Exclusive Magnificent Seven: FTM, AR, REV, XDB, SOL, IOTA, KSM — Aug 27-Sept 3

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In Brief
  • AR, FTM, and XDB reached new all-time highs on Aug 31, Sept 1, and Sept 2.

  • IOTA was rejected by the $1.63 resistance area.

  • KSM has broken out from 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 Aug 27 to Sept 3.

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These top-gaining altcoins were:

  1. Fantom (FTM) : 103.35%
  2. Arwave (AR) : 97.13%
  3. Revain (REV) : 95.69%
  4. DigitalBits (XDB) : 89.73%
  5. Solana (SOL) : 72.64%
  6. IOTA (IOTA) : 56.40%
  7. Kusama (KSM) : 50.46%

FTM

FTM has been moving upwards since July 20. On Aug 22, it was rejected by the 0.5 Fib retracement resistance level at $0.55. 

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After a slight drop, it regained its footing five days later and initiated another upward move, reclaiming the $0.70 horizontal area in the process. 

On Sept 1, it managed to reach a new all-time high price of $0.967. While it did fail to break out, the MACD and RSI are still bullish. 

If it’s successful in breaking out, the next resistance would be found at $1.45. This is the 1.61 external Fib retracement resistance level when measuring the previous drop.

AR

AR has been increasing at a rapid rate since July 21. In a span of 41 days, it moved upwards by 907%. This led to a new all-time high of $69.93 on Aug 31. Similar to FTM, the high was reached right at the 1.61 external Fib retracement resistance level.

The upward movement has become completely parabolic, lacking a discernible structure. However, there is no weakness yet in the RSI or MACD. 

If another upward move transpires, the next closest resistance would likely be found at $105. This is the 2.61 external Fib retracement resistance level.

REV

REV has been moving upwards since July 21. The upward movement is supported by both the RSI and MACD. The former is positive while the latter is above 70. 

Neither have generated any sort of bearish divergence. 

The closest resistance area is at $0.033. This is both a horizontal resistance area and the 0.5 Fib retracement resistance level.

XDB

On Aug 2, XDB broke out above the $0.118 resistance area and reached a new all-time high price in the process. 

Initially, it stalled at the $0.20 resistance area, which is the 1.61 external Fib retracement resistance level. 

However, XDB started moving upwards again on Aug 27 and broke out three days later. 

On Sept 2, XDB reached a new all-time high price of $0.35. The high was made very close to the 2.61 external Fib retracement level.

SOL

SOL has been increasing rapidly since July 20. On Aug 18, it was rejected by the 1.61 external Fib retracement level. It was then rejected by the 2.61 level on Aug 31. 

However, it moved above these resistances both times. On Sept 3, it reached a new all-time high price of $146.38. 

The 3.61 external Fib retracement resistance level is found at $155.50 and is the next likely resistance.

Neither the MACD nor RSI is showing any signs of weakness.

IOTA

IOTA has been moving upwards since July 20. While upwards move accelerated on Sept 1, IOTA was rejected by the $1.63 resistance area the next day. This is the 0.5 Fib retracement resistance level.

Despite the rejection, the RSI and MACD are both bullish and increasing. Therefore, an eventual breakout is expected.

KSM

KSM had been following a descending resistance line since March 18. On Aug 11, it finally managed to break out. It returned in order to validate the line as support on Aug 27 and has been increasing since.

KSM is currently attempting to move above the 0.618 Fib retracement resistance level at $440. Doing so would likely lead to a move toward the all-time high resistance area of $600.

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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