Let’s list the top 5 altcoin projects that gained the most value in the week from April 29 to May 6. Technical analyst Valdrin Tahiri identifies resistance levels to be tested in the coming days.
- Tron (TRX): 20.06%
- Anchor Protocol (ANC): 19.02%
- DAO Maker (DAO): 12.29%
- XDC Network (XDC): 10.04%
- Ethereum Name Service (ENS): 3.99%
Here are the 5 altcoins
TRX that rallied this week, March 31′ It had been falling below a descending resistance line since then. On May 4, the price finally exploded, reaching $0.089 on May 5. Falling sharply on the same day, it confirmed the previous resistance line as support (green icon) and has been rising ever since. Additionally, TRX is trading above the previous resistance at $0.077. If TRX price manages to stay above the $0.077 area, an increase to new highs can be expected.
ANC has been falling since the beginning of March. It initially bounced around the $2.50 horizontal support area, but broke below it on April 11. It then fell to $1.58 on May 1. Although ANC bounced later, it has yet to clear the $2.50 area, which has now turned into resistance. Until then, the trend cannot be considered bullish.
DAO has been falling below a descending resistance line since December 4th. The downside move reached $1.70 on Feb. 24. XDC has been rising ever since and managed to break out of the line in early April. The DAO is currently approaching the $0.06 retracement resistance level and the $4.06 resistance area, which is a sideways resistance area. Due to the confluence of these two levels, it can be expected to provide strong resistance.
XDC has also been falling below a descending resistance line since early September. This move hit the low of $0.043 on Feb. 24. The price has been moving upwards since then and broke out of the line on March 27. However, it still faces resistance at $0.065. A breakout from this level could act as a catalyst for the upward move to accelerate. As we have seen in the analysis of
Kriptokoin.com, ENS has been rising with a rising support line since February 24. More recently, it jumped the line on April 18 and accelerated its rate of increase. It hit a new local high of $23.17 on May 4. However, the upward move could not be sustained and the ENS has been falling ever since. On the same day, it broke out of the $21.40 area, which is expected to provide support. ENS is currently falling towards the ascending support line once again. The line is in the $15 region.
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