Cryptocurrencies have left another volatile week behind. As we reported on Kriptokoin.com, the leading cryptocurrency Bitcoin (BTC) remained below $ 20 thousand. However, many altcoins continue to be affected by BTC’s weak movements. Here are the top 5 altcoin projects of the past week and the expectations for the new week.
Altcoin at the top of the list: Chiliz (CHZ)
CHZ has been moving upwards since reaching the $0.081 levels on June 18. The mentioned upward move reached as high as $0.282 on September 23. The whole increase looks like a completed five wave action. Therefore, it is worth waiting for a significant correction. Moreover, the highest wave occurred with a length of 0.618 of waves 1-3 (white). If a correction has begun, CHZ is currently in wave A of an ABC structure. The entire correction could end between the 0.5-0.618 Fib retracement support levels at $0.158 – $0.181.
Ravencoin (RVN)
The RVN has been depreciating since it was rejected by the resistance line of the long-term descending parallel channel on Sept. 14. (red icon). However, the downside move has so far led to a low of $0.034 reached on Sept. 28. The decline also caused a breakdown below the $0.04 horizontal area. If the downside continues, the next closest support area will be at $0.027.
Altcoin in the 3rd place of the list: Lido DAO (LDO)
LDO has been falling below a descending resistance line since reaching $3.10 on Aug. 13. However, the downside move caused the LDO to drop to the $1.60 horizontal support level. Currently, the price is in the process of leaving this area (red icon). If so, it would be the $1.42 support formed by the 0.618 Fib retracement support level. If the price fails to bounce off the 0.618 Fib retracement support level, the next support is likely to move down completely at $0.92.
Stellar XLM
XLM has been rising with a rising support line since Sept 6th. However, so far the line has been confirmed four times (green icons), the most recent being on September 22. XLM later started an upside move but failed to rise above the $0.118 resistance area. Whether the price moves below the support line or above the $0.118 area will likely determine the direction of the future trend.
Altcoin at the bottom of the list: Cosmos (ATOM)
ATOM has been falling since it formed a double top pattern (red icons) on September 9 and 17. However, the downside move resulted in a break from the $13.50 horizontal support area. It led ATOM to an ascending support line that has been in effect since June lows. The daily RSI indicator has dropped below 50 (red circle) and is a sign of a downtrend. This indicates that a break from the line may occur. If one occurs, the next closest support area will be at $10.30.
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