BQX and CRV have the potential for a rise in the direction of the closest resistance space, whereas HEDG has but to interrupt out above long-term resistance. AVAX is already at an all-time excessive following a parabolic assist line, making its place essentially the most precarious out of the 5 altcoins.
Largest Altcoin Movers
Throughout the week of Jan 11-18, the 5 altcoins that elevated essentially the most had been:
- HedgeTrade (HEDG) – 275%
- Voyager Token (BQX) – 162%
- Curve Dao Token (CRV) – 154%
- IOST (IOST) – 147%
- Avalanche (AVAX) – 133%
HEDG has been following a descending resistance line since reaching a excessive of $3.15 on June 4, 2020. HEDG has validated the road a number of instances up thus far, most just lately on Jan. 16, throughout final week’s upward motion.
Regardless of the numerous improve, HEDG failed to interrupt out above this line, merely validating the $2.85 space as resistance as soon as extra. At present, HEDG is again to buying and selling beneath this descending resistance line.
Whereas technical indicators within the every day timeframe are nonetheless bullish, the lengthy higher wick and failure to interrupt out is a powerful signal of promoting stress.
Subsequently, it’s potential that HEDG drops to the 0.618 Fib retracement degree earlier than probably making one other breakout try.
Starting on Jan. 4, BQX has had an enormous run-up, rising by 933% within the course of.
Regardless of such a substantial upward transfer, there isn’t any weak spot in technical indicators but, regardless of all of them signaling that costs are within the overbought territory.
The weekly chart additionally suggests that there’s room for additional will increase. The closest resistance space is discovered at $2.03 (0.382 Fib retracement degree).
Weekly indicators are equally overbought however bullish, supporting the continuation of the upward motion.
CRV has been rising quickly since breaking out from a descending resistance line and validating it as assist on Jan. 11.
Regardless of the parabolic price of improve, technical indicators are nonetheless bullish, although they’re in overbought territory.
The closest resistance space is discovered at $2.27 (0.382 Fib retracement degree). Just like BQX, CRV is predicted to succeed in this resistance.
On Jan. 15, IOST reclaimed the $0.0175 space, which had beforehand acted as resistance for the reason that starting of 2018. IOST validated the world as assist after and has been rising since.
Technical indicators are nonetheless bullish, regardless of being overbought, supporting the continuation of the upward motion.
Subsequently, IOST is predicted to proceed rising in the direction of the closest resistance space at $0.037.
AVAX has been rising quickly since breaking out from a descending resistance line and reclaiming a horizontal degree on Jan. 8. Since then, the speed of improve has turn into parabolic.
Because of the lack of assist beneath the present value, the rally appears slightly unstable. Nonetheless, technical indicators are nonetheless bullish, supporting the continuation of the upward transfer.
As a consequence of AVAX being at an all-time excessive, we have to use a Fib extension on the unique upward transfer in an effort to decide the following resistance areas.
Doing so offers us the $16.87 and $23 ranges as potential resistance areas (2.61 and three.61 Fib extensions respectively).
Disclaimer: Altcoin buying and selling carries a excessive degree of threat and is probably not appropriate for all traders. The views expressed on this article don’t replicate these of BeInCrypto.