BeInCrypto takes a look at the seven altcoins that increased the most during last week, specifically from Nov 12-19.
These altcoins are:
WAX (WAXP) : 67.30%
The Sandbox (SAND) : 62.80%
Crypto.com Coin (CRO) : 49.40%
Avalanche (AVAX) : 28.60%
Decentraland (MANA) : 26.78%
IoTeX (IOTX) : 16.45%
Enjin Coin (ENJ) : 6.73%
WAXP has been moving upwards at an accelerated rate since November 11, when it bounced at the previous all-time high resistance at $0.48. In a span of only six days, WAXP increased by 106%. This led to a new all-time high price of $0.99 on November 17.
The high was made right at the 2.61 external Fib retracement resistance level at $0.98. Such Fib levels are used to determine the next closest resistance levels once a token reaches a new all-time high.
If the ongoing rejection continues, the closest support area is at $0.72. The support is created by an ascending support line in place since Oct 28. As long as the line is in place, the bullish structure remains intact.
On the other hand, the next resistance is at $1.28.
The Sandbox (SAND) has been moving upwards since November 16. After three days, it reached a new all-time high price of $4.69. This amounted to an increase of 106%.
The high was made just above the 1.61 external Fib retracement resistance level.
If the token continues to increase, the next resistance would be at $5.76. This is the 2.61 external Fib retracement level.
CRO has been moving upwards since October 28. The upward movement led to numerous all-time highs, starting on November 5.
Initially, the token struggled to move above the 1.61 external Fib retracement resistance at $0.39. However, it was successful in moving above it on November 13. This led to a new all-time high price of $0.587 on November 18.
If the token continues to increase, the next resistance would be at $0.77.
AVAX has been moving upwards since October 12, when it validated the $57 horizontal area as support (green icon). Previously, the same area had acted as the all-time high resistance since February 10.
On November 18, AVAX reached a new all-time high price of $110.
The next closest resistance area is at $125. This is the 2.61 external Fib retracement resistance level.
MANA has been increasing since November 16, when it bounced at the $2.82 horizontal support area. This created a long lower wick, a sign of buying pressure.
On November 18, it broke out from the $3.60 horizontal resistance area and proceeded to reach a high of $4.32 the next day.
Since the all-time high of $4.94 only left a wick in place, there is no more resistance left for the token.
IOTX has been decreasing alongside a descending resistance line since November 4, when it reached an all-time high price of $0.49.
So far, it has made four attempts at breaking out, all unsuccessful (red icons).
However, resistances get weaker each time they are touched. Therefore, an eventual breakout from this line would be likely.
If one occurs, the next closest resistance would be at $0.38.
ENJ has been moving upwards since breaking out from an ascending parallel channel on November 1 (green icon).
However, it failed to move above the $3.50 horizontal resistance area on November 7 (red icon) and has been decreasing since. This is the final resistance area prior to a new all-time high.
If the downward movement continues, the resistance line of the channel is expected to act as support once more.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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