BeInCrypto looks at the overall crypto market over the past week, specifically the five altcoins with the most gains since December. January 30th to January 6th
These digital assets have captured the attention of crypto news and crypto markets.
- Solana (SOL) 44.87% price increase
- Lido DAO (LDO) Price Up 34.73%
- BitDAO (BIT) Price Up 22.47%
- NEAR Protocol (NEAR) price increased by 19.52%
- Ethereum Classic (ETC) Price Up 18.24%
SOL leads the altcoin gainers
SOL price has fallen within a descending parallel channel since November 10th. The downward movement saw the price hit a low of $8 on December 29th. The ensuing rally created a long downside wick and validated the channel’s support line (green icon). It started an upward move with the price up 76%. This caused the SOL price to reach the resistance line of the channel.
Whether the SOL price breaks out of the channel or is rejected may determine the direction of the future trend. A breakout could reach the $18.30 resistance area, while a refusal could lead to a drop to the channel’s support of $7.
LDO Regains $1.27 Levels
From November 9th to December 22nd, the LDO price formed a double bottom pattern inside the horizontal support area at $0.90. This happened after the price broke out of the descending resistance line.
After the second bottom (green icon), the price started a sharp rise and broke out of the $1.27 resistance area. If the LDO price successfully validates his $1.27 area as support, a rally to $1.75 is possible. On the other hand, a break below this level could lead to a drop towards the $0.90 support area.
BIT has broken above the resistance
BIT price has broken below the downward resistance line since August 5th. This brought him to a low of $0.26 on Nov. 8. Since then, the BIT price has moved up and broke out of the downside resistance on December 9th. After validating the line, it resumed its up move as December 17 support (green icon).
Currently, the BIT price is trading just below the horizontal resistance area of $0.42. A successful breakout could push the BIT price up to $0.65.
On the other hand, a rejection may lead to retesting the $0.34 support area.
NEAR has surpassed the resistance
Similar to BitDAO, NEAR is another altcoin that has broken out of the falling resistance line. NEAR occurred after creating a double bottom pattern combined with a bullish divergence in the RSI. Such divergences often precede an up move.
It is possible that the price will fall and retest the resistance line, but this is the most likely scenario for a rally towards the horizontal resistance area at $1.80.
ETC Is Another Altcoin That Breaks Over Resistance
Finally, ETC is another altcoin that has broken out of the falling resistance line. Similar to NEAR, a breakout occurred after price created a double bottom combined with a bullish divergence (green line).
Therefore, if the uptrend continues, the next closest resistance area will be $22. Conversely, a break below the resistance line would mean the breakout was not justified and new lows will follow.
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Disclaimer
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