Tron (TRX) and TomoChain (TOMO) have broken out from crucial resistance levels. Komodo (KMD) is still trying to clear its main resistance.
The crypto market had a neutral performance last week, a trend that continued into the weekend. However, these three cryptocurrencies bucked the trend and posted completely positive performances, being labeled as the weekend’s crypto winners.
Tron (TRX) Price Leads Crypto Winners
The TRX price has increased alongside an ascending support line since March 11. The increase accelerated on May 12, and the price broke out from the $0.072 resistance area on May 20.
The resistance area has been in place since July 22, so it is possible that the breakout will trigger a sharp increase. TRX reached a new yearly high of $0.077 the next day amidst a large bullish candlestick.
If the TRX price resumes its ascent, the next resistance will be at $0.084, an upward movement of nearly 13% from the current price.
However, if the price loses its footing, it could return and validate the $0.072 area as support.
Komodo (KMD) Approaches Crucial Resistance
The KMD price has increased alongside an ascending support line since the beginning of the year. While doing so, it seemingly broke out above the $0.35 horizontal resistance area in April.
However, the breakout turned out to be illegitimate since the price fell below the area shortly afterward and validated it as resistance (red icon). Such deviations are considered signs of bearish trends and often lead to significant decreases.
Nevertheless, when combined with the $0.35 area, the ascending support line creates an ascending triangle, which is considered a bullish pattern, meaning that it usually leads to breakouts.
If the price manages to break out, it could increase to the next closest resistance at $0.52.
However, if it loses the ascending support line instead, a drop to $0.22 will be on the cards.
TomoChain (TOMO) Price Increases in Corrective Pattern
The TOMO price has increased considerably since March 10. Since the beginning of April, the price movement has been contained inside an ascending parallel channel, which is considered a corrective pattern.
As a result, an eventual breakdown from it would be the most likely scenario.
Despite the presence of a corrective channel, TOMO broke out from the $0.68 resistance area. Moreover, it is currently making an attempt at breaking out from the channel’s resistance line.
If it is successful, an increase to the next resistance at $1.45 will be the most likely scenario. However, if the price gets rejected from the channel’s resistance line, a drop to its support line and possible breakdown would be the most likely scenario.
In that case, TOMO could revisit the $0.68 area and validate it as support.
For BeInCrypto’s latest crypto market analysis, click here.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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