This week, five altcoins caught everyone’s attention, including AGIX, which had the highest increase between May 19-26. So, what are these altcoins? Here is the list of prominent coins on a weekly basis and analyst Valdrin Tahiri’s analysis of these coins…
Render Token (RNDR) price leads to rising coins
The price of RNDR, which has increased by 15 percent this week, has moved up since the beginning of the year. After a low of $1.62 on May 11, it bounced back and accelerated its uptrend. This led to a new year high of $2.95 on May 21. After a short decline, the price started to rise again. According to the wave count in Elliot Wave theory, the price could reach as high as $3.33 before falling.
Technical analysts use Elliott Wave theory to determine trend direction by examining recurring long-term price patterns and investor psychology. The target is found by giving the fifth wave the same length as the sum of the first and third waves. Despite this bullish price prediction, a drop below the local low of $2.25 would mean the trend is bearish. In this case, a drop to $1.70 would be the most likely scenario.
Kava (KAVA) tries to break through price resistance
KAVA price has skyrocketed since the low of $0.66 on May 8, as reported by cryptokoin.com. The upward move gained momentum on May 23 and hit $1.55 on the same day, resulting in a break from the $1.10 resistance area. However, the increase could not be sustained and the price returned to the $1.10 horizontal area. Looks like it has been verified as support. According to the analyst, the fall or bounce of KAVA could determine the future trend. In the event of a collapse, KAVA could drop to the nearest support zone at $0.75. However, if the price bounces, it could test the $1.50 highs once again.
TRON (TRX) overcame great resistance
The price of TRX, which rose 9 percent in seven days, has been increasing since March 11. While the price initially struggled to surpass the $0.071 level, it finally did so on May 20. This led to a new annual high of $0.080 on May 23. TRON price is currently trading in the middle of the $0.071-0.088 range. If the rally loses momentum, TRX could drop to the $0.071 zone. However, if the upside continues, the price could rise to the next resistance at $0.087.
SingularityNET (AGIX) ranks in support levels
On the other hand, AGIX price, which has risen 6 percent this week, has fallen within a descending parallel channel since February 8. The descending parallel channel is considered a corrective pattern. Therefore, a breakout of the channel is the most likely scenario. On May 12, the price bounced off at the confluence of the support levels formed by the support line of the channel and the $0.23 support area. If the price breaks out of the channel, it could rally to the next resistance at $0.57. However, there are chances of a breakout from the $0.23 area and the channel. If this happens, there will be a drop in the cards towards the $0.16 support area for AGIX.
IOTA, after SingularityNET (AGIX), is the fifth highest rising coin
Finally, the IOTA price, which has risen 5.45 percent this week, has increased since May 22. On the same day, it retraced the horizontal area of $0.18, which is currently expected to provide support. If the increase continues, the next closest resistance will be $0.205. However, if the rally loses momentum, IOTA could drop back to the $0.18 support area.
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