Let’s take a look at the top five altcoin projects that surged last week, more specifically, the week from August 19 to August 26. Analyst Valdrin Tahiri identifies the next technical hurdles for rally continuation.
- EOS (EOS): 25.85%
- Theta Fuel (TFUEL): 19.63%
- Chiliz (CHZ): 18.31%
- Cosmos (ATOM): 18.14%
- Decred (DCR): 12.63%
5 altcoins that gained the most value in the week of 19-26 August
EOS exited descending resistance lines
EOS has been rising since June 18 and broke out of a descending resistance line on August 12. This breakout marked the beginning of a rally as high as $1.95 on August 22. Later, it caused a rejection from the $1.90 resistance area. Thus, it formed a long upper wick. EOS has been in a downtrend ever since. If the decline continues, the nearest support area will be at $1.40.
TFUEL is trading in ascending parallel channels.
On the other hand, TFUEL has been rising within an ascending parallel channel since June 18. On August 23, it bounced off the support line of the channel and started a sharp upward move (green icon). This resulted in the retraction of the middle of the channel on August 25. The closest resistance area for TFUEL price is at $0.077. If it succeeds in breaking above that, it is likely to gain momentum up the channel.
Chiliz (CHZ) has tripled its price since June
CHZ has been increasing since June 18. The up move caused a breakout from a descending resistance line and hit a high of $0.26 on August 23. The entire upward movement looks like a completed five-wave structure. However, CHZ was rejected by the $0.28 resistance area (red icon) and has been falling since then. If the downside continues, the nearest support area is at $0.155.
ATOM continues to trade in ascending parallel channel
ATOM has been rising in an ascending parallel channel since June 19, similar to TFUEL. At this nape, the movement inside the channel is extremely volatile, indicating that this movement is corrective. If so, a drop from the channel is among the cards, according to the analyst. On August 23, ATOM was rejected by the resistance line of the channel (red icon). A dip below the middle of the channel will make a breakdown more likely.
DCR is following a descending resistance line.
The DCR has been falling below a descending resistance line since December 2021. The line has caused four rejections (red icons) so far, the most recent on August 5th. Until the DCR manages to break out of this line, the trend cannot be considered bullish.
cryptocoin.comAs you follow, the cryptocurrency market has been on the decline after Jerome Powell’s hawkish statements at his annual Jackson Hole speech. However, some experts expect a recovery in the markets, predicting that the tight path will cool for a while.
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