Exclusive The Magnificent Seven: TEL, ETC, QTUM, DOGE, OMG, EOS, LSK — Biggest Gainers, April 30 – May 7

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In Brief
  • ETC & TEL are increasing parabolically.

  • QTUM & EOS are approaching long-term resistances.

  • LSK just reached a new all-time high.

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BeInCrypto looks at the seven altcoins that increased the most over the past seven days, from April 30 to May 7.

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These altcoins are:

  • Telcoin (TEL) – 420%
  • Ethereum Classic (ETC) – 295%
  • Qtum (QTUM) – 118%
  • Dogecoin (DOGE) – 100%
  • OMG Network (OMG) – 99%
  • EOS (EOS) – 90%
  • Lisk (LSK) – 74%

TEL

TEL has been moving upwards since April 23. In a span of 13 days, it increased by 1,000%, leading to an all-time high price $0.049. Since then, the token has decreased slightly.

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TEL has already moved above the 1.61 Fib projection of waves 1-3, indicating that wave five has extended.

If it decreases, the closest support levels are found at $0.026 and $0.021, respectively. They are created by the 0.5 and 0.618 Fib retracement levels.

Chart By TradingView

ETC

ETC began a massive upward movement on May 3, culminating with an all-time high price of $176, reached on May 6. This amounted to an upward movement of 292%.

The high was made right at the 3.61 external Fib retracement of the entire previous decrease, measuring from the all-time high. Afterwards, ETC decreased slightly since and is currently trading at $139.

If the current upward movement extends, the next resistance area would be found at $207, the 4.61 external Fib retracement.

Chart By TradingView

QTUM

QTUM has increased considerably this week. However, unlike TEL & ETC, it is nowhere close to reaching its all-time high. 

To the contrary, it is still below the $43-$53 resistance area, which is created by the 0.5 – 0.618 Fib retracement levels. 

While QTUM is likely to reach it, a rejection would be expected once it does, at least in the short-term.

Chart By TradingView

DOGE

DOGE has been moving upwards since April 23, when it had reached a low of $0.159. As a result, it managed to reach a new all-time high price of $0.696 on May 5, which amounted to an increase of 336%.

The high was made just above at the 1.61 external Fib retracement resistance, found at $0.627, causing a rejection. 

However, DOGE bounced once more after the rejection. 

If the movement extends, there is a confluence of resistance levels found near $0.90.

Chart By TradingView

OMG

OMG has increased considerably this week, managing to reach a new yearly high of $15.35. Still, unlike ETC, the token is nowhere close to reaching a new all-time high. 

To the contrary, it has just reached the 0.5 Fib retracement level when measuring from the entire downward movement. Consequently, the entire $14.40-$17.75 area is likely to provide strong resistance.

Afterwards, if OMG manages to clear it, it is likely to move towards a new all-time high price.

Chart By TradingView

EOS

EOS increased considerably this week, managing to break out above the long-term resistance area found at $8. Previously, it had been trading below this level since August 2019. 

As a result, it has managed to reach a high of $13.65, just between the 0.5-0.618 Fib retracement levels. However, it was rejected once it did, and is currently trading near $11.

Chart By TradingView

LSK

LSK has been moving upwards since April 23, when it was trading at a low of $3.14. Today, it managed to reach a new all-time high price of $11.50, amounting to an increase of 271%. 

The high was made just above the 1.61 external Fib retracement level of the previous drop. This is the first significant resistance level.

Therefore, if LSK manages to clear it, the next resistance area would be found at $14.57.

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 is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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