In this article, I will take a look at the seven altcoins that increased the most over the past seven days (May 28th - June 4th). Note these are top gainers in top 100, there are other projects that have gained more that have smaller market caps. Those altcoins were -
- Curve Dao Token (CRV) : 37.76%
- Kusama (KSM) : 35%
- Filecoin (FIL) : 30%
- Solana (SOL) : 21.63%
- Monero (XMR) : 20.83%
- OKB (OKB) : 20.40%
- Vechain (VET) : 19.04%
CRV has been increasing since reaching a low on May 23. On June 1, it managed to break out from a descending resistance line that had been in place since May 13 and proceeded to reach a high of $0.274.
However, it was rejected and has been decreasing since.
The most likely support area that could create a high low is found at $1.90. This is the 0.5 Fib retracement support level of the entire upward move.
On May 19, KSM reached a low of $158.75 and bounced. After creating a higher low, it reclaimed the $295 area, validating it as support once more.
The upward movement continued until a high of $487.3 was reached on June 3. This amounted to an increase of 205% since the bottom. However, KSM dropped sharply afterwards.
The rejection occurred right at the 0.618 Fib retracement resistance area. As a result, the token is now attempting to find support and create a higher low.
FIL has been decreasing alongside a descending resistance line since reaching an all-time high price of $238.38 on April 1. It initiated a bounce on May 19, so far managing to reach a high of $97.99.
However, it has yet to break out or even reach the aforementioned descending resistance line. Until it does so, we cannot consider the trend bullish. If a breakout transpires, the next resistance area would be found at $140.
SOL reached an all-time high price of $53.58 on May 18 and began to decrease. The downward movement continued until a low of $19.10 was reached on May 23.
The token has been moving upwards since, so far managing to reach a high of $41.52, on June 3. This amounted to an increase of 118% from the lows. While SOL was rejected, it is attempting to create a high low near the $32.50 horizontal support area.
XMR reached an all-time high price of $517 on May 17 and began a downward movement. The decrease continued until a low of $171.48 was reached on May 10.
The token has bounced since, but has failed to clear the $304 resistance area. This is the 0.382 Fib retracement level of the most recent downward movement. XMR has instead created a double top pattern and began to decrease. It has yet to create a higher low, after the fall.
OKB has been moving downwards since May 3, when it reached an all-time high price of $44.35. While it initially bounced at a long-term ascending support line on May 19, it proceeded to break down two days later.
OKB has increased on June 2 and June 3, but has yet to reclaim the support line from which it broke down. Until it does, the trend is considered bearish.
VET decreased in the period from April 17 to May 23, falling from an all-time high price of $0.278 to a low of $0.066. It has been moving upwards since a latter, reaching a high of $0.152, on June 4.
The movement above the April 24 low of $0.14 (red line) confirms that this is a corrective structure rather than it being a bearish impulse.
However, the price action is not bullish yet. A reclaim of the $0.162 horizontal resistance area is required in order for it to be considered so.
What do you currently think about the market? Are any of these projects your favourites? What projects will make the cut next week? Leave a comment and let's get some dialougue going! If you like this type of content, consider following me here and leaving a tip.
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Until next time, stay classy!