February has been bullish for the majority of the cryptocurrency market, with numerous coins reaching new all-time high prices.
In this article, we’ll look at the seven coins that have increased the most over the past seven days (Feb 12 – 19).
They are:
- PancakeSwap (CAKE) – 173%
- Ravencoin (RVN) – 154%
- Golem (GNT) – 144%
- Venus (XVS) – 133%
- Binance Coin (BNB) – 112%
- Dash (DASH) – 94%
- Theta Fuel (TFUEL) – 98%
1. PancakeSwap (CAKE)
CAKE has been increasing rapidly since Jan. 11, when it was trading at a low of $0.44. Since then, CAKE has increased by 4,580%, reaching an all-time high price of $21.45 on Feb. 19.
While the Stochastic oscillator has made a bearish cross, both the RSI and the MACD are still increasing, suggesting that the trend is bullish. However, the daily RSI has been overbought for 32 days. Thus the current upward move is very overextended.
Furthermore, CAKE has just moved above the $18.75 area, a possible target for the top of the upward movement. While CAKE could rally towards the next target at $26.83, it seems the upward trend is nearing its end, and CAKE will soon begin to correct.
On Feb. 18, CAKE was listed on Gate.io, and it’s possible that this had a positive effect on the rally.
2. Ravencoin (RVN)
RVN has been on a considerable upward trend since Jan. 28. It has increased by 800% in only 18 days. On Feb. 18, RVN reached an all-time high price of $0.135.
RVN has been moving at an accelerated pace since breaking out from the $0.075 area, which previously served as an all-time high.
When using an external retracement on the most recent downward move, RVN has just reached the $0.14 area, which is a possible level for the top.
While technical indicators are still bullish, the move is nearly vertical. Considering that RVN has reached a potential reversal area, it would make sense for at least a short-term correction before it resumes its upward momentum.
3. Golem (GLM)
GLM increased considerably this week, moving from a low of $0.198 to a high of $0.63. The increase also took GLM above the $0.33 resistance area, which had previously been in place since Jun. 2018.
However, GLM was rejected by the 0.618 Fib retracement of the previous downward movement at $0.58. The rejection took GLM to $0.46, where it is currently trading.
Despite the rejection, technical indicators are still bullish, suggesting that the trend is also bullish. GLM is currently retracing towards the $0.33 support area, before potentially getting ready for another upward move.
However, GLM is being delisted by the Omgfin exchange today (Feb 19), which could have a negative effect on the price of the coin.
4. Venus (XVS)
Beginning on Jan. 20, XVS increased by a massive 2,673%, vaulting into the top 80 based on market capitalization. On Feb. 19, XVS reached an all-time high price of $102.94 before decreasing slightly.
XVS has already reached a potential target for the top of the upward move, which is $106. Furthermore, the RSI has formed considerable bearish divergence, a potential sign of a top.
If XVS were to continue increasing, the next most likely area for the top would be at $151.
5. Binance Coin (BNB)
Over the past four days, BNB has increased by a massive 200%, reaching an all-time high price of $348 in the process. On Feb 19 alone, BNB increased by 60%.
While technical indicators do not yet show any clear weakness, the RSI has been overbought for a full 19 days, the highest such period in BNB’s price history.
Furthermore, BNB seems to be in the fifth and final wave of a bullish impulse and has already reached the potential target for the top of the move.
While BNB may continue to increase at a parabolic rate, it’s more likely that it will correct shortly before potentially resuming its upward trend.
6. Dash (DASH)
DASH has increased considerably over the past two weeks, breaking out from the $175 resistance area. Previously, this area had held for roughly two years.
Technical indicators on the weekly time-frame are bullish and show no signs of weakness yet.
If DASH continues to rally, the next closest resistance area would be at $642, the 0.382 fib retracement of the downward move measuring from the all-time high price.
7. Theta Fuel (TFUEL)
TFUEL has been on a tear in Feb, increasing by nearly 300% since the beginning of the month. On Feb. 19 alone, TFUEL reached an all-time high price of $0.106, after increasing by 75% on the day.
Despite an overextended rally, there are no signs of weakness in technical indicators. However, the current increase does not seem sustainable. Thus a correction, at least in the short-term, is likely.
Furthermore, TFUEL has already moved above the 2.61 and 3.61 external fib retracement levels, leaving a potential final target at the 4.61 retracement area: $0.117.
On Feb. 10, TFUEL was listed on the BitMart exchange, an announcement that could have positively impacted its price.
Be sure to also check out BeInCrypto’s The Hateful Eight article where we cover the biggest losers of the past week.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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