With the Merge approaching, alongside the sharp rally in Ethereum price, Ethereum Classic ended the week at 75.76%. In this article, let’s take a look at the top 5 altcoin projects that have gained the most in the past week between July 15-22. Analyst Valdrin Tahiri identifies altcoins’ next resistance levels.
- Lido DAO (LDO): 77.13%
- Ethereum Classic (ETC): 75.76%
- Bitcoin Gold (BTG): 44.46%
- Apecoin (APE): 42.24%
- Ethereum (ETH): 32.04%
Here are the top 5 altcoins this week
Lido DAO (LDO)
LDO has been rising rapidly since dropping to $0.43 on June 30. It has gained 275% so far. The whole increase resembles a five-wave upward move, where LDO is currently in its fourth wave. If the fourth wave is completed, the main target of the fifth and final wave will be between $2.10 and $2.15. This target is particularly evident using the 1.61 external Fib retracement on wave 4 (black) and wavelength 1 (white).
Ethereum Classic (ETC)
ETC, which is in second place with 75 percent, has been moving upwards since June 19 due to the upcoming merger. It gained momentum after creating an HL zone on July 13. Then it exited the ascending parallel channel. Within five days, ETC was up 107% to reach $27.77 on July 19. ETC is now bouncing back since it will likely be the fourth wave.
Since the second wave retracement is deep, the fourth wave is expected to be shallow due to the concept of alternation. Hence, the pullback is likely to end at the $22.20 or $20.50, respectively, and the 0.382 or 0.5 Fib retracement support levels. Then, the fifth and final wave could take ETC to the $31.50 horizontal resistance area.
Bitcoin Gold (BTG)
BTG has been falling below a descending resistance line since March 23. From May, it formed a triple bottom formation combined with the bullish divergence in the RSI. The triple bottom is considered a bullish pattern. In particular, the low RSI further strengthens the uptrend. BTG, which started an upward movement on July 12, is currently in the process of exiting the resistance line. Meanwhile, the daily RSI has climbed above 50, which is considered a sign of an uptrend. If the upward move continues, the next closest resistance area will be $27.
Apecoin (APE)
APE has been moving upwards since June 15. It then broke out of a descending resistance line on July 3 (green icon). It continued its upward move after a slight pullback and then reclaimed the $5.40 horizontal area on July 18. If the upside continues, the next closest resistance will be at $9.25.
Ethereum (ETH)
cryptocoin.com As you follow, ETH price has been moving upwards since June 18. The leading altcoin broke out of a descending resistance line on July 18. If the upside continues, the nearest resistance will be $1,925. This level is the 0.382 Fib retracement resistance level and a horizontal resistance area. The long-term wave count also shows that a bottom has been reached, supporting the continuation of the upward move.
