In this article, I will take a look at the seven altcoins that increased the most over the past seven days (April 30th – May 7th). Note these are top gainers in top 100, there are other projects that have gained more that have smaller market caps. Those altcoins were -
- Telcoin (TEL) – 420%
- Ethereum Classic (ETC) – 295%
- Qtum (QTUM) – 118%
- Dogecoin (DOGE) – 100%
- OMG Network (OMG) – 99%
- EOS (EOS) – 90%
- Lisk (LSK) – 74%
TEL has been moving upwards since April 23. In a span of 13 days, it increased by 1,000%, leading to an all-time high price $0.049. Since then, the token has decreased slightly.
TEL has already moved above the 1.61 Fib projection of waves 1-3, indicating that wave five has extended.
If it decreases, the closest support levels are found at $0.026 and $0.021, respectively. They are created by the 0.5 and 0.618 Fib retracement levels.
ETC began a massive upward movement on May 3, culminating with an all-time high price of $176, reached on May 6. This amounted to an upward movement of 292%.
The high was made right at the 3.61 external Fib retracement of the entire previous decrease, measuring from the all-time high. Afterwards, ETC decreased slightly since and is currently trading at $139.
If the current upward movement extends, the next resistance area would be found at $207, the 4.61 external Fib retracement.
QTUM has increased considerably this week. However, unlike TEL & ETC, it is nowhere close to reaching its all-time high.
To the contrary, it is still below the $43-$53 resistance area, which is created by the 0.5 – 0.618 Fib retracement levels.
While QTUM is likely to reach it, a rejection would be expected once it does, at least in the short-term.
DOGE has been moving upwards since April 23, when it had reached a low of $0.159. As a result, it managed to reach a new all-time high price of $0.696 on May 5, which amounted to an increase of 336%.
The high was made just above at the 1.61 external Fib retracement resistance, found at $0.627, causing a rejection.
However, DOGE bounced once more after the rejection.
If the movement extends, there is a confluence of resistance levels found near $0.90.
OMG has increased considerably this week, managing to reach a new yearly high of $15.35. Still, unlike ETC, the token is nowhere close to reaching a new all-time high.
To the contrary, it has just reached the 0.5 Fib retracement level when measuring from the entire downward movement. Consequently, the entire $14.40-$17.75 area is likely to provide strong resistance.
Afterwards, if OMG manages to clear it, it is likely to move towards a new all-time high price.
EOS increased considerably this week, managing to break out above the long-term resistance area found at $8. Previously, it had been trading below this level since August 2019.
As a result, it has managed to reach a high of $13.65, just between the 0.5-0.618 Fib retracement levels. However, it was rejected once it did, and is currently trading near $11.
LSK has been moving upwards since April 23, when it was trading at a low of $3.14. Today, it managed to reach a new all-time high price of $11.50, amounting to an increase of 271%.
The high was made just above the 1.61 external Fib retracement level of the previous drop. This is the first significant resistance level.
Therefore, if LSK manages to clear it, the next resistance area would be found at $14.57.
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!