BeInCrypto breaks down the five biggest altcoin movers and shakers from the previous week. Will their momentum continue?
The five altcoins that increased the most were:
- Theta Fuel (TFUEL) – 51.91%
- THETA (THETA) – 45.66%
- Curve DAO Token (CRV) – 44.68%
- Solana (SOL) – 43.38%
- Kusama (KSM) – 37.34%
Since reaching a high on March 24, TFUEL had been trading inside a descending parallel channel. On May 19, it bounced at the support line and has been moving upwards since.
On June 1, it broke out from the descending parallel channel.
Technical indicators are bullish. This is especially evident by the RSI cross above 50 and the bullish cross in the Stochastic oscillator (green icon).
It’s possible that this movement is the beginning of wave five in a bullish impulse. If so, potential targets for the top of the movement would be found at $0.69 and $1.02.
THETA has been trading inside a descending parallel channel since April 16. At the time, it had just reached its all-time high price of $15.88.
It’s possible that the movement inside the channel is an A-B-C corrective structure. In this case, waves A:C had an exact 1:1 ratio.
THETA has been increasing since touching the support line of the channel on May 19 and is currently at its resistance line.
A breakout from this channel could take it to the $14.50 resistance area.
On May 23, CRV reached a local low of $1.05 and has been moving upwards since. So far, it’s managed to reach a high of $2.90 on June 5.
The increase took CRV inside the 0.5-0.618 Fib retracement resistance area of $2.64-$3.02, where it was rejected. The $3.02 level is also a horizontal resistance area.
CRV has to reclaim this line in order to confirm its bullish trend. Conversely, the $2.20 area could act as support and create a higher low in case of a rejection.
SOL has been moving upwards since it reached a low of $19.10 on May 23. On May 30, it broke out from a descending resistance line that had been in place since the all-time high price of $58.38. So far, it’s increased by 130% from the lows.
Similar to CRV, SOL is trading at the 0.618 Fib retracement resistance at $43. Reclaiming this level is crucial in order to confirm the bullish trend.
In addition, SOL is following an ascending support line (dotted).
KSM has been increasing since reaching a low of $158.75 on May 19. So far, it has moved upwards by 172%. Throughout the upward movement, KSM reclaimed the $295 support area. The trend can be considered bullish as long as it’s trading above this level.
Similar to both CRV and SOL, KSM has been rejected by the 0.618 Fib retracement resistance level.
For BeInCrypto’s latest BTC (BTC) analysis, click here.
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