In the week between October 21st and October 28th, Cosmos stood out with its 15% performance. However, KLAY’s 90% rally doesn’t go past that. In this post, let’s take a look at what analyst Valdrin Tahiri looks like for the rally’s continuation.
- Klaytn (KLAY) – 91.11%
- Dogecoin (DOGE) – 40.52%
- Theta Network (THETA) – 19.19%
- Toncoin (TON) -18.53%
- Cosmos (ATOM) -17.99%
Here are the altcoin leaders of the green week
Klayn (KLAY)
KLAY has been falling below a descending resistance line since reaching $0.334 on July 29. He went out of line on October 24 after two failed attempts. It reached $0.293 on the same day. However, it failed to sustain the upward movement and instead recorded a long upper wick. After a short pullback, KLAY price started another upward move. It is now approaching its 24 October highs.
It is currently attempting to break out of the 0.618 fib retracement resistance level at $0.254. Whether it succeeds in doing so or whether it is rejected will determine the direction of the future price trend. In the event of a breakout, KLAY is likely to rise towards the next resistance at $0.310. In the event of a rejection, the price is likely to drop to $0.192.
DOGE price forecast: Long-term correction complete
Market data shows that DOGE price has dipped below a descending resistance line since reaching the ATH price of $0.740 in May 2021. After four unsuccessful attempts, Dogecoin price broke out of the line in the middle of a massive bullish candlestick.
At the same time, the weekly RSI of the crypto market broke out of its own bearish trend line after forming a bullish divergence (green line). If the upside continues, the nearest resistance area will be $0.115. Conversely, a drop below the pre-breakout $0.055 levels (red line) means new lows are expected.
THETA, double bottom formation complete
THETA price has been breaking below a descending resistance line since March 2022. However, it started to form a double bottom formation at the beginning of June. Besides being considered a bullish pattern, the double bottom is combined with a bullish divergence on the weekly RSI (green line).
At the moment, THETA price is in the process of getting out of line. If the upward move continues, the nearest area of resistance will be $1,680. Conversely, a drop below the pre-breakout levels of $0.911 will push THETA price towards $0.680.
TON, attempt at break above $1.94
TON price has been moving up rapidly since October 20, when it bounced around the $1.25 horizontal support area. However, it failed to break out of the $1.94 resistance area, instead forming a double top formation and a bearish candlestick. Due to the rejection and creation of a bearish candlestick, the most likely scenario for TON price seems to be a drop towards the $1.25 horizontal area.
On the other hand, a daily close above the $1.94 resistance area means the trend is bullish instead and new highs in the crypto market will follow.
Cosmos has reached the resistance line
Cosmos price was trading below a descending resistance line since it reached $14,149 on September 8. Currently in the process of making the second logout attempt (red icon). Whether ATOM price breaks out of the line or declines will likely determine the direction of the future trend. A breakout would take ATOM price to $14,682, while a rejection would likely result in a decline towards $11,710.
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