Bitcoin stayed at the $17,000 level over the past week and moved sideways. Meanwhile, five altcoins recorded the biggest weekly gains. In this article, we will share the rise in coins and their next moves according to analyst Valdrin Tahiri. Here are the details…
Recently popular altcoin project TWT led the rise
The Trust Wallet Token price, which has risen 90 percent this week, has fallen below a descending resistance line since August 2021. After five failed attempts, TWT finally broke through and confirmed the line as support on November 9. Then TWT started a big uptrend. It reached an all-time high of $2.73 on November 14.
However, it failed to sustain an upward move and created a long upper wick. TWT is struggling to close the week above the external Fib retracement level of $2.41. If there is a downward move in the altcoin, there will be strong support at $1.87 and $1.52.
GMX price seeks support level
As we have also reported as Kriptokoin.com, the price of GMX has been rising since November 9th. The coin is up 16% on a weekly basis. As a result of the upward movement, it reached $48 on November 13. However, it was rejected by the $45 resistance area and failed to break through. Shortly after, it broke from an ascending support line and confirmed it as resistance.
If the downside continues, the main support area is at $34-36.67 formed by the 0.5-0.618 Fib retracement support level. Also, according to the expert, GMX needs to retrace the $45 area for the trend to turn bullish.
TON price broke
TON has been rising since forming a very long bottom wick on Nov. According to Tahiri, it bounced around the $1.43 horizontal support area on November 10 and created a bullish candle that was engulfed the next day. TON price broke out of a descending resistance line on November 16. However, it has fallen over the past 24 hours, potentially confirming the resistance line as support. “If the upward move continues, the nearest resistance area will be $1.92,” Tahiri says. However, if the price breaks below the descending resistance line, the bullish hypothesis is invalid.
CHZ price continues to rise
CHZ price completed a five-wave bullish move between June 15 and September 24. According to the analyst, it seems to have completed an erratic, horizontal correction structure afterwards. The recent low of the correction combined with the bullish divergence in the daily RSI supported the uptrend to continue. If his predictions are correct, CHZ price will reach the $0.28 area and explode successfully. Conversely, a drop below wave C low of $0.14 would invalidate this rising CHZ price prediction.
Altcoin LDO price rises after drop
LDO price started a sharp decline on November 8 and dropped as low as $0.87 the next day. The ensuing bounce confirmed the $0.92 area as support. Currently, LDO is attempting to climb above the $1.28 resistance area. If LDO price manages to regain the $1.28 zone, it could rise towards the next resistance at $1.80. Otherwise, a retest of the $0.92 area can be expected.
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