Bitcoin Magazine will analyze last week’s top 5 altcoin winners to see if their momentum can continue or not?

Last week’s five biggest altcoin winners were:

1. Algorand (ALGO): 50.81%
2. Elrond (EGLD): 48%
3. Harmony (ONE): 42%
4. Near protocol (NEAR): 28.5%
5. Tezos (XTZ): 23.9%

ALGO

ALGO has been moving up since it broke over a descending wedge on August 5th. The upside accelerated after falling on September 7th.

ALGO broke the $ 1.75 resistance area the next day and hit a high of $ 2.56 on September 13. The high was hit directly at the external fib retracement resistance at 1.61.

ALGO is currently in the process of creating an engulfing bearish candle. While the MACD is still rising, the RSI has created a bearish divergence.

The USD 1.75 area is now intended to serve as support.

Daily ALGO / USDT chart | Source: TradingView

EGLD

EGLD has been up since June 22nd and broke out through an ascending parallel channel on August 9th and returned on September 7th to confirm it as support, successfully completing the wave.

It has risen since then, hitting a new all-time high of $ 295.80 on September 12th.

If the move is a five-wave bullish impulse, the level that is likely to act as the high of the overall move up would be between $ 345 and $ 363.This target range consists of the Fib level (white) and length 1.61 of waves 1 -3 (black).

Neither the MACD nor the RSI show any weaknesses.

Daily EGLD / USDT chart | Source: TradingView

ONE

ONE has risen since breaking the descending resistance line and confirming it as support on September 7th. The decline also confirmed the $ 0.115 area of ​​support.

On September 13, ONE reached a new all-time high of USD 0.23.

However, it has failed to break out and is about to drop back below the USD 0.205 resistance area. In order for the upward trend to continue, ONE has to pull back this zone.

Daily ONE / USDT chart | Source: TradingView

NEAR

NEAR has risen along with a parabolic ascending support line since July 20th. On September 9th, it hit a new all-time high of $ 11.88. However, she created a shooting star candle that same day and has fallen since then.

The decline preceded the bearish divergence of the RSI.

Despite the decline, the parabolic ascending support line remains intact. Additionally, it coincides with the $ 7.50 horizontal zone that previously acted as resistance and is now expected to act as support.

Hence, the bullish structure will remain intact as long as NEAR trades above these two support levels.

NEAR / USDT daily chart | Source: TradingView

XTZ

XTZ has been rising along with the ascending support line since July 20th and started accelerating on September 9th.

On September 13th, XTZ hit a high of $ 7.65. However, it was immediately rejected and a long wick was created on top. The decline preceded the bearish divergence of the RSI.

If a bearish move occurs, the $ 6 zone is expected to act as support.

Daily XTZ / USDT Chart | Source: TradingView

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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

SN_Nour

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