In this article, I will take a look at the seven altcoins that increased the most over the past seven days (April 23rd – April 30th). Note these are top gainers in top 100, there are other projects that have gained more that have smaller market caps.
- Polygon (MATIC) – 147.63%
- Fantom (FTM) – 143.23%
- Venus (XVS) – 78.06%
- Dent (DENT) – 73%
- Waves (WAVES) – 66%
- PancakeSwap (CAKE) – 64.53%
- Arweave (AR) – 56.87%
MATIC has been increasing rapidly since breaking out from a descending resistance line on April 26. In a span of only five days, it managed to increase by 143%, leading to an all-time high price of $0.94 being reached on April 30.
MATIC is approaching the $1 resistance area, created by the 2.61 external Fib retracement. Afterwards, the next resistance are would be found at $1.29.
Technical indicators are still bullish, supporting the continuation of the upward movement.
Alongside MATIC, FTM is the only other token that has doubled in price from the seven altcoins presented.
It has been moving upwards since April 23. It initially struggled at the $0.65 level, which is the previous all-time high resistance area, creating a shooting star candlestick. This can be seen as a potential bearish reversal sign when coming after an upward trend.
However, FTM invalidated the bearish possibility with a bullish engulfing candlestick the next day. It is currently approaching the $0.87 resistance area. If successful in moving above it, the next resistance would be found at $1.26.
Technical indicators are bullish, supporting the continuation of the upward movement.
XVS has been moving upwards since April 23. In a span of seven days, it proceeded to increase by 120%, reaching a new all-time high price of $123.88. However, it has decreased slightly since.
Despite this, it is possible that the drop is only a re-test of the previous resistance are of $95, which would validate it as support.
The next closest resistance area is found at $145.
DENT has been moving downwards since April 5, when it reached a high of $0.022. The decrease was sharp, culminating with a low of $0.005, reached on April 23. This amounted to a decrease of 78%.
The token bounced and has been moving upwards since.
Despite the ongoing increase, it has yet to reclaim even the 0.382 Fib retracement resistance level at $0.112, which is mandatory for the possibility of a bullish trend reversal.
WAVES has been moving upwards since April 23, when it validated the $12.60 area as support.
On April 29, it managed to reach a new high of $23.49.
Despite the slight rejection, it has yet to reach the 1.61 external Fib resistance at $25.67.
CAKE has been increasing rapidly since reaching a new all-time high price on April 25. The increase has been continuous, with the token reaching a new all-time high of $44.27 on April 30.
The high was made right at the 2.61 external Fib retracement of the previous drop, causing a slight rejection in the process.
The next resistance area is found at $52.
AR had been following a descending resistance line since reaching an all-time high price of $34.33 on April 1.
On April 26, it managed to break out above this line, reaching a high of $32. It is currently retracing, approaching the $25 support area.
If AR reaches a new all-time high, the next closest resistance area would be found at $45.
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!