In this article, we will look at seven altcoins that showed the fastest growth over the past seven days (from May 14 to May 21)
Here are these altcoins:
- Polygon (MATIC)- 36,51%
- Solana (SOL) — 3,92%
- Helium (HNT) — 2,43%
- Harmony (ONE) — 1,47%
- Ankr (ANKR) — 3,72%
- Celsius (CEL) — 5,71%
- SushiSwap (SUSHI) — 7,05%
MATIC has been growing since April 16. The token reached a historic high on May 18 at $2.70.
However, the price then plummeted, forming a bearish takeover (highlighted on the chart). As a result, the price reached the $1.19 support level formed by the 0.618 Fibonacci retracement.
Despite the rebound, the preceding upward movement looks like a complete five-wave structure with an extended fifth wave. Thus, we can assume that the uptrend has ended.
SOL has been declining since May 18, after reaching a high of $58.38. Like MATIC, a “bearish absorption” candlestick pattern formed on the charts the next day.
The drop brought the token to the $29.50 support area, which managed to stop the sell-off.
Now the price is trying to return to the area above the $42.50 resistance, which coincides with the 0.5 Fibonacci retracement relative to the downward movement.
HNT hit a historic high on April 7 at $21.5 and has been declining inside the descending channel ever since. Descending parallel channels are usually formed during the correction.
Prices have already pushed back from the support line twice, leaving long lower shadows behind. The last time this happened was on May 19.
Now the price is trying to gain a foothold in the middle of the channel. If it succeeds, you can expect to grow to new heights.
ONE formed the bottom on April 23 and has been growing ever since. Shortly after, the price broke through the descending resistance line and peaked at $0.188 on May 18.
However, the next day, the token fell to $0.07. The fall was stopped by the support formed by the 0.618 Fibonacci retracement at $0.096.
The key resistance is at $18.
ANKR has been declining since May 28, after peaking at $0.21. As in the case of HNT, the price moves within the descending parallel channel.
The last time the price tested the support of the channel on May 19, a very long lower shadow was formed as a result of the rebound.
Now the price is trying to return to the middle of the channel. If successful, you can count on an upward breakout.
CEL broke through the descending resistance line on April 4 and three days later updated the high at $8.36. Since then, the price has twice returned to the broken resistance, testing it as support. The last time this happened was on May 19.
In addition, the price has consolidated above the horizontal support at $6.
The next nearest resistance levels are at $8.33 and $10.58, respectively. They coincide with the levels of the Fibonacci retracement relative to the recent fall.
The SUSHI exchange rate has broken through the downward resistance line that has been forming since March 13, when the token updated its historical high.
After a sharp drop and testing of the support line on May 10, another wave of growth began. However, this led to the formation of a declining peak on May 18 and a sharp drop the next day.
The token tested a minimum of $10.25. The subsequent rebound confirmed support at $12.
This support zone limits the fall since the beginning of February. Only in April, the price briefly went lower (red circle).
As long as SUSHI is trading above this level, the trend is considered bullish.
Here you can read the latest technical analysis on Bitcoin (BTC).
All information contained on our website is published in good faith and objectively, and for informational purposes only. The reader is solely responsible for any actions taken on the basis of the information received on our website.