Magnificent Seven: XTZ, AVAX, TEL, ENJ, XMR, SOL, ZEN — Biggest Gainers Aug 20 – 27

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BeInCrypto takes a look at the seven altcoins that increased the most over the past seven days, from Aug 20 to 27.

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These altcoins are: 

XTZ

XTZ has been increasing since July 20, when it was trading at a low of $2.10. In a span of 36 days, it increased by 160%, leading to a high of $5.45 on Aug. 25. 

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However, it was rejected by the 0.5 Fib retracement resistance level at $5.26 and has been moving downwards since. 

The main support area is at $3.85. This is a horizontal support area that coincides with an ascending support line.

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AVAX

On Aug. 16, AVAX broke out from a descending resistance line. It proceeded to increase at an accelerated rate and reached a high of $58.98 on Aug. 24. The high was just slightly below the current all-time high price of $60.20. 

However, the token was rejected and created a bearish engulfing candlestick. In addition to this, both the MACD an RSI are showing signs of weakness. 

It is possible that AVAX will consolidate inside the $56.50 and $38 range.

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TEL

TEL has been moving upwards since July 20. It broke out from a descending resistance line three days later and reclaimed the $0.0205 horizontal resistance area on Aug. 22. Afterwards, it reached a high of $0.0298 the next day before decreasing.

Despite the drop, both the MACD and RSI are still bullish. Furthermore, TEL is still trading above the $0.0205 horizontal area, which is now expected to act as support. The next resistance area is at $0.037.

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ENJ

ENJ had been increasing inside an ascending parallel channel since June 22. On Aug. 21, it finally managed to break out from the channel and proceeded to reach a high of $2.20 two days later. 

While it fell afterwards, it has returned and validate the resistance line of the channel as support (green icon). 

The next closest resistance area is at $2.75.

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XMR

XMR has been moving upwards alongside an ascending support line since July 20. On Aug. 21, it broke out from the $275 horizontal resistance area and proceeded to reach a high of $339.7 three days later. 

However, it is still facing resistance from the 0.5 Fib retracement resistance level. A breakout above it could be the catalyst for a sharp upward movement.

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SOL

SOL has been increasing rapidly since July 20. It proceeded to reach a new all-time high price of $82 on Aug. 21. After a slight drop, it initiated another upward movement and managed to reach a new all-time high of $84.17 on Aug. 27. 

However, the token has decrease slightly and is trading at the 1.61 external Fib retracement at $81.51. A close above this level could trigger a sharp upward movement towards the next resistance area at $118.50. 

However, there is a potential bearish divergence developing in the RSI. Therefore, today’s close will have a crucial role in determining the future trend.

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ZEN

ZEN has been moving upwards since breaking out from a descending resistance line on July 22. The upward movement continued until a high of $91.73 was reached on Aug. 25. 

However, ZEN was rejected by the 0.382 Fib retracement resistance level and has been moving downwards. Despite the drop, the MACD and RSI are still bullish and the token is following an ascending support line. 

Nevertheless, a reclaim of the $94 resistance area is required in order for the trend to be considered bullish.

Chart By TradingView

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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