BeInCrypto breaks down some of the biggest altcoin movers and shakers from the previous week. Will their momentum continue?
During the week of April 5 – 12, the biggest altcoin gainers were:
- Kucoin Token (KCS) – 170%
- Bitcoin Gold (BTG) – 166%
- XRP (XRP) – 97.5%
- Binance Coin (BNB) – 68%
- PancakeSwap (CAKE) – 65%
KCS
KCS has been increasing parabolically since the beginning of the month. So far, it has done so by 270%.
So far, it has managed to reach a high of $20. This is only slightly below the all-time high of $21.30 reached in Jan. 2018.
There is some weakness developing, visible in the form of bearish divergence in both the RSI & Stochastic oscillator.
Therefore, some rejection could occur once HOT reaches the ATH area. This would also make sense since the upward movement has not retraced since $4.
Therefore, a breakout above the ATH area on the first try would be unusual.
BTG
BTG was subject to a very rapid increase last week, reaching a high of $121.35.
The upward move took it to the long-term resistance area of $110, where it was rejected.
Technical indicators in the weekly time frame are bullish, suggesting that the long-term trend is also bullish.
However, until BTG manages to break out above this area or gets rejected, the short-term trend direction cannot be determined.
If BTG gets rejected, the closest support levels are found at $77.8 and $61.
On the other hand, the next resistance is found at $275.
XRP
Similar to BTG, XRP has reached the 0.382 Fib retracement level of the previous downward movement.
The long-term trend is clearly bullish, with the RSI just moving above 70 and the Stochastic oscillator making a bullish cross. The next resistance area is found at $2.25.
However, some short-term retracement could occur before the continuation of the upward movement.
BNB
BNB has been moving upwards since breaking out from a symmetrical triangle on March 30.
Since then, it has increased by 112%.
Technical indicators are bullish, but BNB has reached the $208 resistance area. The 2.61 external Fib retracement creates this. Besides, the rally is completely parabolic.
The next resistance area is found at $770.
CAKE
CAKE has been moving upwards since breakout out from the $18 resistance area on April 18.
It is currently approaching the next resistance area, which is found at $30. This acted as the all-time high on March 18.
CAKE is expected to reach it.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
