We’ve compiled a list of the seven altcoin projects that have posted the most profits in the last seven days, from October 29 to November 5. Analyst Valdrin Tahiri determines the critical levels of the coming days with his technical analysis. While the agenda of the week was metaverse and related cryptocurrencies, The Sandbox (SAND) ranked first with 161.22% performance. Here are the details…
- The Sandbox (SAND): 161.22%
- Velas (VLX): 141.16%
- XYO (XYO): 139.67%
- Decentraland (MANA): 120.61%
- Loopring (LRC): 113.63%
- Dogelon Mars (ELON): 95.92%
- Arweave (AR): 88.42%
SAND becomes snow king of the week
SAND has been rising since breaking out of a descending resistance line on Sept. 31. The rate of increase accelerated greatly on October 27 after establishing an HL level. Within seven days, SAND was up 389% to reach the ATH level of $3.45 on Nov. The peak was made at the 4.61 external Fib retracement while measuring the previous drop. This is a level that often acts as the highest of upward moves. Therefore, SAND can be expected to reach a local peak. It further supported this possibility by forming a bearish candlestick on Nov. This is considered a bearish candlestick, which indicates that the entire upside movement from the previous day has weakened. If SAND continues its downward move, the closest support area will be between $2.40 and $2.09.
Velas (VLX): 141.16%
Altcoin VLX price has been increasing at an accelerating rate since October 28. The upward move resulted in the ATH level of $0.63 on Nov. However, VLX is trending bearish as of this day. This is a kind of bearish candlestick with a very long upper wick, which is a sign of selling pressure. Moreover, the local top was reached at the confluence of the resistance levels created by the short-term 1.61 (white) and the long-term 2.61 (black) external Fib retracement levels. According to the analyst, the most critical resistance zone of VLX is the $0.77 and $0.81 range.
Altcoin XYO is third with 139.67%
XYO has been climbing inside an ascending parallel channel since the beginning of September. It started an upward move after bouncing around the support line on October 31st. It appears to be in the process of disbanding at the moment. If successful in reaching a close above the resistance line of this channel, XYO will confirm that it has started a new upward move. The altcoin’s next closest resistance levels are at $0.083 and $0.123.
Decentraland (MANA): 120.61%
MANA started a significant upward move on October 28, when it was trading at $0.75. Two days later, it reached the ATH level of $4.94. It was made very close to the 3.61 external Fib retracement high while measuring the previous drop. MANA has since been declining and reached ATH on the same day, forming a long upper wick of 27.25%. However, it settled as low as the 0.618 Fib retracement level from the $2.31 high, so he thinks it could start a bounce.
Altcoin LRC closes the week with 113.63%
cryptocoin.com Loopring (LRC) has been moving upwards since breaking from a descending resistance line and confirming it as support on September 31. This marked the end of the previous correction and the start of a new upward move. The upward move culminated on November 2 at a new price of $1.71, the ATH level. But the LRC has been falling ever since, down 36.54% so far. If it continues to decline, the $0.86 area can be expected to act as support.
Dogelon Mars (ELON): 95.92%
ELON has experienced a huge increase from October 6th. This resulted in the ATH level of $0.0000026 on October 31st. In less than a month, it reached an increase of 3945%. While ELON later declined, it bounced off the 0.618 Fib retracement support level at $0.00001 and formed a long upper wick. It has been moving upwards ever since.
Altcoin Arweave (AR) ranks seventh with 88.42%
AR has been rising since November 2, when it broke out of a descending resistance line. This confirmed the end of the downward move that had been going on since the beginning of September. The increase reached the ATH level of $91.08 on Nov. 5. The latest bearish move was measured while the high was made at the 1.61 external Fib retracement. AR price has been dropping since then. The previous ATH level of $66 is now expected to provide support.
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