Ankr (ANKR) has more than doubled in value in almost 1 day. The reason for this rally was Binance Labs’ strategic investment decision. On the other hand, Celsius’s cryptocurrency CEL is at the top of the green list this week despite declaring bankruptcy. The 5 altcoins that gained the most value between August 5-12 are as follows:
- Celsius (CEL): 93.59%
- Ankr (ANKR): 50.59%
- Decred (DCR): 29.33%
- Near Protocol (NEAR): 26.58%
- Nexo (NEXO): 23.66%
In the continuation of the article, let’s look at the resistance levels that will be critical for the continuation of the rise identified by analyst Valdrin Tahiri.
Here are the top 5 altcoins since last week
The CEL has been falling below a descending resistance line since Jan 1. This downward move led to the low of $0.09 on June 13. The price has been rising since then and managed to break out of the descending resistance line on the third attempt (red icons). The break occurred on 8 August. Also, CEL reclaimed the $2.10 horizontal area. If the upside continues, the next closest resistance area will be $3.45.
ANKR has been gradually moving upwards since June 18. It formed a higher low on August 10 and rose sharply the next day to $0.058. Despite this significant increase, ANKR failed to retrace the $0.0535 area currently acting as resistance (red icon). Region previously providing support since June 2021 (green icons). So, ANKR needs to retrace this level for the uptrend reversal to be confirmed.
AmkNews.comAs you can follow, ANKR price rallied 50% after Binance Labs’ investment.
Similar to ANKR, DCR followed a descending resistance line. So far, he has attempted to escape four times (red icons). Unlike ANKR, the price hasn’t broken out yet, recording long upper wicks and getting rejected (red icons) every time. Until it manages to break out, the trend cannot be considered bullish.
Near Protocol (NEAR)
NEAR has been rising within an ascending parallel channel since June 18. It came out of that on August 5th and came back two days later to confirm it as support (green icon). Since then, NEAR has been increasing at an accelerating rate. If the upside continues, the next closest resistance area will be at $6.45.
Similar to DCR, NEXO has been falling below a descending resistance line since the beginning of the year. It is currently making its fourth logout attempt (red icons). The line also coincides with the $0.95 resistance area. If a breakout occurs, the next resistance will be at $1.17.
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