Exclusive The Magnificent Seven: MATIC, SOL, HNT, ONE, ANKR, CEL, SUSHI — Biggest Gainers, May 14—21

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In Brief
  • MATIC and SOL reached all-time highs on May 18.

  • HNT and ANKR are trading inside descending parallel channels.

  • CEL and ONE have broken out from descending resistance lines.

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BeInCrypto looks at the seven altcoins that increased the most over the past seven days, from May 14 to May 21.

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  1. Polygon (MATIC)- 36.51%
  2. Solana (SOL) – 3.92%
  3. Helium (HNT) – 2.43%
  4. Harmony (ONE) – 1.47%
  5. Ankr (ANKR) – 3.72%
  6. Celsius (CEL) – 5.71%
  7. SushiSwap (SUSHI) – 7.05%

MATIC

 MATIC had been increasing rapidly since April 16. The increase became parabolic, on May 12, and the token reached a new all-time high price of $2.70, on May 18.

However, it dropped sharply afterwards, creating a bearish engulfing candlestick (highlighted). The drop took MATIC to the 0.618 Fib retracement support level at $1.19.

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Despite the bounce, the preceding upward movement looks like a completed five waves up with an extended fifth wave. Therefore, it is possible that the upward trend has come to an end.

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SOL

SOL has been moving downwards since May 18, when it reached an all-time high price of $58.38. Similarly to MATIC, it created a bearish engulfing candlestick the next day. 

The drop took it all the way down to the $29.50 support area, validating it as support and creating a long lower wick. 

Currently, it is attempting to reclaim the $42.50 resistance area, which is the 0.5 Fib retracement level of the downward movement.

Chart By TradingView

HNT

HNT has been decreasing inside a descending channel since reaching a high of $21.50, on April 7. Descending parallel channels usually contain corrective structures. 

So far, it has twice bounced of the support line of the channel, leaving extremely long lower wicks each time. The most recent occurred on May 19.

Currently, it is attempting to reclaim the middle of the channel. If successful, this would be an extremely bullish development, indicating that new highs are on the horizon.

Chart By TradingView

ONE

ONE had been moving upwards since reaching a low, on April 23. Shortly afterwards, it broke out from a descending resistance line, and proceeded to reach a high of $0.188, on May 18.

However, it decreased sharply the next day, falling to a low of $0.07. The drop validated the 0.618 Fib retracement level at $0.096 as support.

The main resistance area is found at $18.

Chart By TradingView

ANKR

ANKR has been decreasing since March 28, when it reached an all-time high price of $0.21. Similarly to HNT, the decrease followed a descending parallel channel.

The price touched the support line of the channel thrice, most recently on May 19, creating a very long lower wick with a magnitude of 55%. 

It is currently attempting to reclaim the middle of the channel. If successful, this would indicate that a breakout is expected.

Chart By TradingView

CEL

On April 4, CEL broke out from a descending resistance line and proceeded to reach a high of $8.36 three days later. Since then, it has twice returned to validate the resistance line as support, most recently on May 19. 

In addition, it has reclaimed the horizontal support area at $6.

The next closest resistance levels are found at $8.33 and $10.58, respectively. The targets are found using an external Fib retracement on the most recent drop.

Chart By TradingView

SUSHI

On May 6, SUSHI broke out from a descending resistance line that had been in place since the $23.43 all-time high, on March 13. 

After validating the line as support on May 10, the token began another upward movement. However, this led to a lower high being reached on May 18 and a sharp decrease the next day.

The drop took it to a low of $10.25. The subsequent bounce validated the $12 area as support.

The support area has held since the beginning of Feb., with the exception of a shortly lived deviation in April (red circle). 

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

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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