Bitcoin Magazine will analyze the seven altcoins that have risen the most in the past seven days to see if their momentum can continue.
These top bullish altcoins are:
- OKB (OKB): 72.32%
- Nexo (NEXO): 45.28%
- THOR chain (RUNE): 36.00%
- Zcash (ZEC): 34.84%
- Huobi Token (HT): 30.81%
- The graphic (GRT): 29.66%
- Solana (SOL): 27.37%
On October 16, the OKB price recovered, producing a very long lower wick (green symbol). Due to the length of the wick, this is a sign of strong buying pressure.
The rise accelerated on October 19th and OKB broke the descending resistance line the next day. This confirms that the previous bearish move has ended. Thereafter, OKB moved above the USD 24 resistance area which is the September high.
Since October 19th, OKB is up 71%.
The next area of resistance is at $ 39.
OKB / USDT daily chart | Source: TradingView
NEXO has been up since it hit a higher low on September 22nd. On October 19, it managed to break above the $ 2 resistance area.
This is important as the area has existed since August. The breakout indicates that the previous correction has been completed.
The next area of resistance is at $ 2.58. This is both the horizontal resistance and the 0.5 fib retracement resistance. If NEXO can break above that, there will be little further resistance until the $ 4 zone.
NEXO / USDT daily chart | Source: TradingView
Similar to OKB, RUNE has just broken out above the descending resistance line. The only difference is that it does not need to be broken above the $ 11.75 resistance area created by the August high.
While a break above the resistance line indicates the correction is complete, the upside is expected to accelerate as RUNE rises above the $ 11.75 zone.
In this case, the next resistance is at $ 20.
Daily RUNE / USDT chart | Source: TradingView
The ZEC has been moving up since breaking the descending wedge on October 1st. The descending wedge is widely viewed as a bullish pattern, so a breakout would be expected. Then it bounced back from the $ 113 (green symbol) zone and began to accelerate.
More importantly, the ZEC moved above the 0.618 fib retracement resistance on October 20th. This is important because the 0.618 Fib resistance often acts as the peak on ricochets. The recovery of this level shows that ZEC is starting a new rally.
The ZEC is expected to accelerate if it breaks this resistance.
ZEC / USDT daily chart | Source: TradingView
HT has been moving up since September 5th after it ricocheted off creating a long lower wick (green icon). The recovery helped him regain the $ 7.80 zone.
While this is a bullish move, there is still much resistance to clear starting with the $ 11.75 to $ 13.15 zone created by horizontal and fib levels.
Until HT manages to break it, the trend cannot be considered bullish.
Daily HT / USDT Chart | Source: TradingView
GRT has moved up since breaking descending resistance line on Oct 1st. This is a sign that the downtrend is over.
Thereafter, GRT retraced the $ 0.76 area and confirmed it as support.
It is currently in the process of doing the same with the $ 0.90 zone. This could allow it to move back towards September highs near $ 1.05.
Daily GRT / USDT Chart | Source: TradingView
The SOL has been rising since September 21. On October 3rd, the upside was temporarily halted after the SOL was rejected from the USD 170 resistance area.
However, SOL erupted on October 19 and has grown rapidly since then.
If it hits a new all-time high, the next resistance will be at 277. This is the external fib retracement resistance at 1.61. This fib level is often used to find resistance when the asset is in the pricing phase.
Daily SOL / 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