BeInCrypto breaks down the five biggest altcoin movers and shakers from the previous week. Will their momentum continue?
These biggest altcoin gainers were:
Revain (REV) – 108.5%
Polygon (MATIC) – 77%
Kusama (KSM) – 28%
Cardano (ADA) – 21.3%
Aave (AAVE) – 20.4%
REV began a significant upward movement on May 10 and proceeded to reach a new high of $0.062 the next day.
However, it has decreased considerably since, currently trading near $0.028. Despite the drop, the current price is still considerably higher than on May 10.
However, the price action looks extremely unusual. In addition, REV is still trading below the $0.038 area, which is likely to continue acting as resistance.
MATIC has been moving upwards since May 4. The rate of increase accelerated on May 14, leading to a new all-time high price of $1.89 the next day. The high was made right at the 4.61 external Fib retracement of the previous drop.
MATIC has decreased slightly since. There are some signs of weakness since the RSI has generated a considerable bearish divergence. However, both the MACD and Stochastic oscillator are still increasing.
The closest support levels are found at $1.43 and $1.29 (white).
KSM has been moving upwards since April 23. It reached an all-time high price of $618.36 on May 15 before decreasing slightly.
After a brief drop, it initiated another upward movement. Technical indicators are also bullish.
It’s currently in the process of reclaiming the $560 area. If successful in doing so, the next resistance area would likely be found at $743.
ADA has been moving upwards since April 23. The upward movement continued until May 16, when ADA managed to reach a new all-time high price of $2.47.
It’s possible that ADA has reached the top of the fifth wave of a bullish impulse that began in March 2020. A similar target near $2.40 is given by both a Fib projection on waves 1-3 (white) and sub-waves 1-3 (orange).
AAVE has been moving upwards since April 18. It proceeded to increase until it reached an all-time high price of $634 on May 14.
While it has fallen slightly since then, it’s still trading above the $530 area that previously acted as resistance. The same area is now likely to act as support.