August 8, 2022

BQX and CRV have the potential for a rise in the direction of the closest resistance space, whereas HEDG has but to interrupt out above long-term resistance. AVAX is already at an all-time excessive following a parabolic assist line, making its place probably the most precarious out of the 5 altcoins.

 

Largest Altcoin Movers

In the course of the week of Jan 11-18, the 5 altcoins that elevated probably the most have been:

  1. HedgeTrade (HEDG) – 275%
  2. Voyager Token (BQX) – 162%
  3. Curve Dao Token (CRV) – 154%
  4. IOST (IOST) – 147%
  5. Avalanche (AVAX) – 133%

 

HEDG

HEDG has been following a descending resistance line since reaching a excessive of $3.15 on June 4, 2020. HEDG has validated the road a number of occasions up up to now, most not too long ago on Jan. 16, throughout final week’s upward motion.

Regardless of the numerous enhance, HEDG failed to interrupt out above this line, merely validating the $2.85 space as resistance as soon as extra. At present, HEDG is again to buying and selling beneath this descending resistance line.

Whereas technical indicators within the day by day timeframe are nonetheless bullish, the lengthy higher wick and failure to interrupt out is a powerful signal of promoting stress.

Subsequently, it’s attainable that HEDG drops to the 0.618 Fib retracement degree earlier than probably making one other breakout try.

HEDG Chart By TradingView

BQX

Starting on Jan. 4, BQX has had an enormous run-up, growing by 933% within the course of.

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Regardless of such a substantial upward transfer, there isn’t a weak spot in technical indicators but, regardless of all of them signaling that costs are within the overbought territory.

BQX Daily Altcoin
BQX Chart By TradingView

The weekly chart additionally suggests that there’s room for additional will increase. The closest resistance space is discovered at $2.03 (0.382 Fib retracement degree).

Weekly indicators are equally overbought however bullish, supporting the continuation of the upward motion.

BQX Weekly Altcoin
BQX Chart By TradingView

CRV

CRV has been growing quickly since breaking out from a descending resistance line and validating it as assist on Jan. 11.

Regardless of the parabolic price of enhance, technical indicators are nonetheless bullish, although they’re in overbought territory.

The closest resistance space is discovered at $2.27 (0.382 Fib retracement degree). Just like BQX, CRV is anticipated to succeed in this resistance.

CRV Resistance
CRV Chart By TradingView

IOST

On Jan. 15, IOST reclaimed the $0.0175 space, which had beforehand acted as resistance because the starting of 2018. IOST validated the realm as assist after and has been growing since.

Technical indicators are nonetheless bullish, regardless of being overbought, supporting the continuation of the upward motion.

Subsequently, IOST is anticipated to proceed growing in the direction of the closest resistance space at $0.037.

IOST Resistance
IOST Chart By TradingView

AVAX

AVAX has been growing quickly since breaking out from a descending resistance line and reclaiming a horizontal degree on Jan. 8. Since then, the speed of enhance has change into parabolic.

As a result of lack of assist beneath the present worth, the rally appears just a little unstable. However, technical indicators are nonetheless bullish, supporting the continuation of the upward transfer.

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Because of AVAX being at an all-time excessive, we have to use a Fib extension on the unique upward transfer as a way to decide the subsequent resistance areas.

Doing so provides us the $16.87 and $23 ranges as potential resistance areas (2.61 and three.61 Fib extensions respectively).

AVAX Movement
AVAX Chart By TradingView

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Disclaimer: Altcoin buying and selling carries a excessive degree of threat and might not be appropriate for all traders. The views expressed on this article don’t replicate these of BeInCrypto.