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:
- WAX (WAXP): 67.30%
- The sandbox (SAND): 62.80%
- Crypto.com Coin (CRO): 49.40%
- Avalanche (AVAX): 28.60%
- Decentralized land (MANA): 26.78%
- IoTeX (IOTX): 16.45%
- Enjin Coin (ENJ): 6.73%
WAXP has risen briskly since Nov. 11 when it bounced off the previous all-time high resistance at $ 0.48. In just six days, WAXP grew 106%. This resulted in a new all-time high of $ 0.99 on November 17th.
The high was hit right on the external fib retracement resistance at 2.61 at $ 0.98. Such fib levels are used to identify the next levels of resistance once the token hits a new all-time high.
If the price continues to decline, the next area of support is at $ 0.72. Support is created by an ascending support line on October 28th. As long as this line holds, the bullish structure will remain intact.
On the flip side, the closest resistance is at $ 1.28.
Daily WAXP / USDT chart | Source: TradingView
The sandbox (SAND) has been on the rise since November 16. After three days it hit a new all-time high of $ 4.69. This number corresponds to an increase of 106%.
The high came just above the external fib retracement resistance at 1.61.
If the token continues to rise, the next resistance will be at $ 5.76. This is the external fib retracement level of 2.61.
SAND / USDT daily chart | Source: TradingView
CRO has been on the rise since October 28th. The surge has helped CRO continuously hit new all-time highs as of November 5th.
Initially, the token struggled to move above the external Fib resistance of 1.61 at $ 0.39. However, on November 13th, he managed to move over it. This resulted in a new all-time high of $ 0.587 on November 18th.
If the token continues to rise, the next resistance will be at $ 0.77.
Daily CRO / USDT chart | Source: TradingView
AVAX has been rising since October 12 when it confirmed the $ 57 area as support (green symbol). Previously, this zone had acted as resistance at the all-time high since February 10th.
On November 18, AVAX hit a new all-time high of $ 110.
The next resistance range is at $ 125. This is the outer fibonacci retracement resistance at 2.61.
AVAX / USDT daily chart | Source: TradingView
MANA has risen since Nov. 16 when it bounced off the horizontal support area at $ 2.82. This creates a long wick at the bottom, a sign of pressure to buy.
It broke the $ 3.60 horizontal resistance area on November 18 and continued to hit a high of $ 4.32 the next day.
With the all-time high at $ 4.94 only leaving a wick, there is no further resistance above current price.
MANA / USDT 6-hour chart | Source: TradingView
IOTX has been falling along with a descending resistance line since Nov. 4 when it hit an all-time high of $ 0.49.
So far it has attempted four breakouts, but all of them have failed (red icon).
However, the resistances get weaker with each test. Hence, the likelihood that the price will break above this line is very high.
If so, the next resistance will be at $ 0.38.
6-hour IOTX / USDT chart | Source: TradingView
The ENJ has been moving up since breaking the ascending parallel channel on November 1st (green icon).
However, it failed to break above the $ 3.50 horizontal resistance area (red symbol) on Nov 7 and has been falling since then. This is the last area of resistance before hitting the all-time high.
If the price continues to decline, the channel’s resistance line is likely to act as support again.
ENJ / USDT daily 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