Magnificent Seven: COTI, CELO, AVAX, ATOM, OMG, LUNA, AXS Sept 17-24

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BeInCrypto takes a look at the seven altcoins that increased the most over the past seven days, from September 17 to 24.

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These altcoins are: 

  1. COTI (COTI) : 50.35%
  2. Celo (CELO) : 32.87%
  3. Avalanche (AVAX) : 13.16%
  4. Cosmos (ATOM) : 12.53%
  5. OMG Network (OMG) : 7.90%
  6. Terra (LUNA) : 1.10%
  7. Axie Infinity (AXS) : 0.11%

COTI

COTI had been following a descending resistance line since March 8, when it was trading at a then all-time high price of $0.60. This led to a low of $0.088 on July 20. 

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However, COTI has been increasing since and Aug 20 broke out from the descending resistance line. After validating the line as support on Sept 7, it resumed its upward movement and reached a new all-time high on Sept 23. 

Currently, it is attempting to validate the $0.48 area as support. Doing so would mean that the bullish structure is still intact. 

Both the RSI and MACD are increasing, supporting the bullish trend. Furthermore, the Supertrend is bullish (green line).

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CELO

CELO has been moving upwards since Sept 7. On Sept 23, it reached a high of $7.88. The high was made inside the $7.40 resistance area, which previously rejected the price on Aug 30. 

Therefore, it is possible that the token has now made a double top, which is considered a bearish reversal pattern. 

Furthermore, there are bearish divergences in both the RSI and MACD. 

Therefore, until CELO manages to reclaim this area, the trend cannot be considered bullish.

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AVAX

AVAX has been moving upwards since Sept 7. So far, it has reached a new all-time high price of $79.8 on Sept 23. 

However, the high was made right at the 1.61 external Fib retracement level when measuring the most recent drop. In addition to this, both the RSI and MACD have generated bearish divergences. 

So, despite being at an all-time high, the token is trading right at a potential rejection area.

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ATOM

ATOM has been increasing alongside a parabolic ascending support line since June 22. The upward movement led to an eventual all-time high of $44.8 on Sept 20. 

The high was made at a confluence of Fib resistance levels between $45-47, created by the 1.61 external Fib retracement (black) and the 1.61 length of waves 1-3 (orange). 

While this is a likely level for a top, technical indicators are still bullish, since the RSI is above 50 and the MACD is increasing. 

Therefore, the trend can be considered bullish as long as the parabolic ascending support line is intact.

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OMG

OMG has been increasing alongside an ascending support line since July 20. This led to an eventual high of $11.44 on Sept 21. 

However, the token was rejected by the 0.618 Fib retracement resistance level and has been moving downwards since. 

Despite the drop, the ascending support line is still intact. Furthermore, there is a hidden bullish divergence developing in the RSI. This is usually seen as a strong sign of trend continuation. 

So, it is possible that OMG will make another attempt at breaking out above the 0.618 Fib retracement resistance level.

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LUNA

LUNA had been following a descending resistance line since Sept 11, when it reached an all-time high price of $45.1. While following it, it fell to a low of $23.95 on Sept 21.

The ensuing bounce caused a breakout from the descending resistance line and its subsequent validation as support. Afterwards, LUNA also reclaimed the $34.50 support area. 

As long as it is holding above it, the trend can be considered bullish.

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AXS

AXS had been decreasing alongside a descending resistance line since reaching an all-time high price of $94.67 on Sept 4. This led to a low of $48.1 on Sept 21. 

However, a strong bounce followed afterwards, and the token broke out from the descending resistance line the next day. Afterwards, it also reclaimed the $63.50 area and validated it as support. 

The breakout is supported by both the MACD and RSI, which are both increasing. 

If AXS can move above the $71.5 resistance area, it could initiate a sharp upward movement.

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For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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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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