The Magnificent Seven: SOL, NANO, DGB, MKR, CAKE, VET, CELO — Biggest Gainers, April 16-23

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In Brief
  • SOL reached a new all-time high price on April 23.

  • NANO,CELO, and DGB have bounced at horizontal support levels.

  • MKR has broken out from a descending resistance line.

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BeInCrypto looks at the seven altcoins that increased the most over the past seven days, from April 16 to April 23.

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These altcoins are: 

  • Solana (SOL) – 34.99%
  • Nano (NANO) – 34.86%
  • Digibyte (DGB) – 28.08%
  • Maker (MKR) -23.22%
  • PancakeSwap (CAKE) – 16.60%
  • Vechain (VET) 16.28%
  • Celo (CELO) – 8.97%

SOL

SOL has been increasing rapidly since March 26. In a span of only 28 days, it managed to move upwards by 235%. This led to an all-time high price of $41.74 being reached on April 23.

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The high was made very close to the 4.61 external Fib retracement of the previous downward movement. This is a potential reversal area. 

The next closest support levels are found at $30.1 and $26.6, the 0.5 & 0.618 Fib retracement levels, respectively.

Chart By TradingView

NANO

NANO has decreased rapidly since reaching an all-time high price of $14.44 on April 17. In a span of six days, it has lost nearly 49% of its value. 

Despite the drop, the token returned to validate the previous all-time high of $7.40. It has created a long lower wick, a sign of buying pressure. 

As long as NANO is trading above this level, the trend can be considered bullish.

Chart By TradingView

DGB

DGB has been moving downwards since April 21, when it had reached a high of $0.174. The drop took it to the previous breakout level at $0.11.

The upward movement that began on April 18 looks corrective (highlighted in red). Therefore, it is likely that the entire movement is an irregular flat correction. 

This is also supported by the ongoing bounce from the $0.11 support area. The closest resistance is found at $0.144.

Chart By TradingView

MKR

MKR has been increasing since breaking out from a descending resistance line on April 12. Shortly afterwards, it managed to reclaim the $3,100 area, which is now likely to act as support. 

On April 22, it reached an all-time high price of $4,979, before dropping to validate the previously outlined area as support. 

Currently, it is in the process of initiating another upward movement. 

Technical indicators are bullish, as evidenced by the RSI cross above 70, and the increasing MACD and Stochastic oscillator.

The next resistance areas are found at $5,244 and $6,580.

Chart By TradingView

CAKE

CAKE has been increasing since April 8, when it broke out from the $19 resistance level. On April 12 and April 21, it attempted to break out from the $28.20 resistance area, but was unsuccessful in doing so. 

Despite this, it has shown strength during today’s correction, creating a bullish hammer candlestick.

Therefore, it is expected to make another attempt at breaking out above the $28.20 area.

Chart By TradingView

VET

VET has been decreasing since an all-time high price of $0.278 was reached on April 17. The drop has been swift, and today VET reached a low of $0.14. This measured a decrease of 50% from the aforementioned high. 

Despite the ongoing bounce, which is very significant, technical indicators have turned bearish. 

Therefore, it is possible that the upward move for VET has come to a conclusion, at least in the short/medium-term.

Chart By TradingView

CELO

On April 21, CELO reached an all-time high price of $7.25, but created a shooting star candlestick. It has been decreasing since and has fallen below the $5.45 area. 

Currently, CELO is trading just above the $4.20 area, which it has validated as support. 

The RSI is neutral, being right at the 50 line. 

However, the trend can be considered bullish, as long as CELO is trading above this area.

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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