The cryptocurrency market experienced a significant increase over the weekend. This increase continues today. This situation was especially notable for these three altcoins. Stratis, Band Protocol and Bitcoin SV were the most profitable cryptos of the weekend. Crypto analyst Valdrin Tahiri says STRAX is breaking out of a horizontal resistance area, while BAND is breaking out of a descending resistance trend line. He also notes that BSV is approaching significant resistance.
This altcoin reached a new yearly high
Stratis (STRAX) price has increased since reaching a low of $0.38 in September. The increase has accelerated sharply in the last two weeks. Today it reached its highest level of the year at $1.22. The upward move also resulted in a breakout and close above the $0.85 horizontal resistance area. During the surge, daily trading volume reached a 7-month high, as noted by Santiment. Currently, 24-hour volume stands at $577 million, nearly four times Stratis’ market cap.
If the upward move continues, STRAX will likely gain 27%. Thus, it is possible that it could reach the next closest resistance at $1.40. However, a sudden loss of momentum and the formation of a downward candlestick changes the situation. In this case, it is possible that the altcoin price will decline by 25% to the horizontal support area of $0.85.
Band Protocol (BAND) broke through long-term resistance
BAND price has fallen below a descending resistance trend line since the all-time high in April 2021. This decrease decreased to $0.85 in August. The altcoin price then jumped. Thus, it broke out of the trend line last week. At the time of the breakout, the trend line had been in place for 910 days. Except for STRAX, BAND became the cryptocurrency that gained the most in 24 hours among the top 160 cryptocurrencies ranked by market capitalization.
If the increase continues, the $3.20 resistance area will be 130% above the current price. However, if BAND cannot sustain the increase, it is possible that it will fall by 25%. Thus, the descending resistance at $1.15 will break down to the trend line.
The last shining altcoin: Bitcoin SV (BSV)
BSV price has increased along an ascending support trend line since June. More recently, the price bounced at the trend line on September 11 and October 9 (green icons). The rate of increase accelerated on October 16. Altcoin price is now approaching the $40 horizontal resistance area. This area has been present since July and when combined with the ascending support trend line, it forms an ascending triangle. A daily close above the $40 resistance area could lead to a 50% increase to $55. We find the target by reflecting the height of the triangle to the breakout level.
Despite this bullish altcoin price prediction, a rejection from the $40 area could lead to an 11% drop to the ascending support trend line at $33.
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