BeInCrypto breaks down among the greatest altcoin movers and shakers from the earlier week. Will their momentum proceed?
Throughout the week of March 1 – March 8, these have been the largest altcoin gainers:
- Enjin Coin (ENJ) – 183%
- Chiliz (CHZ) – 175%
- Decentraland (MANA) – 79%
- Ocean Protocol (OCEAN) – 59%
- Bancor (BNT) – 58%
Largest Altcoin Gainers
ENJ reached a brand new all-time excessive worth on March 8, however it’s approaching the upward motion’s potential high.
CHZ additionally reached an all-time excessive on March 8 and is growing parabolically. Nonetheless, indicators and Fib ranges point out that one other potential enhance is feasible earlier than an eventual correction.
MANA additionally reached a brand new all-time excessive on March 8 and is approaching the primary resistance space at $0.49.
OCEAN reached a brand new all-time excessive worth on March 7 however has created an extended higher wick and several other bearish divergences.
BNT additionally reached a brand new all-time excessive worth on March 7 and has generated important bearish divergence.
Enjin Coin (ENJ)
ENJ has been shifting upwards quickly since validating the earlier all-time excessive as assist on Feb. 23. Presently, it’s a full 400% above the worth on that day.
On March 8, it reached a brand new all-time excessive of $1.88.
Nonetheless, the rally has grow to be utterly parabolic, and ENJ has almost reached the 4.618 exterior Fib retracement of the newest drop. In worth discovery, that is usually the ultimate potential resistance space.
Subsequently, regardless of growing essentially the most from our high 5 altcoin gainers, it’s seemingly that ENJ is approaching the highest of its parabolic upward motion.
Equally, CHZ has been growing quickly since Feb. 23 and reached a brand new all-time excessive on March 8.
Nonetheless, technical indicators are nonetheless bullish, evidenced by the invalidation of potential bearish divergence within the weekly RSI & growing MACD.
If CHZ continues growing, the subsequent closest resistance space might be discovered at $0.192 & $0.236 after that.
MANA has additionally been shifting upwards since Feb. 23.
After breaking out from a descending resistance line, MANA reclaimed the earlier breakout stage at $0.35.
Two days later, MANA returned to validate this stage as assist and has been growing since. On March 8, it reached a brand new all-time excessive of $0.48.
Technical indicators are bullish, so MANA seemingly will proceed to extend. A bullish cross would verify this within the Stochastic oscillator.
MANA has almost reached the closest resistance space at $0.49, with the subsequent one being discovered at $0.68.
Ocean Protocol (OCEAN)
The OCEAN upward transfer has been ongoing since Feb. 28, with the all-time excessive of $1.69 reached on March 7.
Nonetheless, the motion left an extended higher wick behind, an indication of promoting stress. That is additional accentuated by the bearish divergence in each the RSI & MACD.
Subsequently, it’s attainable that OCEAN re-tests the $1.30 stage as soon as extra earlier than probably shifting increased.
BNT has additionally been growing since Feb. 28. The value has gone up by 90% since.
On March 7, it reached a brand new all-time excessive worth of $8.89.
Much like OCEAN, technical indicators present weak point, evident by the bearish divergence in each the RSI & MACD.
BNT has additionally reached the 1.61 exterior fib retracement at $8.26, which is prone to trigger rejection.
The following closest resistance space can be discovered at $10.67.
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