B[In]Crypto Let’s take a look at five cryptocurrencies that surged last week, more specifically, from August 5 to 12.
These cryptocurrencies are:
- Celsius (CEL) : 93.59%
- Ankr (ANKR) : 50.59%
- Decred (DCR): 29.33%
- Close to Protocol (Near) : 26.58%
- Nexo (NEXO) : 23.66%
CEL January. 1 is decreasing below the descending resistance line. This downward movement resulted in a low of $0.09 on June 13.
Since then the price has been rising and managed to break out of its descending resistance line at the third attempt (red icons). The breakout occurred on August 8. Moreover, CEL regained the $2.10 flat area.
If the upward move continues, the next nearest resistance area will be $3.45.
ANKR has been moving upwards gradually since June 18. It created a high low on August 10 and rose sharply the next day, leading to a high of $0.058.
Despite this substantial increase, ANKR failed to recapture the $0.0535 area, which is now acting as resistance (red icon). The region previously provided support from June 2021 (green icons).
Hence, ANKR should recover this level to confirm a bullish trend reversal.
Similarly to ANKR, DCR is following a descending resistance line. So far, it has made four attempts to break (red icons).
Unlike ANKR, the price has yet to break out, creating long upper wicks and getting rejected each time (red icons). Until it manages to break out, the trend is not considered bullish.
NEAR has been rising within the ascending parallel channel since June 18. It was released on August 5th and returned two days later to validate it as support (green icon). Since then, NEAR has been increasing at an accelerated rate.
If the upward move continues, the next nearest resistance area will be $6.45.
Similar to DCR, NEXO has been declining below the descending resistance line since the beginning of the year. Currently, it is breaking (red icons) making its fourth attempt. The line coincides with the $0.95 resistance area.
If a breakout occurs, the next resistance will be $1.17.
For B[in]Crypto’s latest Bitcoin (BTC) analysis, click here
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