Let’s take a look at the top five altcoin projects that surged in the past week, from August 26 to September 2. Analyst Valdrin Tahiri analyzes critical upside resistance levels ahead.
- Celsius (CEL): 30.11%
- eCash (XEC): 18.04%
- Polygon (MATIC): 9.74%
- Nexo (NEXO): 8.31%
- Lido DAO (LDO): 5.38%
Top 5 altcoins in the week of August 26 – September 2
Celsius (CEL)
CEL price broke out of a descending resistance line that has been present since August 15 on August 28. Then it started an upward movement. It hit $1.67 on September 2 before being rejected by the $1.65 resistance area so far. It is not yet certain whether the downward move is a corrective or the start of a new impulse. A rise above the $2.16 lows (red line) will confirm the bearish is corrective. It will also suggest that CEL has now started a new upward movement. In this case, the next closest resistance will be at $3.
eCash (XEC), XEC facing horizontal resistance
XEC has been moving upwards since May 12. Since then, it has made three attempts to break above the $0.000057 resistance area (red icons), but all of them have failed. A final break from this resistance would be the most likely scenario, as resistors weaken each time they are touched.
Polygon (MATIC) broke out of six-month resistance
On the other hand, MATIC is falling below a descending resistance line since the beginning of the year. The downside move reached $0.31 on June 18. The price has been moving upwards since then and broke out of the line on July 8. It has since completed two attempts to exit the $1.05 resistance area, both of which failed. A break above this level will likely lead MATIC towards the next resistance at $1.40.
Nexo (NEXO) faces horizontal resistance
As we have covered in the cryptokoin.com analysis, NEXO has been moving upwards since June 30. It managed to break out of a descending resistance line on 11 August. After five days later confirming the line as support, the price accelerated its rate of increase. It later made an unsuccessful attempt to climb above the $1.20 horizontal resistance area. Due to the lack of peak resistance, a decisive move above this area is likely to accelerate the rate of increase.
Lido DAO (LDO) broke from a descending wedge
Finally, LDO has been falling in a descending wedge since Aug. LDO managed to debut on August 31, but has yet to initiate any significant upward movement. If it does, the main resistance area will be a horizontal resistance area at $2.32.
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