BeInCrypto looks at five altcoins that increased the most from the entire crypto market last week, specifically from Dec. 30 to Jan. 6
These digital assets have taken the crypto news and crypto market spotlight:
- Solana (SOL) price increased by 44.87%
- Lido DAO (LDO) price increased by 34.73%
- BitDAO (BIT) price increased by 22.47%
- NEAR Protocol (NEAR) price increased by 19.52%
- Ethereum Classic (ETC) price increased by 18.24%
SOL Leads Altcoin Gainers
The SOL price has decreased inside a descending parallel channel since Nov. 10. The downward movement led to a low of $8 on Dec. 29. The ensuing bounce created a long lower wick and validated the channel’s support line (green icon). It initiated an upward movement that saw price increase by 76%. This took the SOL price to the resistance line of the channel.
Whether the SOL price breaks out from the channel or gets rejected could determine the direction of the future trend. A breakout could take it to the $18.30 resistance area, while a rejection could catalyze a fall toward the channel’s support line at $7.
LDO Reclaims $1.27 Level
Between Nov. 9 and Dec. 22, the LDO price created a double bottom pattern inside the $0.90 horizontal support area. This occurred after the price broke out from a descending resistance line.
After the second bottom (green icon), the price initiated a sharp upward movement and broke out from the $1.27 resistance area. If the LDO price successfully validates the $1.27 area as support, it could increase to $1.75. On the other hand, a breakdown below this level could lead to a fall toward the $0.90 support area.
BIT Breaks out Above Resistance
The BIT price had decreased below a descending resistance line since Aug. 5. This led to a low of $0.26 on Nov. 8. The BIT price has increased since and broke out from the descending resistance line on Dec. 9. After validating the line as support on Dec. 17 (green icon), it resumed its upward movement.
Currently, the BIT price is trading just below the $0.42 horizontal resistance area. If it successfully moves above it, the BIT price could increase to $0.65.
On the other hand, a rejection would likely lead to a re-test of the $0.34 support area.
NEAR Breaks out Above Resistance
Similar to BitDAO, NEAR is another altcoin that broke out from a descending resistance line. NEAR broke out after it created a double bottom pattern that was combined with bullish divergence in the RSI. Such divergences often precede upward movements.
While it is possible price may fall and re-test the resistance line, an upward movement toward the $1.80 horizontal resistance area is the most likely scenario.
ETC Is Another Altcoin That Broke out Above Resistance
Finally, ETC is another altcoin that broke out from a descending resistance line. Similar to NEAR, the breakout occurred after the price created a double bottom combined with bullish divergence (green line).
Therefore, if the upward movement continues, the next closest resistance area would be at $22. Conversely, a decrease below the resistance line would mean that the breakout was not legitimate, and new lows will follow.
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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.