Crypto analyst Valdrin Tahiri states that the Curve DAO (CRV) has retraced the horizontal support area of $0.56. The analyst also notes that Dash (DASH) and CRV are following descending resistance lines. Meanwhile, Litecoin (LTC) has emerged from an ascending parallel channel. The analyst takes a look at the five projects in the list of altcoins that have grown the most in the entire crypto market over the past week.
CRV ranks first among altcoins
Curve DAO (CRV) price has been falling since it was rejected by a resistance line on Nov. It extended its decline to $0.40 on November 22. It looks like this resulted in a breakout from the horizontal support area of $0.56. However, the altcoin price soon reversed the trend. Thus, it created quite a large bullish candle in the process. Before the leap came the bullish divergence in the RSI (green line). This resulted in a rebound of the horizontal area of $0.56, which was supposed to provide support.
On November 22, the number of short bets on the CRV gradually increased. So it’s possible that the whole bounce was the result of a short squeeze. As a result, the trend can be considered bullish as long as the CRV trades above the $0.56 horizontal support area. Also, a break from the descending resistance line will likely accelerate the uptrend. Conversely, a close below the horizontal area indicates lower prices are expected.
Second-winning altcoin Dash reclaims significant space
Dash is one of the oldest altcoins in the crypto market. It gradually rebounded after breaking out of the $39.50 support zone. Thus, it started an upward movement on November 22. It reclaimed the $39.50 zone the next day. The region is now expected to support it.
The divergence and subsequent recovery below this is a strong sign of a bullish trend. If DASH breaks out of the descending resistance line, it is possible that the rate of increase will be greatly accelerated.
LTC exited the long-term model
Litecoin (LTC) price has been trading in an ascending parallel channel since June 13. Such channels often contain corrective actions. This means that there will be a final break.
However, LTC made a sharp jump on November 9. It also started an upward movement instead. It broke out from both the $73 resistance area and the resistance line of the channel on November 23. This is a sign that the trend is up. If the upside continues, the next resistance will be at $100. Conversely, a daily close below the $73 area will invalidate this bullish forecast.
HT tried to breakout despite crypto market slump
Huobi Token (HT) has been trading in the range of $4.30 to $5.65 since the end of June. Initially, HT price came out of the latter and reached $9.56 on October 26. However, it could not sustain the upward movement. Thus, HT price fell inside the trading range in the following weeks.
Altcoin price is currently trading at a very significant level. Reclaiming the $5.65 area would likely open the door to $8.20. On the other hand, failure to do so will likely lead to a retest of the $4.30 support area.
BCH ranks last among altcoins
Bitcoin Cash (BCH) was rejected from a descending resistance line on November 5 (red icon). Four days later, it dropped to a year low of $87. However, BCH price has been moving upwards since then.
He also makes another attempt to get off the line. The line also coincides with the 0.382 Fib retracement resistance level. So a break above this will likely accelerate the rate of increase. If this happens, it is possible for the altcoin price to rally to $157. On the other hand, there is a rejection from the line and a bearish bearish trend from the $106 support area. Don’t forget to follow Kriptokoin.com for the most up-to-date and most accurate cryptocurrency news and analysis.
23897
