During the past week, five altcoin projects in particular have been on the rise. In this article, we will talk about the price change of these coins. We will also convey analyst Valdrin Tahiri’s expectations for the coins. Here are the details…
AXS becomes the highest earning altcoin
cryptocoin.com As we reported, Axie Infinity (AXS), a play-to-win game on the Ethereum Blockchain, rose 18.19 percent on a weekly basis. AXS price has rallied since November 13, when it formed a bullish candlestick with long candles on either side. According to analyst Valdrin Tahiri, the rate of increase was likely powered by the December 5th Axie Core update. It accelerated on December 5 due to positive crypto news like the update.
This led to an unsuccessful attempt to break out of the descending resistance line that had been operating since the beginning of May. Despite the escape failure, this was the fifth attempt. As the lines weaken each time they are touched, a final AXS price break from the line is expected. A break from the line followed by a recovery of the $13 resistance area is required for the trend to be considered bullish.
SNX forms bullish formation
SNX price has dropped below a descending resistance line since August 13. This line caused rejection on November 5 and fell to $1.54 10 days later. That was just over the yearly low of $1.42. In turn, it created a double bottom pattern. The SNX price has increased since then. A break from the descending resistance line is necessary to confirm the double bottom pattern. If this happens, it would lead to an upside move towards the $2.60 resistance area. Conversely, according to Valdrin, a refusal would result in a yearly low.
RUNE rises from yearly lows
RUNE price suffered a sharp decline on November 8th. It hit a new annual low of $1 the next day. The price has increased since then. It is trading close to the $1.45 resistance area in the last 24 hours. According to the analyst, this is a very important area as it has previously acted as support since May 15. As a result, RUNE is considered bearish until it regains the $1.45 resistance area.
Altcoin STX launches relief rally
The STX price has soared since Nov. 14, when it dropped to a yearly low of $0.20. Despite the upside move, the price is trading well below the $0.30 resistance area. This is a very important level as it has previously acted as support since June 13. Like RUNE, the trend is considered bearish until STX regains the $0.30 resistance area.
EOS attempts to escape
On November 9, the EOS price dropped to a year low of $0.788. This apparently caused a breakout from the horizontal support area of $0.86. However, the price later reclaimed the area and reaffirmed it as support. Currently, EOS is in the process of attempting to break out of a descending resistance line that has been in effect since August 19. If successful, this could lead to a price target of $1.15.
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