BeInCrypto analyzes the movement of seven altcoins, including Elrond (EGLD), Holo (HOT), Axie Infinity (AXS) and OMG Network (OMG), which have reached or are very close to reaching new all-time highs.
BTC
BTC has been rising alongside an ascending support line since October 27. On November 3, BTC reportedly broke the $ 63,500 resistance area.
However, this turned out to be just a deviation, as BTC fell below the area shortly after.
However, it rallied to the ascending support line and the 0.618 Fibonacci retracement level shortly after, creating a lower long wick, which is a sign of buying pressure.
As long as the rising support line is intact, so is the bullish structure.
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ETH
Similar to BTC, ETH is also following an ascending support line, albeit with a much steeper slope. On November 3, the token peaked at $ 4,668. However, it fell shortly thereafter once the RSI and MACD generated bearish divergences.
This means that the upward price movement was not accompanied by a similar rise at this time.
Holding the ascending support line will determine the direction of the trend.
If so, the next resistance is at $ 5152.
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XRP
XRP (XRP) has declined since it was rejected by the $ 1.20 resistance area on October 10.
However, it bounced twice off the previous descending resistance line (green icons), creating lower long wicks, which are considered signs of buying pressure.
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He is currently in the process of making another escape attempt. If successful, it will likely go up to $ 1.40.
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AXS
AXS has been on the rise since October 29, when it broke out of a symmetrical triangle. next day, it hit an all-time high of $ 164.58.
While it fell afterwards, it also bounced around the $ 135 horizontal support area and started another up move. On November 4, it peaked at $ 164.
next resistance is between $ 181- $ 186. It is found using an outer Fibonacci retracement on the most recent portion of the up move (white) and projecting the previous up move (black).
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EGLD
EGLD has been climbing along with an ascending support line since July 20.
On September 14, it reached its all-time high of $ 303.03.
Subsequently, he returned to the support line once more. resulting bounce strengthened the validity of the line.
After a period of consolidation, EGLD managed to break through once again on November 3. next day, it hit a new all-time high of $ 317.8.
next closest resistance area is between $ 359 and $ 372. It is using an external pullback on both long-term (black) and short-term (white) declines.
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Oh Lord
On October 10 and 27, OMG rallied to its previous all-time high of $ 13 (green icons). This was a bullish development as it validated the area as support.
Subsequently, it initiated an upward movement and exited a parallel descending channel on November 4. This indicated that the correction is complete.
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OMG it’s getting close to its all-time high of $ 18.25. If it succeeds in breaking out, the next resistance would be at $ 22.
token may be in the early stages of a long-term upward movement.
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SPICY
HOT has moved higher since September 28. On October 31, it broke out above the horizontal resistance area of $ 0.134, which had been in effect since the beginning of September. This confirmed that the solution is complete.
It subsequently resumed its upward movement once it bounced off the same area three days later.
It is now approaching the $ 0.022 resistance area, which is the 0.618 Fibonacci Retracement Resistance Level. Claiming it would take the token to a new all-time high.
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