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The Magnificent Seven: SOL, NANO, DGB, MKR, CAKE, VET, CELO — Biggest Gainers from April 16th to April 23rd

By 0xJonnyDee | My Technical Analysis | 23 Apr 2021


In this article, I will take a look at the seven altcoins that increased the most over the past seven days (April 16th – April 23rd). Note these are top gainers in top 100, there are other projects that have gained more that have smaller market caps.  

 

 

SOL

SOL has been increasing rapidly since March 26. In a span of only 28 days, it managed to move upwards by 235%. This led to an all-time high price of $41.74 being reached on April 23.

The high was made very close to the 4.61 external Fib retracement of the previous downward movement. This is a potential reversal area. 

The next closest support levels are found at $30.1 and $26.6, the 0.5 & 0.618 Fib retracement levels, respectively.

 

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NANO

NANO has decreased rapidly since reaching an all-time high price of $14.44 on April 17. In a span of six days, it has lost nearly 49% of its value. 

Despite the drop, the token returned to validate the previous all-time high of $7.40. It has created a long lower wick, a sign of buying pressure. 

As long as NANO is trading above this level, the trend can be considered bullish.

 

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DGB

DGB has been moving downwards since April 21, when it had reached a high of $0.174. The drop took it to the previous breakout level at $0.11.

The upward movement that began on April 18 looks corrective (highlighted in red). Therefore, it is likely that the entire movement is an irregular flat correction. 

This is also supported by the ongoing bounce from the $0.11 support area. The closest resistance is found at $0.144.

 

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MKR

MKR has been increasing since breaking out from a descending resistance line on April 12. Shortly afterwards, it managed to reclaim the $3,100 area, which is now likely to act as support. 

On April 22, it reached an all-time high price of $4,979, before dropping to validate the previously outlined area as support. 

Currently, it is in the process of initiating another upward movement. 

Technical indicators are bullish, as evidenced by the RSI cross above 70, and the increasing MACD and Stochastic oscillator.

The next resistance areas are found at $5,244 and $6,580.

 

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CAKE

CAKE has been increasing since April 8, when it broke out from the $19 resistance level. On April 12 and April 21, it attempted to break out from the $28.20 resistance area, but was unsuccessful in doing so. 

Despite this, it has shown strength during today’s correction, creating a bullish hammer candlestick.

Therefore, it is expected to make another attempt at breaking out above the $28.20 area.

 

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VET

VET has been decreasing since an all-time high price of $0.278 was reached on April 17. The drop has been swift, and today VET reached a low of $0.14. This measured a decrease of 50% from the aforementioned high. 

Despite the ongoing bounce, which is very significant, technical indicators have turned bearish. 

Therefore, it is possible that the upward move for VET has come to a conclusion, at least in the short/medium-term.

 

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CELO

On April 21, CELO reached an all-time high price of $7.25, but created a shooting star candlestick. It has been decreasing since and has fallen below the $5.45 area. 

Currently, CELO is trading just above the $4.20 area, which it has validated as support. 

The RSI is neutral, being right at the 50 line. 

However, the trend can be considered bullish, as long as CELO is trading above this area.

 

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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. 

Also if you are on Twitter, I am currently holding a Bitcoin Giveaway, where you have the chance to win $500 worth of BTC. You can check it out on the pinned message on my Twitter - https://twitter.com/dizzlecrypto.

Until next time, stay classy!

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0xJonnyDee
0xJonnyDee

A Crypto Marketing Wizard with over 7 years experience. Former Marketing Manager at CoinMarketCap. Feel free to get in connect with / content me on - Twitter - https://twitter.com/0xJonnyDee


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