Be[In]Crypto takes a look at the five cryptocurrencies that increased the most last week, more specifically, from Aug 5 to 12.
These cryptocurrencies are:
- Celsius (CEL) : 93.59%
- Ankr (ANKR) : 50.59%
- Decred (DCR): 29.33%
- Near Protocol (NEAR) : 26.58%
- Nexo (NEXO) : 23.66%
CEL had been decreasing underneath a descending resistance line since Jan. 1. This downward movement led to a low of $0.09 on June 13.
The price has been increasing since and managed to break out from its descending resistance line on the third try (red icons). The breakout occurred on Aug 8. Moreover, CEL reclaimed the $2.10 horizontal area.
If the upward movement continues, the next closest resistance area would be at $3.45.
ANKR has been gradually moving upwards since June 18. It created a higher low on Aug 10 and increased sharply the next day, leading to a high of $0.058.
Despite this considerable increase, ANKR failed to reclaim the $0.0535 area, which is now acting as resistance (red icon). The area has previously provided support since June 2021 (green icons).
So, ANKR has to reclaim this level in order for the bullish trend reversal to be confirmed.
Similarly to ANKR, DCR had been following a descending resistance line. So far, it has made four attempts at breaking out (red icons).
Unlike ANKR, the price has yet to break out, creating long upper wicks and being rejected each time (red icons). Until it manages to break out, the trend cannot be considered bullish.
NEAR had been increasing inside an ascending parallel channel since June 18. It broke out from it on Aug 5 and returned to validate it as support two days later (green icon). Since then, NEAR has been increasing at an accelerated rate.
If the upward movement continues, the next closest resistance area would be at $6.45.
Similar to DCR, NEXO has been decreasing underneath a descending resistance line since the beginning of the year. Currently, it is making its fourth attempt at breaking out (red icons). The line also coincides with the $0.95 resistance area.
If a breakout occurs, the next resistance would be at $1.17.
For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here
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