Shiba Inu Soars 204%: DeFi and Gambling Tokens Lead October Rally
Bitcoin Magazine will analyze the seven altcoins that have risen the most in the past seven days to see if their momentum can continue.
These top bullish altcoins are:
- SHIBA-INU (SHIB): 204.62%
- Fantom (FTM): 67.18%
- Axie Infinity (AXS): 56.67%
- Klaytn (KLAY): 38.99%
- Work (AR): 37.69%
- Harmony (ONE): 36.28%
- Bitcoin SV (BSV): 34.08%
The SHIB consolidated below the $ 0.000009 resistance between June 13th and October 4th. Such long periods of consolidation are usually followed by very strong movement in the event of an outbreak or incident.
Unsurprisingly, an October 4th eruption drove SHIB up 304% over the next four days.
However, the higher one was not maintained and the token produced a long upper wick (red symbol). This is a sign of selling pressure and shows that sellers have the upper hand, at least in the short term. The fact that the candle was created exactly at the 0.5 fib retracement level adds to its importance.
Currently the token is being corrected and an attempt is made to find support.
Daily SHIB / USDT chart | Source: TradingView
The FTM has risen since September 21. It broke a descending resistance line on October 1st, suggesting that the previous downtrend has ended. It has risen rapidly since the outbreak.
It hit a new all-time high on October 7, followed by another all-time high of $ 2.42 the next day.
The next resistances are at $ 2.53 and $ 3.51. This is the Fibonacci retracement resistance level outside of 1.61 and 2.61. Whenever the price hits a new all-time high, these levels are used to identify the next areas of resistance.
Daily FTM / USDT Chart | Source: TradingView
The movement of AXS is similar to the movement of FTM. It has risen at a rapid pace since breaking above the descending resistance line on September 23rd and ending the previous correction.
So far, the token has hit an all-time high of $ 155 on October 4th. However, on the same day he created a shooting star. This is a bearish bar with a very long top wick showing that the sellers are now in control. It’s no surprise AXS has fallen since then.
The next support is at 102-115. This zone is formed by the 0.382-0.5 fib retracement levels and is a popular area for ending corrections. In addition, it used to be a horizontal area of resistance that is now expected to act as a support.
On the flip side, the next area of resistance is at $ 169.
Daily AXS / USDT Chart | Source: TradingView
KLAY has been bearish since Aug 20 along with a descending resistance line. This is a sign that the trend is down.
However, after hitting a low of $ 0.99 on September 21st, the trend reversed and the token broke above the descending resistance line on October 4th. He has since recovered by over 30%.
However, the price is currently facing the $ 0.618 fib retracement resistance at $ 1.60. This is the most common resistance level produced by the Fib Retracement Tool.
Once hit that level, it can head for the all-time high of $ 1.98.
Daily KLAY / USDT chart | Source: TradingView
AR has increased since September 22nd. It is currently very close to making a new all-time high, but it is struggling with the $ 66 resistance area.
However, if you test this area repeatedly, it will get weaker. Since this is the third attempt to move above $ 66, a breakout is likely.
In this case, the next resistance is at $ 99 created by the external Fibonacci retracement level of 1.61. While the all-time high is at $ 74.55, this level is not seen as resistance as it only appears in the shape of a wick.
AR / USDT daily chart | Source: TradingView
ONE has risen along with an ascending support line since July 20th. On September 13, it hit a new all-time high of $ 0.229. However, it turned out that the breakout was just a deviation (red circle) as the token fell below the USD 0.20 resistance area afterwards.
However, on September 21, it rebounded from the support line (green symbol). This reinforces the validity of the support line as the price has reacted to it even after such a steep decline.
After that, ONE started another upward move and is currently breaking out of the $ 0.20 zone.
If the move is successful, the next resistance will be at USD 0.30 (Fib 1.61).
Daily ONE / USDT chart | Source: TradingView
The BSV is clearly lagging behind other altcoins as it has not yet broken its September highs.
However, on October 7th, it created a large bullish bar and moved above the $ 0.618 fib retracement resistance level at $ 167.
Hence, no resistance remains until it hits the September high of $ 200.
If the FSIO succeeds in overcoming this level, there will be hardly any resistance up to US $ 400.
BSV / USDT daily chart | Source: TradingView
You can see the coin prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.