Be[in]Crypto takes a look at the five cryptocurrencies that increased the most last week, more specifically, from Sept. 16 to Sept. 23.
These cryptocurrencies are:
- XRP: 56.94%
- Chiliz (CHZ): 37.38%
- Reserve Rights (RSR): 35.44%
- Algorand (ALGO): 29.76%
- Stellar (XLM): 25.42%
XRP price trend reversal incoming
In June and Sept., XRP bounced at a long-term ascending support line and the $0.32 horizontal support area (green icons). Afterward, it initiated a strong upward movement and broke out from a long-term descending resistance line (dashed).
Additionally, the weekly RSI is in the process of breaking out from its bearish divergence trend line.
If the upward movement continues, the closest resistance area would be at $0.60. A reclaim of both this area and an RSI breakout above its trend line would confirm that a bullish trend reversal has begun.
CHZ price may fall soon
CHZ has been increasing since reaching a low of $0.018 on June 18. It seems that it is in wave five of this five-wave upward movement. CHZ has currently reached the 0.618 Fib retracement length of waves 1 to 3 (white). This is an area that could potentially act as the top.
If the price is successful in moving above it, the next important Fib resistance would be at $0.32.
The daily RSI has already generated bearish divergence, a sign that a retracement could soon follow.
RSR price turning bullish
RSR had been decreasing inside a descending wedge since June 7. The descending wedge is considered a bullish pattern, meaning that an eventual breakout from it would be expected.
RSR began an upward movement on Sept. 11 and is currently in the process of breaking out from the wedge.
The six-hour RSI has already broken out from its descending trend line, supporting the validity of the breakout.
If the upward movement continues, the closest resistance area would be at $0.11.
ALGO price starts breakout
ALGO has been trading in a range between $0.28 and $0.37 since May. Both the bottom and top of this range have been validated numerous times.
Currently, ALGO is in the process of breaking out from the resistance line. The daily RSI has already broken out, so it is likely that the price will follow suit.
If ALGO breaks out, the next closest resistance would be at $0.52.
XLM price creates bullish divergence
XLM had been decreasing underneath a descending resistance line since the beginning of June. This downward movement led to a low of $0.098 on Sept. 7.
After the daily RSI generated bullish divergence (green line), XLM broke out from the line on Sept. 2. If the upward movement continues, the closest resistance area would be at $0.15.
The post Why XRP, XLM, ALGO, CHZ and RSR Are Outperforming the Rest of the Crypto Market appeared first on BeInCrypto.