Terra, Celsius, Ravencoin, Kyber Network and Compound – Gainers

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Be[in]Crypto takes a look at the five cryp­tocur­ren­cies that increased the most last week, more specif­i­cal­ly, from Sept 9. to Sept 16. 

These cryp­tocur­ren­cies are:

  1. Ter­ra (LUNA): 43.78%
  2. Cel­sius (CEL): 32.34%
  3. Raven­coin (RVN): 18.40%
  4. Kyber Net­work Crys­tal (KNC): 4.65%
  5. Com­pound (COMP): 3.88%

LUNA

LUNA was sub­ject to a mas­sive upward move­ment on Sept. 9, increas­ing by 310% the same day and reach­ing a high of $7.66. How­ev­er, the upward move­ment could not be sus­tained and LUNA cre­at­ed a very long upper wick the same day.

The price has been falling since and has near­ly lost all of its gains from the afore­men­tioned upward movement. 

A break­down below the $2.20 area could take the price to new all-time lows.

CEL

On Aug. 6, CEL broke out from a descend­ing resis­tance line that had been in place since Sept. It pro­ceed­ed to reach a high of $4.63 before falling. 

Even though CEL bounced at the pre­vi­ous resis­tance line (green icon), it failed to break out from the $2.10 hor­i­zon­tal resis­tance area (red icon).

Unless CEL man­ages to reclaim the $2.10 resis­tance area, the trend can­not be con­sid­ered bullish.

RVN

RVN has been decreas­ing inside a long-term descend­ing par­al­lel chan­nel since Aug. 2021. The down­ward move­ment has led to a low of $0.017 in June 2022. The price has been increas­ing since and man­aged to reclaim the mid­dle of the chan­nel on Aug 5. 

After­ward, RVN accel­er­at­ed the rate of increase and reached a high of $0.077 on Sept. 14. This val­i­dat­ed the resis­tance line of the chan­nel (red icon) and ini­ti­at­ed the cur­rent down­ward movement. 

Nev­er­the­less, an even­tu­al break­out from the chan­nel is likely.

KNC

KNC has been increas­ing inside an ascend­ing par­al­lel chan­nel since July 11. Such chan­nels usu­al­ly con­tain cor­rec­tive move­ments, mean­ing that an even­tu­al break­down from the chan­nel would be likely. 

Addi­tion­al­ly, the move­ment inside the chan­nel has been extreme­ly chop­py, align­ing with the pos­si­bil­i­ty that it is corrective. 

KNC reached a high of $2.15 on Sept. 15. The high val­i­dat­ed the resis­tance line of the chan­nel and the 0.618 Fib retrace­ment resis­tance level. 

Due to these rea­sons, an even­tu­al break­down from the chan­nel seems likely.

COMP

COMP had been increas­ing inside an ascend­ing wedge since reach­ing a bot­tom on May 19. The upward move­ment led to a high of $71.50 on Aug. 10. How­ev­er, the price has been falling since and broke down from the wedge five days later. 

While COMP did ini­ti­ate a bounce, it was reject­ed by the 0.618 Fib retrace­ment resis­tance lev­el at $61.

Due to this rejec­tion, it is pos­si­ble that the bounce was part of the B wave and COMP has now begun the C wave that will take it towards the $37.50 hor­i­zon­tal sup­port area.

For Be[in]Crypto’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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