Exclusive Magnificent Seven: VGX, MINA, YFII, RUNE, LUNA, QNT, EGLD — Biggest Gainers July 30-Aug 6

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In Brief
  • VGX, MINA, and LUNA have broken out from descending resistance lines.

  • YFII has broken out from a 170-day resistance area.

  • QNT reached an all-time high on Aug 2.

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BeInCrypto takes a look at the seven altcoins that increased the most over the past seven days, from July 30 to Aug 6.

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These altcoins are:

  1. Voyager Token (VGX) : 77.44%
  2. Mina (MINA) : 69.68%
  3. DFI.Money (YFII) : 66.9%
  4. THORChain (RUNE) : 44.38%
  5. Terra (LUNA) : 39.95%
  6. Quant (QNT) : 35.06%
  7. Elrond (EGLD): 31.99%

VGX

VGX had been decreasing underneath a descending resistance line since reaching a high of $7.81 on Feb. 25. This led to a low of $1.34 on May 19 before it finally managed to break out on July 24. 

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Following this, it reclaimed the $2.50 horizontal area, which is now expected to act as support. 

Currently, VGX is trading at the 0.382 Fib retracement resistance level at $3.80. Technical indicators in the daily time frame are still bullish. The next resistance area is found at $4.56.

VGX Chart By TradingView

MINA

MINA has been increasing at an accelerated rate since breaking out from a descending resistance line on July 22. The upward move led to a high of $2.78 on Aug 4. This amounted to an increase of 163% in 13 days. 

However, it was rejected by the $2.62 resistance area and has been moving downwards since, creating several long lower wicks. 

The closest support area is found at $1.85. This target is the 0.5 Fib retracement support level.

MINA Chart By TradingView

YFII

YFII has been moving upwards at an accelerated rate since June 22. On Aug 2, it finally managed to break out above the $3,450 horizontal resistance area, which had been in place for 170 days. 

So far, it has reached a high of $4,766 on Aug 3. Technical indicators in the daily time-frame are still bullish. 

The closest resistance area is found at $6,450 while the closest support is at $3,450.

YFII Chart By TradingView

RUNE

RUNE has been increasing since July 20 after rebounding from the $2.80 horizontal support area. It broke out above a descending resistance line eight days later and has been moving upwards since. 

On Aug. 4 it reclaimed the $7.30 horizontal level and validated it as support afterwards. 

The next closest resistance is found at $10.30. This target is the 0.618 Fib retracement resistance level.

Daily time frame technical indicators are bullish.

RUNE Chart By TradingView

LUNA

LUNA has been moving upwards at an accelerated rate since July 20. It broke out from a descending resistance line on Aug 1 and reclaimed the $11.50 horizontal level the next day. 

So far, it has reached a high of $15.57 on Aug 4 (red icon). The high was made at the 0.618 Fib retracement resistance level. If successful in moving above it, the next resistance target would be found at $17.80. The $11.50 area is now expected to act as support.

Technical indicators are bullish, though the RSI is heavily overbought.

LUNA Chart By TradingView

QNT

QNT has been increasing at an accelerated rate since July 20. In a span of 13 days, it moved upwards by 232%, leading to an all-time high of $187 on Aug 2. The high was made very close to the 2.61 external Fib retracement resistance level (black). 

However, it created a bearish candlestick and could be creating a double top pattern. in addition to this, there is some bearish divergence developing in the RSI.

The closest support is found at $121 while the next resistance would be at $213.

QNT Chart By TradingView

EGLD

EGLD has been increasing since June 22 and created a higher low on July 20. 

It’s approaching a crucial resistance level at $116, which also coincides with the resistance line of a potential ascending parallel channel. 

A breakout above this level could be the catalyst of a sharp upward move toward $200. 

Currently, there aren’t clear signals to determine if EGLD will break out or get rejected.

EGLD Chart By TradingView

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

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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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