According to crypto analyst Valdrin Tahiri, AAVE, MATIC and SRM have created a bullish trend. Also, the analyst says that QNT has emerged from a horizontal resistance area. He notes that COMP has emerged from a descending resistance line. The analyst takes a look at the top five altcoin projects that surged last week. We have prepared Valdrin Tahiri’s analysis for our readers.
Quant (QNT) top altcoin with 77.08% jump
QNT has been moving upwards since dropping to $40 on June 14. So far, the upward move has reached $112.50 on July 15. The high was made at the 0.618 Fib retracement resistance level. This resulted in a rejection (red icon).
If the rejection leads to a more significant downside move, the $78 horizontal area is likely to provide support. The area had previously acted as a resistance. But QNT climbed above that and confirmed it as support on July 10 (green icon).
Aave (AAVE), the second-ranked altcoin, is up 34.94%
AAVE has been falling near a descending support line since December 2021. The bearish action has expanded to $45.6 on June 18 so far.
The AAVE has since been rising with an upward move in the RSI (green line) preceded by an uptrend. So far, AAVE has hit $95. Besides, a break above the $115 resistance area indicates that the trend is bullish.
Serum (SRM) ranks third with 27.70% rise
On June 4, SRM broke out of a descending resistance line that had previously been in effect since the beginning of April. However, it failed to initiate any upward movement.
Despite this lack of strength, the daily RSI continued to form an uptrend (green line). It finally started an upward move on July 2nd. So far, SRM has reached a high of $1.09. If the upside continues, the next closest resistance area will be at $1.85.
Compound (COMP) in fourth place rose 26.68%
COMP has been rising since June 18th. The price was initially rejected by both a descending resistance line and the horizontal resistance area of $58 (red icon). However, he managed to break out of the resistance line on 13 July. Also confirmed this as support (green icon).
Currently, COMP is making another attempt to break out of the $58 resistance area. If successful, the next closest resistance will be at $105.
The latest altcoin is Polygon (MATIC), up 26.09%
cryptocoin.com As you follow, MATIC reached its all-time high price of $2.92 in December 2021. It has since fallen below a descending resistance line. The downside move extended to $0.316 on June 18.
The price has been rising since then and exploded on July 8. At the time of the explosion, the line had been in place for 194 days. Ahead of the entire upward move, there was a significant bullish divergence on the daily RSI (green line). If the upside continues, the first long-term resistance area will be at $1.32. This is the 0.382 Fib retracement resistance level and a horizontal resistance area.
