Bitcoin saw a small 1.7% price decline over the past week of trading as the cryptocurrency heads beneath a rising trend line that has been in play since mid-March 2020. Despite this recent downturn in Bitcoin, there are a number of cryptocurrencies that have actually surged quite significantly this week.
This week, we will look at the top 5 performing altcoins. The 5 coins we will look at today are CEL (+57%), COMP (+23%), BAT (+23%), ONT (+11.2%), and LINK (11%).
1. Celsius Network
The Celsius Network is the top-performing coin this week as it surged by a total of 57% to reach the current $0.40 trading level. The cryptocurrency started the week off by trading at the $0.26 level before it started to slowly grind higher. It quickly managed to overcome the resistance at $0.3 as it went higher to break above additional resistance at $0.347 (1.272 FIb Extension) and reach as high as $0.40. The cryptocurrency has now created a fresh high for 2020 this week.
Looking ahead, if the buyers continue to drive further higher above the resistance at $0.4, higher resistance is then located at $0.4311 (1.618 Fib Extension level). Above this, added resistance is found at $0.457 (1.272 Fib Extension), $0.4877 (1.414 Fib Extension), and $0.5.
On the others ide, if the sellers push lower the first level of support is found at $0.34. Beneath this, added support lies at $0.32, $0.30, $0.28, and $).261 (.382 Fib Retracement).
The cryptocurrency behind the Compound Finance DeFi dApp saw a 23.5% price hike this week as the coin currently trades at the $247 level. COMP is relatively young as it was only released last week. During its time, COMP surged as high as $380 before it started to drop.
Over the course of this week, we can see that COMP dropped lower into the support at $195 which is provided by a .786 Fibonacci Retracement level. COMP rebounded from here as it headed higher into the resistance at $266 (bearish .236 Fib Retracement level).
Looking ahead, if the bulls can push higher above $266, higher resistance lies at $280, $289 (bearish .5 FIb Retracement), $300, and $312 (bearish .618 Fib Retracement).
On the other side, if the sellers push lower the first level of support lies at $234 (.618 Fib Retracement). Beneath this, added support lies at $220, $210, $200, and $195.
3. Basic Attention Token
Basic Attention Token climbed by a total of 23.3% this week which allowed the cryptocurrency to climb above the $0.27 level. The coin had started the week by rebounding at the $023 level as it began to push higher.
BAT then went on to climb above the $0.26 level as it created a fresh high above the May 2020 high at the $0.274 level.
Looking ahead, if the buyers continue to drive BAT higher the first level of resistance will be expected at $0.284 (bearish .786 Fib Retracement). Above this, resistance lies at $0.30, $0.313 (1.22 Fib Extension), $0.332 (1.414 Fib Extension), and $0.36 (1.618 Fib Extension).
On the other side, if the sellers push lower, the first level of support is found at $0.27 and $0.26. Beneath this, added support lies at $0.25, $0.25, and $0.23 (rising trend line support).
Ontology saw an 11.2% price rise over the previous week of trading as the coin runs into the resistance at $0.65, provided by a long term bearish .5 Fib Retracement level measured from the February high to the March low.
ONT started the week off by trading at the $0.55 level. The coin went on to break higher above $0.6 where lies the 200-day EMA level. After breaking the 200-day EMA, ONT continued higher into the aforementioned resistance at $0.65.
Looking ahead, if the buyers break the resistance at $0.65, the first level of higher resistance lies at $0.67 (1.272 Fib Extension level). Above this, resistance lies at $0.7, $0.72 (1.414 Fib Extension), and $0.764 (bearish .618 Fib Retracement). Added resistance is then expected at $0.8 (1.618 Fib Extension), $0.85, and $0.91 (bearish .786 Fib Retracement level).]
On the other side, if the sellers push lower the first level of support is expected at $0.6 where lies the 200-day EMA. Beneath this, support is found at $).55 (100-day EMA), $0.6, and $0.45.
Previous Top/Worst Performers analysis
Chainlink has been on the rise as it increases by 11% over the past 7 days of trading to reach as high as the $5.00 level. LINK has since dropped slightly as it trades at $4.60. LINK started the week off by trading around the $4.00 level as it rebounded from a rising trend line that has been in play since mid-March.
LINK continued to push higher from here as it broke above the $4.54 level (1.618 Fib Extension) resistance that had caused problems for the market during May 2020. LINK continued to climb higher as it reached the resistance at $4.82 (1.618 Fib EXtension – green). LINK has been unable to overcome this resistance thus far.
Looking ahead, if the buyers push higher, the first level of strong resistance is located at $4.82. Above this, resistance lies at $5.00, $5.23 (1.414 Fib Extension), $5.40, and $5.53 (1.618 Fib Extension level).
The RSI remains above the 50 level but is dropping to indicate the bullish momentum is starting to fade. Additionally, the Stochastic RSI is in overbought conditions and is primed for a bearish crossover signal that would send the market lower.
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here are our most recent articles about the top/worst performers: