BeInCrypto takes a look at the seven altcoins that increased the most over the past seven days, from Oct 8 to 15.
These altcoins are:
- NuCypher (NU) : 453.07%
- Stacks (STX) : 45.69%
- Ark (ARK) : 44.14%
- Perpetual Protocol (PERP) : 37.30%
- Telcoin (TEL) : 23.87%
- SHIBA INU (SHIB) : 21.34%
- Polkadot (DOT) : 20.75%
In the period between June 4 and Oct 15, NU consolidated below the $0.48 resistance area. Long periods of consolidation are usually succeeded by rapid movements once a breakout occurs.
On Oct 15, NU finally managed to break out and reached a new all-time high price of $1.92 the same day.
The rally has now become completely parabolic. Therefore, using Fib levels in order to find support can only be used after the rally cools down some.
STX had been decreasing beneath a descending resistance line since April 5. This meant that the trend was bearish and in a corrective phase.
However, after reversing its trend, STX managed to break out on Oct 9 (green icon). The next day, STX reached a high of $2.61 before decreasing (red icon). The long upper wick that was created is a sign of selling pressure, since the higher prices were not able to be sustained.
Currently, STX is attempting to find support above $1.96. If successful, another upward move towards its all-time highs could be likely.
Similar to STX, ARK had been decreasing under a descending resistance line since March 20. It managed to break out on Sept 3.
While it has yet to increase considerably, it has bounced multiple times at $1.40, validating the area as support. As long as it’s trading above this support, the trend is considered bullish.
PERP had also been decreasing alongside a descending resistance line since Aug 30.
After reversing its trend on Sept 21, PERP made an unsuccessful breakout attempt on Sept 27. This created a long upper wick, and besides the resistance line, also validated the $18.50 area as resistance. This area is also the 0.5 Fib retracement resistance level.
After breaking out, PERP was once more rejected by this resistance and is currently in the process of making another breakout attempt. If successful, it would likely read to a retest of the August highs.
TEL has been moving upwards since Sept 21. On Oct 14, it finally moved above the $0.021 area. The same level previously rejected the price on Sept 16. but is now expected to provide support.
There is a minor resistance level at $0.0275, while the primary resistance area is found at $0.037.
SHIB had been consolidating below the $0.0000098 resistance area since May.
Similar to what occurred with NU, a sharp increase transpired after the breakout from this long period of consolidation.
The upward movement led to a high of $0.00035, barely missing a new all-time high price.
SHIB is currently decreasing and attempting to find support.
The closest support areas are found at $0.00002 and $0.0000165. These targets are the 0.5 and 0.618 Fib retracement support levels.
DOT has been increasing alongside an ascending support line since July 20. More recently, it bounced at the line on Oct 6 (green icon) and accelerated after.
On Oct 13, it made an attempt at moving above the $41.35 resistance area. This is the final resistance area prior to a new all-time high.
While DOT was rejected, the rejection was not swift, allowing for another potential upward movement to develop.
If one occurs, DOT would be expected to move towards retesting its all-time high.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
The post NuCypher (NU) Quadruples in Value in a Single Day — Biggest Weekly Gainers appeared first on BeInCrypto.
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