Be[in]Crypto takes a look at the five cryptocurrencies that increased the most from March 18 to 25.
These cryptocurrencies are:
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- ApeCoin (APE) : -10.89%
- Arweave (AR) : -3.40%
- UNUS SED LEO (LEO) : -2.86%
- Maker (MKR) : -2.48%
- Huboti Token (HT) : -1.77%
APE has been increasing alongside an ascending support line since its launch on March 17. Most recently, it validated it as support on March 21 (green icon). Currently, the line is at $12.50.
While not yet validated, it is possible that the price is trading inside an ascending triangle with resistance at $14.50. The triangle is considered a bullish pattern, meaning that a breakout from it would be likely.
AR has been moving upwards since Feb 24. So far, it has increased by 55%.
However, it is still following a descending resistance line, which has so far rejected the price four times (red icons). Until it breaks out, the trend cannot be considered bullish.
A potential breakout would see the price reach $41.
LEO has been falling since reaching a high of $8.14 on Feb 8. On March 23, it created a lower high and resumed its descent (red icon).
If the downward movement persists, the next closest support area would be at $3.80. Measuring from the aforementioned high, this would amount to a decrease of 53%.
MKR has been moving upwards since Feb 24. On March 16, it broke out from a descending resistance line after three unsuccessful attempts.
Currently, it is in the process of breaking out from the $2,040 horizontal resistance area.
If successful, the next closest resistance area would be at $2,320.
HT has been falling underneath a descending resistance line since Nov 3. More recently, it was rejected by it on Feb 8.
On the other hand, HT has been trading above the $8.50 horizontal support area, which has so far initiated numerous bounces.
Whether HT breaks out from the descending resistance line or breaks down from the $8.50 area instead will determine the direction of the future trend.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
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