.

Furthermore, the RSI has generated bearish divergence (green line), indicating that a downward movement could soon follow. If one occurs, LUNC could fall towards the 0.5 Fib retracement support level at $0.0035.

LUNC movement
LUNC/BUSD Chart By TradingView

RVN

RVN has been decreasing inside a long-term descending parallel channel since Aug 2021. The downward movement has led to a low of $0.017 in June 2022. The price has been increasing since and managed to reclaim the middle of the channel on Aug 5. 

The descending parallel channel is considered a bullish pattern, meaning that it is expected to lead to breakouts the majority of the time. When combined with the reclaim of the middle of the channel, this suggests that a movement towards the resistance line of the channel at $0.06 and potential breakout are likely.

RVN Channel
RVN/USDT Chart By TradingView

ATOM

ATOM has been increasing inside an ascending parallel channel since June 18. While these channels usually contain corrective movements, ATOM managed to break out from it on Sept 9. 

More importantly, this also caused a breakout from a long-term descending resistance line that had been in place since the Jan all-time high. 

If the upward movement continues, the next closest resistance area would be at $20.50, created by the 0.382 Fib retracement resistance level of the entire downward movement since the all-time high. 

ATOM breakout
ATOM/USDT Chart By TradingView

ETC

ETC has been moving upwards since reaching a low on June 18. The move led to a high of $45.36 on July 29. The price has been decreasing inside an A-B-C corrective structure since. 

It is possible that the preceding increase is a five-wave upward movement. If so, ETC would be expected to increase towards new highs. A breakout above the $45.36 high (green line) would confirm this possibility while a drop below $30.34 (red line) would invalidate it.

ETC count
ETC/USDT Chart By TradingView

LINK has been trading close to the $6.20 horizontal support area since May 9. It deviated below this area (red circle) on June 13 before reclaiming the area.

This is a bullish development that often leads to significant price increases. LINK bounced at the $6.20 horizontal support area on Aug. 25 and has been increasing since. 

A movement above the $9.30 resistance area would likely accelerate the rate of increase.

LINK Range
LINK/USDT Chart By TradingView

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024
Coinbase Coinbase Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
3Commas 3Commas Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | November 2024

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 ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona 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. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored