See More

Terra, Celsius, Ravencoin, Kyber Network and Compound – Biggest Weekly Gainers

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • LUNA increased by 300% on Sept. 9..
  • RVN is trading inside a long-term descending parallel channel.
  • KNC is trading inside an ascending parallel channel.
  • promo

Be[in]Crypto takes a look at the five cryptocurrencies that increased the most last week, more specifically, from Sept 9. to Sept 16. 

These cryptocurrencies are:

  1. Terra (LUNA): 43.78%
  2. Celsius (CEL): 32.34%
  3. Ravencoin (RVN): 18.40%
  4. Kyber Network Crystal (KNC): 4.65%
  5. Compound (COMP): 3.88%

LUNA

LUNA was subject to a massive upward movement on Sept. 9, increasing by 310% the same day and reaching a high of $7.66. However, the upward movement could not be sustained and LUNA created a very long upper wick the same day.

The price has been falling since and has nearly lost all of its gains from the aforementioned upward movement. 

A breakdown below the $2.20 area could take the price to new all-time lows.

LUNA movement
LUNA/USDT Chart By TradingView

CEL

On Aug. 6, CEL broke out from a descending resistance line that had been in place since Sept. It proceeded to reach a high of $4.63 before falling. 

Even though CEL bounced at the previous resistance line (green icon), it failed to break out from the $2.10 horizontal resistance area (red icon).

Unless CEL manages to reclaim the $2.10 resistance area, the trend cannot be considered bullish.

CEL Breakout
CEL/USD Chart By TradingView

RVN

RVN has been decreasing inside a long-term descending parallel channel since Aug. 2021. The downward movement has led to a low of $0.017 in June 2022. The price has been increasing since and managed to reclaim the middle of the channel on Aug 5. 

Afterward, RVN accelerated the rate of increase and reached a high of $0.077 on Sept. 14. This validated the resistance line of the channel (red icon) and initiated the current downward movement. 

Nevertheless, an eventual breakout from the channel is likely.

RVN Channel
RVN/USDT Chart By TradingView

KNC

KNC has been increasing inside an ascending parallel channel since July 11. Such channels usually contain corrective movements, meaning that an eventual breakdown from the channel would be likely. 

Additionally, the movement inside the channel has been extremely choppy, aligning with the possibility that it is corrective. 

KNC reached a high of $2.15 on Sept. 15. The high validated the resistance line of the channel and the 0.618 Fib retracement resistance level. 

Due to these reasons, an eventual breakdown from the channel seems likely.

KNC Channel
KNC/USD Chart By TradingView

COMP

COMP had been increasing inside an ascending wedge since reaching a bottom on May 19. The upward movement led to a high of $71.50 on Aug. 10. However, the price has been falling since and broke down from the wedge five days later. 

While COMP did initiate a bounce, it was rejected by the 0.618 Fib retracement resistance level at $61.

Due to this rejection, it is possible that the bounce was part of the B wave and COMP has now begun the C wave that will take it towards the $37.50 horizontal support area.

COMP Wedge
COMP/USDT Chart By TradingView

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

Top crypto platforms in the US | March 2024

Trusted

Disclaimer

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. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona 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. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored