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:
- Cosmos (ATOM): 28.65%
- Audius (AUDIO): 25.40%
- Avalanche (AVAX): 23.06%
- Curve DAO Token (CRV): 17.47%
- Thread (REN): 14.35%
Since June 20th, ATOM has been moving upwards along with the parabolic ascending support line. On September 20, it hit a new all-time high of $ 44.80.
It is likely that ATOM is in the fifth and final wave of an uptrend. The high was reached at the confluence of Fib resistance levels between $ 45.70 and $ 47.22. This zone is created by the 1.61 length of waves 1-3 (orange) and the external fib retracement level of 1.61 (black).
Hence, the ATOM may have peaked locally.
ATOM / USDT daily chart | Source: TradingView
REN has been increasing since July 20th. After initially battling the $ 0.64 resistance area, it broke out on August 31st.
REN returned to confirm the $ 0.64 area as support twice on Sept 7th and 13th (green symbol) before resuming its bullish move.
The next resistance is at $ 1.22. This is the 0.618 fib retracement resistance. A break above this zone could trigger a sharp move higher towards new all-time highs.
However, REN appears to be falling to the USD 0.64 support again.
Daily REN / USDT Chart | Source: TradingView
AUDIO has been down since Aug 17th after hitting a high of $ 4.07. It was rejected from the resistance area of $ 4.05 creating a long wick (red symbol) above it.
After AUDIO hit a low of $ 1.81 on September 7th, AUDIO rebounded, breaking the descending resistance line.
The breakout was supported by a rise in the MACD and RSI.
Therefore, if AUDIO holds above the $ 2.45 support area, it may initiate another upward move towards $ 4.
AUDIO / USDT daily chart | Source: TradingView
On August 24, AVAX fell after hitting a high of $ 58.98. That move resulted in a low of $ 32.23 on September 7th.
However, AVAX rose after reaching the support and managed to break above the $ 50 resistance area on September 11th. This resulted in a new all-time high of $ 76.27 that day.
The high was taken right at 1.61 external fib retracement resistance when the recent decline was measured. This is the area that is likely to act as a peak.
In addition, both the RSI and the MACD create bearish divergences. Therefore, AVAX could fall back into the $ 50 zone.
AVAX / USDT daily chart | Source: TradingView
The CRV has risen since July 27th when it broke above the descending resistance line.
It initially struggled to break above the USD 2.45 resistance area but succeeded on September 14th.
The price then peaked at $ 3.44 on September 16 before falling.
Currently, CRV is trying to confirm the USD 2.40 zone as support. This can help the price rally and move towards the $ 3.65 resistance area.
The MACD is in positive territory and the RSI is above 50, which shows that the trend is still up.
Daily CRV / USDT Chart | Source: TradingView
You can see the coin prices here.
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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.
According to Beincrypto