BeInCrypto takes a look at five projects that beat the crypto market last week, more specifically, from Nov. 4 to Nov. 11.
These digital assets have taken the crypto news and crypto market spotlight:
- ConstitutionDAO (PEOPLE) price increased by 27.30%
- dYdX (DYDX) price increased by 12.51%
- SwissBorg (CHSB) price increased by 6.36%
- Aragon (ANT) price increased by 6.30%
- BinaryX (BNX) price increased by 1.66%
PEOPLE Leads Crypto Market Rally
PEOPLE has been decreasing inside a symmetrical triangle since May 6. The symmetrical triangle is considered a neutral pattern, meaning a breakout and breakdown are possible.
Additionally, the daily RSI is moving freely above and below 50. This is a sign of an undetermined trend, further aligning with the presence of the triangle.
Therefore, whether the ConstitutionDAO price breaks out or down from the triangle will likely determine the direction of the future trend.
DYDX Bounces Above Yearly Lows
On Oct. 27, DYDX broke out from a descending resistance line that had been in place since Aug. 1. However, it could not sustain the upward movement and returned to the support area once more on Nov. 8.
The ensuing bounce (green icon) validated both the resistance line and the $1.25 horizontal support area. The upward movement is going contrary to the rest of the crypto market, which is mired in a significant decrease.
Currently, the DYDX price is breaking out from the 0.5 Fib retracement resistance area at $1.96. If it is successful, the next resistance would be $2.50.
Conversely, a decrease below the Nov. lows of $1.18 (red line) would invalidate the bullish price prediction.
CHSB Reclaims $0.22 Area
CHSB has been moving upward since June 15. IT created a higher low in the middle of Sept. and accelerated its rate of increase afterward. The breakout led to a high of $0.34 on Nov. 7.
Afterward, during the crypto market decrease of Nov. 7 to 10, the CHSB price returned to the $0.22 area, validating it as support (green icon). As long as it trades above it, the trend can be considered bullish.
However, a breakdown below the area would likely take SwissBorg to the ascending support line at $0.18.
ANT Consolidates in Corrective Pattern
The ANT price has been increasing inside an ascending parallel channel since the beginning of May. Even though the price has not fallen below its May low, the ascending parallel channel is considered a bearish pattern. So, a breakdown from it would be the most likely scenario. If one occurs, the price will likely fall to the yearly lows at $1.22.
Currently, the Aragon price is attempting to move above the middle of the channel (red circle). If it is successful and breaks out from the channel (red line), it would invalidate this bearish price prediction.
BNX Could Break Down Alongside Bearish Crypto Market
Similar to ANT, BNX is also trading inside an ascending parallel channel. On Oct. 13 and Nov. 11, it was rejected by the middle of the channel (red circle). This is a bearish sign that suggests a breakdown is the most likely scenario.
If one occurs, the closest support area is at $95.10, created by the 0.5 Fib retracement support level and a horizontal support area.
On the other hand, a breakout from the channel would invalidate the bearish price prediction.
Disclaimer: BeInCrypto strives to provide accurate and up-to-date crypto news and information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decision.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.