The sandbox (SAND) and 6 altcoins reached new ATHs, TOP altcoins won most of the week
The sandbox (SAND) and 6 altcoins reached new ATHs, TOP altcoins won most of the week. 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:
- The sandpit (SAND): 161.22%
- Velas (VLX): 141.16%
- XYO (XYO): 139.67%
- Decentralized land (MANA): 120.61%
- Loop ring (LRC): 113.63%
- Dogelon Mars (ELON): 95.92%
- Work (AR): 88.42%
SAND has moved up since breaking above a descending resistance line on September 31st. The rate of increase accelerated on October 27th after the token hit a higher low.
SAND was up 389% over a seven-day period, creating a new all-time high of $ 3.45 in November.
The high was created right at the 4.61 outer fib retracement level when the previous decline was measured. This is the level that usually serves as the tip of any upward movement.
Hence, it is very likely that the SAND has reached a local peak. It further aided that possibility by creating a bearish engulfing candle on November 4th, a sign of selling pressure.
If the token moves further down, the next support is between $ 2.40 – $ 2.09.
Daily SAND / USDT Chart | Source: TradingView
VLX has been rising rapidly since October 28th. The upward movement culminated in a new all-time high of $ 0.63 on November 4th.
However, the token created a shooting star candle on the same day and falls. This is a bearish candle with a very long wick at the top, a sign of pressure to sell.
In addition, a high is formed at the confluence of resistance levels, created by the short-term external fib retracement level of 1.61 (white) and the long-term 2.61 fib retracement level (black).
The next resistance is in the $ 0.77 to $ 0.81 zone.
Daily VLX / USDT Chart | Source: TradingView
XYO has risen within an ascending parallel channel since early September, after bouncing off the channel’s support line on October 31st, an upward move began. It is currently in the breakout process.
If it manages to close above the resistance line of the channel it will confirm that XYO has started a new uptrend.
The next resistance levels are at $ 0.083 and $ 0.123.
XYO / USDT 6-hour chart | Source: TradingView
MANA started a significant upward move on October 28th when it was trading at $ 0.75. Two days later, it hit a new all-time high of $ 4.94. The high was made very close to the 3.61 external fib retracement level when the previous decline was measured.
MANA has since sunk and made a long top wick of 27.25% strength in the same day.
However, the token fell to the 0.618 fib retracement support at $ 2.31 so it could start a rally.
Daily MANA / USDT chart | Source: TradingView
The LRC has risen since breaking the descending resistance line and confirming it as support on September 31st. This shows that the previous correction is over and a new rally has started.
The upside hit a new all-time high of $ 1.71 on November 2nd.
Since then, however, the LRC has declined, up 36.54% so far. If it continues to decline, the $ 0.86 zone is expected to act as support.
LRC / USDT daily chart | Source: TradingView
ELON experienced a massive rally from October 6th. This resulted in a new all-time high of $ 0.00000026 on October 31st. It rose 3.945% in less than a month.
As ELON fell thereafter, it bounced off the 0.618 fib retracement support at $ 0.00001, creating a long wick underneath. Since then, prices have risen.
Daily ELON / USDT Chart | Source: TradingView
The AR has been rising since Nov 2nd when it broke a descending resistance line. This confirms that the downtrend from early September has ended.
The surge resulted in an all-time high of $ 91.08 on November 5th. The high was taken directly from the external fib retracement level of 1.61, as measured by the recent downtrend.
AR has since declined. The previous all-time high of $ 66 should now serve as support.
AR / 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.
According to Beincrypto