Altcoin HEDG became the best last week
BQX may continue to rise to $ 2.03
AVAX entered parabolic growth
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Of the five coins that showed solid gains in the past week, the IOST altcoin remains bullish after breaking through the long-term resistance zone
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Altcoins BQX and CRV are also poised to overcome near-term resistance, while HEDG has yet to take on a long-term barrier. AVAX has already gone too far and moved away from the parabolic support line, which makes it the most vulnerable position.
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Growth leaders among altcoins
Five altcoins showed the most rapid growth in the week from January 11 to January 18:
- HedgeTrade (HEDG) – 275%
- Voyager Token (BQX) – 162%
- Curve Dao Token (CRV) – 154%
- IOST (IOST) – 147%
- Avalanche (AVAX) – 133%
Altcoin HEDG has been moving along the downtrend resistance line since it peaked in the $ 3.15 area. It was June 4, 2020. Earlier, the coin tested this line several times, most recently on January 16 against the background of a rapid upward trend.
Despite the significant growth, HEDG was unable to break above this level and once again confirmed the significance of resistance in the $ 2.85 area. HEDG is now holding below the downtrend line.
Technical indicators on the daily timeframe remain bullish, however, a long upper shadow suggests that attempts to break out are accompanied by strong selling pressure.
Hence, it is possible that the HEDG will fall to the 0.618 Fibonacci retracement level before making another rally..
HEDG Chart by TradingView
BQX is up 933% since January 4th.
Despite such a significant upward movement, technical indicators do not yet show signs of a reversal, although they are in the overbought zone.
BQX Chart by TradingView
The weekly chart also suggests that the coin has not exhausted its bullish potential. The nearest area of resistance is at $ 2.03 (Fibonacci retracement level (0.382).
Weekly indicators are also overbought, but retain their bullish tone, supporting the theory of further growth.
BQX Chart by TradingView
CRV broke through the descending resistance line and tested it as support on January 11th. Since then, the coin has grown rapidly
Despite the parabolic growth, technical indicators are still optimistic, although they are in the overbought zone.
The nearest resistance area is at $ 2.27 (0.382 Fibonacci retracement level). Like altcoins BQX, CRV, the coin is likely to get to this resistance.
CRV Chart by TradingView
The IOST crossed the $ 0.0175 area on January 15. It has held back the coin’s growth since the beginning of 2018. IOST tested this area as support and continued to rise.
Technical indicators continue to turn up despite the coin’s strong overbought, confirming a bullish scenario for the near term.
Thus, the IOST is expected to continue to rise towards the nearest resistance area at $ 0.037.
IOST Chart by TradingView
AVAX broke through the descending resistance line and broke the horizontal barrier on January 8. Since then, the coin has entered parabolic growth..
Due to the lack of support below the current price, the rally a little volatile. Technical indicators continue to give bullish signals despite strong overbought, confirming further strengthening.
Since AVAX is at an all-time high, we need to use the Fibonacci extension to identify the following resistance areas.
This gives us the $ 16.87 and $ 23 levels as potential resistance areas (2 × 61 and 3 × 61 Fibonacci extensions, respectively).
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AVAX Chart by TradingView
Here you can read the previous technical analysis Investing in and trading in cryptocurrencies is impossible without the use of technical and fundamental analysis. Despite the popularity of both of these instruments, intraday … More by altcoins and bitcoin (BTC).
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