The Magnificent Seven: AMP, TFUEL, CHZ, KSM, BTG, WAVES, SOL — Biggest Gainers, June 4—11

BeInCrypto takes a look at the seven altcoins that increased the most over the past seven days, from June 4 to June 11.

These altcoins are:

AMP

AMP has been increasing since bouncing on May 23. Shortly afterwards, it reclaimed the $0.04 area, validating it as support. 

On June 11, it reached a high of $0.07, just slightly below the current all-time high price of $0.0785. It was rejected afterwards and has created a long upper wick.

Despite the rejection, technical indicators have turned bullish. The MACD has just crossed into positive territory, the RSI is above 50 and the Stochastic oscillator has made a bullish cross. 

If a breakout occurs, the next resistance would be at $0.11. It is created by the 1.61 external Fib retracement level.

Chart By TradingView

TFUEL

TFUEL broke out from a descending parallel channel on June 1. The upward movement continued until June 9, leading to a new all-time high of $0.679.

However, TFUEL has been moving downwards since. It is possible that this was the top of wave five of a long-term bullish impulse (white).

Currently, it is attempting to find support above the $0.465 area. As long as it is trading above this level, the trend can be considered bullish. Technical indicators in the daily timeframe do not yet show any signs of weakness.

Chart By TradingView

CHZ

CHZ has been trading inside a descending parallel channel since March 12. Parallel channels often contain corrective movements. However, unlike TFUEL, it has yet to break out from it. 

On May 23, it reached a low of $0.164, bouncing at the support line of the channel. It has been moving upwards since.

Technical indicators support the continuation of the upward movement. The MACD has nearly crossed into positive territory. The RSI is in the process of crossing above 50. The Stochastic oscillator has made a bullish cross.

However, CHZ has to reclaim the middle of the channel in order for the trend to be considered bullish.

Chart By TradingView

KSM

KSM has been moving upwards since May 19, when it reached a low of $158.75. The ensuing bounce was very significant, causing a reclaim of the $295 support area.

Technical indicators in the daily timeframe are bullish, supporting the continuation of the upward movement. This is especially evident by the bullish cross in the Stochastic oscillator and the MACD movement above the 0 line.

So far, KSM has managed to reach a high of $537, doing so on June 10. Despite this, it has failed to reach a close above the $525 resistance area, which is the 0.786 Fib retracement resistance level. To the contrary, it has been rejected by it. 

Nevertheless, KSM is still following an ascending support line. Due to the bullish readings from indicators, the trend can be considered bullish, as long as the token is trading above this support level. A successful breakout could take it towards a new all-time high price.

Chart By TradingView

BTG

BTG has been following an ascending support line since Feb. 23. On May 19 and May 23, it bounced on this line, creating a long lower wick each time (green icons). After the bounce, it created another higher low on June 8, before a bullish engulfing candlestick. 

So far, it has made an unsuccessful breakout attempt above the $72 area. If it were to move above this level, the next closest resistance area would be at $102. This is the 0.5 Fib retracement level of the entire downward movement. 

Technical indicators are relatively bullish. The Stochastic oscillator has made a bullish cross and the MACD is increasing. Due to the higher low, the current movement resembles an ascending triangle. Therefore, a breakout would be more likely. 

If so, BTG could increase towards the $102 resistance area.

Chart By TradingView

WAVES

In a span of 19 days between May 4 and May 23, WAVES decreased by 72%. The drop caused it to validate (green icon) a long-term ascending support line that has been in place since the beginning of the year.

However, the bounce has been extremely weak and WAVES has been lingering close to this support line. Furthermore, technical indicators are relatively neutral. 

Whether the token breaks down or bounces from this support line will likely determine the direction of the trend. The former would cause a drop towards the $8 support area, while the latter could take it towards $23.2.

Chart By TradingView

SOL

SOL has been increasing since reaching a low of $19.10 on May 23. So far, it has reached a high of $44, doing so on June 10. However, it failed to move above the 0.618 Fib retracement resistance level at $43.46 and has fallen.

Despite the decrease, it is still following an ascending support line, which has been in place since the aforementioned May 23 low.

Technical indicators are relatively neutral. The MACD is right at the 0 line while the RSI is freely crossing above and below 50. 

A breakdown from the support line would take SOL towards the $31 support level. On the other hand, a breakout above the 0.618 Fib retracement resistance level would likely take it towards a new all-time high price.

Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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