During the week we are about to leave behind, cryptocurrencies exhibited quite volatile movements. Behind this move were factors such as macroeconomic developments, Ethereum’s merger, Bitcoin’s pullback. So, which altcoins rose the most during the week? Analyst Valdrin Tahiri listed the five highest rising altcoins between September 9-16 and expressed his expectations. Ravencoin (RVN) is also on the list.
Ravencoin, KNC, not CEL: LUNA tops the list
cryptocoin.com As we have also reported, Terra (LUNA) increased 310 percent to $7.66 on September 9th. Thus, it has undergone a massive upward movement. However, the upward movement could not be sustained and the coin formed a very long upper wick on the same day. The price has been dropping since then. However, it gained 43 percent on a weekly basis. However, it soon lost almost all of its gains from this directional move. So what’s next? A break below the $2.20 area risks taking the price to all-time lows.
Celsius gained 32.34 percent over the week.
On August 6, the CEL broke out of a descending resistance line that has existed since September. It reached $4.63 before falling. Although CEL bounced off the previous resistance line (green), it failed to break out of the $2.10 horizontal resistance area (red). If the CEL fails to retrace the $2.10 resistance area, the trend cannot be considered bullish.
Ravencoin (RVN) up 18 percent: What’s next?
RVN has been falling within a long-term descending parallel channel since August 2021. On the downside, it dropped to $0.017 in June 2022. The price has been rising since then and managed to retake the middle of the channel on August 5. Subsequently, RVN accelerated its rate of increase. It hit a high of $0.077 on Sept. 14. This confirmed the resistance line (red icon) of the channel and started the current downward move. However, we are likely to see a final breakout from the channel.
KNC rose 5% in 7 days
KNC has been rising inside an ascending parallel channel since July 11th. Such channels often contain corrective actions, according to the analyst. This means that a final drop from the channel is likely. In addition, Tahiri says, “the movement inside the channel is extremely volatile in line with the possibility of correction.” KNC hit $2.15 on Sept. 15. The high confirmed the resistance line of the channel and the 0.618 Fib retracement resistance level.
Last coin on the list: Compound (COMP)
Since COMP reached the bottom on May 19, it has been rising in an ascending wedge. On the upside, it reached $71.50 on August 10. However, the price has been falling since then and broke out of the wedge five days later. As COMP started a bounce, it was rejected by the 0.618 Fib retracement resistance level at $61. Because of this rejection, it seems highly likely that the bounce is part of wave B. Also, COMP has now started wave C that will take it to the $37.50 horizontal support area.
