Crypto analyst Valdrin Tahiri takes a look at the top five altcoin projects that surged last week. The analyst says the CRV is following a descending resistance line. It also notes that the CVX is exiting an ascending parallel channel. According to the analyst, AAVE also broke out from a descending resistance line.
Curve DAO Token (CRV) first altcoin up 50.23%
The CRV has been moving upwards since it dropped to $0.355 on June 18. The up move has reached as high as $1.02 so far. This led the CRV to a descending resistance line that has been present since 11 May.
If CRV price manages to break through, the next resistance area will be at $1.65. This was created by a longer-term descending resistance line that has been in effect since the beginning of April.
In second place is Convex Finance (CVX), up 41.56%
CVX has been rising inside an ascending parallel channel since June 18. He finally managed to debut on July 5th. The altcoin confirmed the resistance line of the channel as support the next day (green icon). The resistance line is now expected to provide support.
If the upside continues, the next closest resistance will be at $7.60.
THORChain (RUNE) third altcoin with 27.25% gain
RUNE has been moving upwards since June 18. Also, the altcoin made a higher bottom on July 5. It is currently making its fourth attempt to break out of a descending resistance line.
Even if it succeeds in doing so, the trend cannot be considered bullish until the price manages to clear the $3.60 horizontal resistance area.
Fourth altcoin Aave (AAVE) gains 25.91%
AAVE has been increasing since June 18. On July 5, it broke out of a descending resistance line that had previously existed since the beginning of June.
The altcoin is currently struggling to retrace the horizontal resistance area of $72. If it succeeds in doing so, the next closest resistance will be at $94.50. While this measures the entire downward move, 0.618 Fib is the pullback resistance level.
Most recently, Avalanche (AVAX) is up 24.37%
AVAX has been trading in a descending wedge since May 10. He finally managed to exit it on June 11 and confirmed as support on July 1 (green icon).
Avalanche has been on the rise ever since. However, it has yet to regain the $21 horizontal resistance area. If successful in doing so, the next resistance will be at $28.
To learn more about Avalanche cryptocoin.comTake a look at this article.
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