BeInCrypto breaks down the five biggest altcoin movers and shakers from the previous week. Will their momentum continue?
During the week of April 26 to May 3, the five biggest altcoin gainers were:
BakeryToken (BAKE) – 448%
OKB (OKB) – 140%
Fantom (FTM) – 107%
Venus (XVS) – 83%
Waves (WAVES) – 80%
BAKE has been increasing rapidly since April 23 when it had reached a low of $1.04. On May 2, it managed to reach a new all-time high price of $8.49, which amounted to an upward movement of 720%.
However, BAKE has already reached the 3.61 external Fib retracement of the previous drop. This is a likely reversal area that could cause a rejection. In that case, the closest support levels would be found at $5.63, $4.75, and $3.87.
Despite the possibility of the drop, this looks to be wave three of a five-wave bullish impulse. Therefore, even if the drop transpires, a new all-time high would be eventually expected to follow.
OKB has been moving upwards since April 18 and appears to have completed a flat correction. The rate of increase accelerated on April 30 and OKB managed to reach a new all-time high price of $44.35 on May 3. This amounted to an increase of 220% from the aforementioned April 18 low.
Technical indicators are bullish and there is no sign of weakness yet.
The next closest resistance levels are found at $49.50 and $59.50.
On April 30, FTM managed to break out above the $0.65 resistance area. However, it barely failed to reach a new all-time high price at $0.849.
Currently, it seems to be in the process of validating the breakout level as support.
Technical indicators are bullish, indicating that the trend is likely also bullish.
After the $0.87 resistance area, the next should be found near $1.26.
XVS has been moving upwards since April 23. On April 29, it managed to break out and reach a new all-time high price.
After validating the breakout level as support, it resumed its upward movement and reached another new all-time high of $138 on May 3.
Technical indicators are bullish.
The next resistance levels are found at $144 and $211.
WAVES did the majority of its growth on May 3. So far it’s pumped by upwards of 55%. This caused it to reach a new all-time high price of $37.57.
However, WAVES has already reached the 2.61 external Fib retracement resistance at $35.25. The next resistance area is found at $44.55.