In this article, we’ll take a look at seven altcoins that have seen the fastest gains in the last seven days from October 1st to October 8th.
Here they are:
- SHIBA INU (SHIB): 204.62%
- Phantom (FTM): 67.18%
- Axie Infinity (AXS): 56,67%
- Klaytn (KLAY): 38,99%
- Arweave (AR): 37,69%
- Harmony (ONE): 36,28%
- Bitcoin SV (BSV): 34,08%
SHIB consolidated below the $ 0.000009 resistance level between June 13 and October 4. Such extended periods of consolidation are often accompanied by a decisive breakout.
It happened on October 4th when SHIB formed a large bullish candle on the charts. In four days, the token has risen in price by 304%.
However, it was not possible to gain a foothold in new positions. As a result, a candlestick with a long upper shadow appeared on the chart. This is a sign of mounting sales pressure. Sellers are gaining the upper hand, at least in the short term. The candlestick appeared at the 0.5 Fibonacci retracement, which adds to its significance.
The token is now being adjusted and is trying to find support.
FTM has been growing since September 21st. On October 1, it broke the descending resistance line, confirming the end of the bearish trend. Growth accelerated after the breakout.
The token renewed its all-time high on October 7 and the next day reached a new peak at $ 2.42.
The next resistance area is at $ 2.53 and $ 3.51. These are the outer Fibonacci resistance levels of 1.61 and 2.61. When prices make all-time highs, they help identify the next resistance zone.
The AXS move follows the FTM path. The token is growing rapidly after breaking the descending resistance line on September 23rd.
The price renewed its all-time high on October 4 at $ 155. However, on the same day, a shooting star candlestick pattern appeared on the charts. This is a bearish candlestick with a very long upper shadow. She says that sellers control the market. Since then, AXS has dropped a little in price.
Immediate support is in the $ 102- $ 115 area. It is formed by a 0.382-0.5 Fibonacci retracement. Besides, there used to be horizontal resistance here.
As part of the upward movement, the nearest barrier is at $ 169.
KLAY has been moving along the downtrend resistance line since August 20. This is a sign of a bearish trend.
However, the price reversed on September 21, bouncing off $ 0.99, breaking the descending resistance line on October 4. Since then, the token has risen in price by 30%.
Immediate resistance is at $ 1.60. This is a 0.618 Fibonacci retracement. This is the most common resistance level created by the Fib retracement tool.
Once the price overcomes it, the focus will be on the all-time high of $ 1.98.
AR has been growing since September 22nd. The price has come close to the all-time high, but first you need to overcome the resistance of $ 66.
So far, it is confidently holding back the pressure of buyers. Still, the third attempt may be successful.
In this case, the price will rush to $ 99 (1.61 Fibonacci retracement). Although the all-time high is at $ 74.55, this level is not considered resistance as the price only touched it with the candle’s shadow.
ONE has been moving along the upward support line since July 20. ONE token peaked on September 13 at $ 0.229. However, the breakout turned out to be false and the token soon returned to the area below the $ 0.20 resistance.
However, the price bounced off the support line on September 21. This strengthened the support line as the price reacted to it even after such a sharp drop.
The price then dropped and tested $ 0.20 as support and resumed its gains.
If a rising low appears on the charts, it could rise to the next resistance at $ 0.30.
BSV lags behind the rest of the altcoins, it has not yet returned to the September highs.
However, on October 7, a large bullish candle appeared and the price consolidated above $ 167, the resistance formed by the 0.618 Fibonacci retracement.
Then nothing will hold back the price up to $ 200.
If BSV manages to overcome this resistance level, the way to $ 400 will be opened.
Here you can read the latest technical analysis for Bitcoin (BTC).
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