While many cryptocurrencies moved sideways during the week of November 25-December 2, some were bullish. In this article, we will transfer the coins that have risen the most during the said process. In the list, which also includes Phantom (FTM), we will share the levels noted by analyst Valdrin Tahiri. Here are the details…
The rise in the price of Phantom (FTM) stood out
As we reported on Kriptokoin.com, FTM rose 36.55% on a weekly basis. Phantom price has dropped below a descending resistance line since May 23. This line resulted in three refusals, the most recent on December 1. This led to a drop of $0.16 on November 22. However, FTM price reversed shortly after. It then reclaimed the $0.20 area in the aforementioned period. Although this is seen as a bullish sign, Phantom price has yet to break out of the descending resistance line. Whether it breaks out of the line or drops below the $0.20 zone will determine the direction of the future trend.
GMX almost breaks the record
The price of GMX, which has risen 22.22 percent this week, has been rising since November 9. The uptrend accelerated on November 30 and the price hit nearly an all-time high on December 2. However, it was rejected by the 1.61 external Fib retracement at $59.80. If GMX manages to hold above the $50 horizontal area, it could make another attempt to move towards its all-time high.
ETHW price left behind resistance
ETHW gained 21.3 percent on a weekly basis. On November 29, ETHW broke out of a descending resistance line that has been in operation for more than 20 days. Before the breakout came the bullish divergence in the RSI. The indicator is now above 70 and is in overbought zones. The main resistance area for ETHW is $4.50. It is possible for the region to reject ETHW once the price gets there. On the other hand, a break from it will greatly accelerate the rate of increase.
Dogecoin price broke out of “parallel channel”
This week, the price of Dogecoin, which rose 20.8 percent due to the influence of Elon Musk, broke out of an ascending parallel channel on November 29. Returned on December 2 to confirm as support. Before the drop, there was a bearish cross on the RSI. The DOGE price bounce or fall within the channel will determine the direction of the short-term trend. However, the long-term Dogecoin price trend remains bullish, according to the analyst.
FTM became HT the coin that rose the most after DOGE
Huobi Token (HT), which is up 17 percent this week, has surged since it bounced around the $4.30 horizontal support area on Nov. 20. The upward movement was fast. Seven days later it was as high as $7.38. HT price was later rejected by the $7.40 resistance area. Due to the rejection, the most likely scenario is a drop towards the $5.40 horizontal support area. “A daily close above $7.40 invalidates the bearish HT price prediction,” Tahiri says.
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