This week was when Bitcoin renewed its April ATH, Ethereum persisted above $4,000 and Solana was one step closer to $216 ATH. Now, we take a look at the most lucrative altcoin projects of the week. From 16 to 22 October these performances were recorded:
- OCD (OCD): 72.32%
- Nexo (NEXO): 45.28%
- THORChain (RUN): 36.00%
- Zcash (ZEC): 34.84%
- Huobi Token (HT): 30.81%
- The Graph (GRT): 29.66%
- Solana (LEFT): 27.37%
OKB was the lucrative altcoin project of the week with 72.32%
On October 26, OKB price rebounded and formed a very long low wick (green icon) in the process. This was a sign of strong buying pressure due to the length of the wick. The increase accelerated on October 19th and the next day OCD broke out of a descending resistance line. This confirmed the end of the previous downward move. After that, OKB broke above the $24 area, the resistance level reached at the September highs. OCD has increased by 71% since October 19th. He tells the analyst that the next closest resistance area is located at $39.
Nexo (NEXO): 45.28%
NEXO has been on the rise since doing an HL on September 22. It managed to climb above the $2 resistance area on October 19. This was important as the site has been in place since August. The breakout indicated that the previous fix was complete. The next closest resistance area is located at $2.58. It is both a horizontal resistance area and a 0.5 Fib retracement resistance level. If NEXO manages to climb above that, it may face almost no resistance all the way to the $4 zone.
Altcoin RUNE closes this week with 36%
Similar to OCD, RUNE just broke above a descending resistance line. However, unlike OKB, it has not yet broken above the $11.75 resistance area created by August highs. Although a breakout from the resistance line indicates the completion of the correction, the rally is expected to accelerate once RUNE breaks above the $11.75 area. In this case, the next resistance will be found at $20.
Zcash (ZEC): 34.84%
ZEC has been moving up since exiting the descending wedge on Oct. The descending wedge is normally considered a bullish pattern, so a breakout was expected. After that, it bounced to the $113 area (green icon) and started accelerating.
More importantly, the ZEC broke above the 0.618 Fib retracement resistance on October 20. This was very important as the 0.618 Fib resistance level often acts as a top during bounces. Retracing this level indicates that ZEC has started a new upward rally. Once ZEC manages to break above this resistance, the price is expected to pick up momentum.
Huobi Token (HT): 30.81%
HT has been increasing since Sept 5th after jumping and forming a long bottom wick (green icon). The rebound caused it to retake the $7.80 horizontal area. While this is a bullish development, there are plenty of resistances that need to be cleared, starting with the $11.75-13.15 area created by the horizontal and the Fib levels. Until HT manages to clear these levels, the trend cannot be considered bullish.
The Graph (GRT) closed this week with 29.66%
GRT has been rising since breaking from a descending resistance line on Oct. This was a sign that the downward move was over. After that, GRT retraced the $0.76 area and confirmed it as support. It is currently in the process of doing the same with the $0.90 area. This could allow a return to September tops near $1.05.
Altcoin Solana bulls make their first move with 27%
SOL has been increasing since Sept. 21. On October 3, the upside move was temporarily halted after the SOL was rejected by the $170 resistance area. However, SOL managed to debut on October 19th and has been increasing at an accelerating rate ever since. If it likely hits an all-time high, the next resistance can be found at $277. This is the 1.61 external Fib retracement resistance level. This Fib level is commonly used to find higher resistances when prices are at all-time highs.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.