BeInCrypto breaks down the five biggest altcoin movers and shakers from the previous week. Will their momentum continue?
Unlike the previous week, when only one altcoin actually grew in value, numerous altcoins increased, this week. The five that increased the most are:
Decred (DCR) : 51.81%
Enjin Coin (ENJ) : 46.74%
Uniswap (UNI) : 33.81%
Nexo (NEXO) : 32.56%
Polygon (MATIC): 32.27%
DCR has been decreasing alongside a descending resistance line since April 16. At the time, it reached an all-time high price of $250.
It created a low high on May 10 and resumed its downward movement until May 23, culminating with a low of $87.57. It has been moving upwards since.
Technical indicators have turned bullish. The RSI has just crossed above 50. The MACD has given a bullish reversal signal. The Stochastic oscillator is very close to making a bullish cross.
Moreover, the movement above the wave A low (red line) at $164.36 invalidates the possibility that this is a bearish impulse, making it a completed A-B-C structure instead.
Therefore, DCR is expected to increase at least to the descending resistance line, which is found at $200.
ENJ has been decreasing since reaching an all-time high price of $4 on April 9. The same day, it created a shooting star candlestick. Throughout the decrease, it has been following a descending resistance line.
On May 23, it reached a low of $0.73. This purportedly caused a breakdown below the $1.15 support area. However, ENJ reclaimed the area shortly afterwards, making the preceding decrease only a deviation (red circle).
Furthermore, technical indicators are bullish. This is especially evident by the imminent bullish cross in the Stochastic oscillator.
Therefore, a breakout from the resistance line is likely. If so, the next closest resistance areas are found at $1.98 and $1.75, respectively.
On May 23, UNI reached a low of $13 and bounced immediately afterwards. It created a bullish engulfing candlestick the next day, and reached a high of $30 on May 27.
However, the 0.5 Fib retracement resistance area at $29 rejected it and it has been decreasing since.
However, it is attempting to create a higher low and continue moving upwards. As long as it is trading above the main support area of $17.50, the trend can be considered bullish.
NEXO reached a low of $1.03 on May 24, but increased considerably the same day. Shortly afterwards, it managed to reclaim the $1.80 area.
After another decrease, it validated it as support once more on May 30 (green icon), successfully creating a higher low in the process. The main resistance area is found at $2.57.
On May 23, MATIC bounced at the $0.85 support area. It proceeded to increase and reach a high of $2.438 on May 26. This caused a breakout from a descending resistance line.
The ensuing rejection caused MATIC to drop and validate the resistance line as support. This coincides with the $1.58 support area, created by the 0.5 Fib retracement support level.
MATIC is in the process of creating a higher low, which, if successful, could lead to new highs.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.
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