BeInCrypto breaks down a few of the greatest altcoin movers and shakers from the earlier week. Will their momentum proceed?
In the course of the week of Feb 15 -22, these 5 altcoin picks rallied essentially the most:
- Pundi X (NPXS) – 206%
- OKB (OKB) – 188%
- Kucoin Token (KCS) – 180%
- Holo (HOT) – 178%
- Ravencoin (RVN) – 152%
Greatest Altcoin Gainers
NPXS has elevated significantly for the reason that starting of the yr, however the upward motion seems to be extraordinarily overextended and the value might quickly attain a high.
Whereas the rise for OKB seems to be equally parabolic, the coin appears to be at an earlier stage of its bullish impulse relative to NPXS.
KCS isn’t near reaching its all-time excessive value but however is approaching an necessary long-term resistance space.
Much like NPXS and OKB, the rise for HOT appears utterly parabolic.
NPXS has elevated considerably since Dec. 23, 2020, when it was buying and selling at a low of $0.0001546. To this point, it has moved upwards by 1,900%, reaching an all-time excessive value of $0.0031 on Feb. 22. The rise has taken NPXS all the way in which to rank 86 based mostly on its market capitalization.
Technical indicators are bullish. The MACD, RSI, and Stochastic oscillator are rising. None of them have generated any bearish divergence.
Nevertheless, the upward transfer has grow to be utterly parabolic, devoid of any construction. As well as, NPXS appears to be within the fifth and ultimate wave of a bullish impulse (proven in black beneath) that started with the aforementioned Dec. 23 low.
NPXS is at the moment on the 1.61 Fib extension discovered at $0.027, which might act as the highest. If not, the subsequent more than likely space can be discovered at $0.039 (2.61 Fib extension). NPXS is predicted to succeed in a high quickly and start a corrective motion.
OKB has been transferring upwards since December 2018, however the price of enhance accelerated considerably on Jan. 23, 2021. At the moment, OKB was buying and selling at $5.13. Since then, OKB has elevated by 370% to succeed in an all-time excessive of $23.80 on Feb. 22. The rise took it to rank 61 based mostly on its market capitalization.
Regardless of the practically parabolic enhance, the MACD, RSI, and Stochastic oscillator are nonetheless bullish, suggesting that the pattern can also be bullish.
As well as, the motion in 2020 (highlighted in purple) seems to be very very similar to a running flat correction. Important upward actions usually comply with these corrections.
Regardless of the potential for a short-term lower, it appears doubtless that OKB is in a long-term bullish wave three. This wave has a possible high goal of $28.54.
KCS elevated considerably over the previous week, transferring from a low of $2.08 to a excessive of $6.95. This enhance took KCS above the $4.60 resistance space, which had beforehand been in place since 2018. The rise took it to #98 in market capitalization.
The following closest resistance space is discovered at $8.42 (0.382 Fib retracement degree measuring from the all-time excessive value of $21.38). Technical indicators within the weekly timeframe are bullish, supporting the continuation of the upward motion.
However, the earlier resistance space at $4.60 is now prone to act as help. It’s potential that KCS will return and validate this degree earlier than resuming its upward motion.
HOT has been transferring upwards with power since breaking out above the $0.001 resistance space on Feb. 10, 2020. Since then, HOT has elevated by an enormous 308%, reaching an all-time excessive value of $0.0042 on Feb. 20. The rise took it to #95 based mostly on its market capitalization.
Regardless of technical indicators nonetheless being bullish, HOT has reached the 1.61 exterior Fib retracement degree at $0.004, so it’s potential that it’s going to appropriate within the short-term earlier than doubtlessly resuming its upward motion.
RVN has been rising by 1,933% since Jan. 28, 2020. This took it to #51 based mostly on its market capitalization. On Feb. 20, RVN reached an all-time excessive value of $0.292 nevertheless it has decreased barely since.
An eventual steep correction is predicted for the reason that price of enhance appears unsustainable.
Presently, RVN has simply reached the 0.382 Fib retracement degree at $0.186 and initiated a slight bounce.
If the extent doesn’t handle to help the value, the subsequent help would doubtless be discovered at $0.152.
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