These 3 Altcoins Led the Weekly Gains
BeInCrypto looks at three altcoins that increased the most in this week’s crypto market, specifically from September 8 to 15.
The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). These bullish altcoins have stolen the crypto news and cryptocurrency market spotlight this week as the biggest gainers:
Hifi Finance (HIFI) increased by 122.90%
STORJ price increased by 37.40%
Metal DAO (MTL) price increased by 27.52%
Hifi Finance (HIFI) Surges to All-Time High
The HIFI price has increased significantly since June 10. Initially, the price consolidated above $0.30. Afterward, it accelerated its rate of increase on Aug. 17 and has increased alongside a parabolic ascending support line since.
On September 15, the price reached a new all-time high price of $1.27 but fell slightly afterward. The high was made at the 2.61 Fib extension of the original increase (black). This is an area that often provides resistance during upward movements.
The HIFI price could fall to the $0.75 support area if a rejection occurs. This coincides with the parabolic ascending support line and is the 1.61 extension of that original increase.
It would amount to a drop of 35%, measuring from the current price. On the other hand, if the price breaks out and reaches another high, the next resistance will be at $1.60, created by the 3.61 extension of that same original increase. An increase there would amount to an upward movement of 35%.
STORJ Clears Critical Horizontal Resistance
The STORJ price has increased since its $0.19 low on August 17. The same day, the price created a long lower wick (green icon), considered a sign of buying pressure.
At the beginning of September, the price created a higher low and accelerated the rate of increase. On Sept. 13, the price moved above the $0.32 horizontal resistance area. This sign supports the possibility that a new upward movement has begun.
If the increase continues, STORJ can increase by 50% to the next resistance at $0.50. On the other hand, a close below the $0.32 area will invalidate the ongoing breakout. In that case, a 30% drop to the $0.23 support area will likely be the future price movement.
Metal DAO (MTL) Price Breaks Out from Long-Term Triangle
The MTL price has increased since bouncing at a long-term triangle’s support line on August 17 (green icon). The triangle has been in place since November 2022. After bouncing, MTL broke out from it on September 13.
Despite the breakout, the price has yet to move significantly. Rather, it still trades just below the $1.60 horizontal resistance area.
A movement that travels the entire height of the pattern will take the price to $2.60. This will amount to an increase of 65%. However, if MTL fails to clear the $1.60 area, it can fall by 12% and retest the triangle’s resistance line at $1.40.
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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.