Cryptocurrency markets have seen rises over the past week. As Kriptokoin.com, we have compiled for you the remarkable altcoin projects between October 28 and November 4.
These 5 altcoin projects recorded huge gains
In the past week, many cryptocurrencies have experienced increases. In particular, memecoin DOGE flew after news of Elon Musk’s acquisition of Twitter. The altcoins on the list are as follows:
- Dogecoin (DOGE) price increased 47.97 percent
- Arweave (AR) price increased 44.78 percent
- Loopring (LRC) price increased by 46.05 percent
- OCD (OCD) price increased by 28.35 percent
- Chiliz (CHZ) price increased by 27.99 percent
DOGE leads the cryptocurrency market
Dogecoin price has now settled below a descending resistance line from its May 2021 ATH of $0.738. After the decline, the price led to a decline to the level of $ 0.049 by June 2022. Afterwards, DOGE price started to show bullish signs in the form of a long lower wick and double bottom formation. Besides, the weekly RSI has formed a bullish divergence (green line).
As a result of all these, a break occurred on October 27th. It then signaled a potentially bullish reversal. Later, DOGE price reached the $0.158 price level. However, it was rejected by the resistance zone (red icon) at $0.15. It has been falling ever since. In any case, the price action is likely to go up as the long-term resistance line is broken and the RSI is broken. If there is a weekly close above the $0.15 level, it will accelerate the rate of increase. On the other hand, the rise could be invalidated if it triggers a drop below the pre-break lows (red line) at $0.056.
Arweave (AR) price should do this for bullishness
AR price has been moving upwards since June 18. On October 11, it declined further, confirming the slope of an ascending support line in the process. Then, the rate of increase accelerated further by November 2, reaching $17.80 the next day.
However, despite the increase, the AR failed to rise from the horizontal resistance area (red icon) at $16.50. He then witnessed the formation of a long upper wick. This activity was the fifth attempt to rise. A daily close above this area is likely to trigger the rise and accelerate the price towards $26.20. On the other hand, if it doesn’t, it will fall to the rising support line of AR once again.
DeFi altcoin project LRC poised to rise
Loopring is one of the altcoin projects in the decentralized finance (DeFi) category. LRC price has been falling below a descending resistance line since May 23. The bearish move was lowered to $0.265 by October 13. Then, LRC price accelerated on November 4 and started an upside move as high as $0.405.
More importantly, the upward move has resulted in a retracement of the $0.34 horizontal zone, even though LRC price has yet to reach a daily close above it. There is a potential for a sharp rise towards $0.60 as a result of a breakout. Conversely, if it doesn’t close below the $0.32 area, there will likely be a bearish divergence leading to new lows.
OKB exited ascending triangle pattern
OKB is trading in an ascending parallel channel with resistance at $17.40 since Sept. 7. After 3 unsuccessful attempts, the price surged on November 3. With the rise, it reached the level of $ 23. However, the $22.30 area (red) was rejected and has been falling ever since.
As a result of such a long upper wick forming, it is possible for OKB to consolidate between $22.30 and $17.40.
It can provide long-term gains
CHZ has been rising since the uptrend formed a long lower wick on October 13. It broke out of a descending resistance zone on October 19th and accelerated its bullish momentum. CHZ price retraced the $0.222 resistance area. He then confirmed this area as the support zone. It is currently trading above the 0.618 Fib retracement resistance level.
Unless Chiliz closes below the $0.222 support area, the CHZ price prediction is likely to continue its upward move.
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