XRP, XLM, ALGO, CHZ & RSR outperform the rest of the crypto market
Be[in]Crypto takes a look at the five cryptocurrencies that gained the most last week, specifically from September 16th to September 23rd.
These cryptocurrencies are:
- XRP: 56.94%
- Chiliz (CHZ): 37.38%
- Reserve Rights (RSR): 35.44%
- Algorand (ALGO): 29.76%
- Stellar (XLM): 25.42%
XRP price trend reversal incoming
In June and September, XRP bounced on a long-term ascending support line and the horizontal support area of $0.32 (green icons). Afterwards, it initiated a strong upward movement and broke out from a long-term descending resistance line (dashed).
Additionally, the weekly RSI is about to break out of its bearish divergence trendline.
If the upward movement continues, the nearest resistance area will be $0.60. A recovery of both this area and an RSI breakout above the trendline will confirm that a bullish trend reversal has begun.
CHZ price may drop soon
CHZ has rallied since hitting a low of $0.018 on June 18. It appears to be in wave five of this five-wave uptrend. CHZ has now reached the 0.618 Fib retracement length of waves 1 to 3 (white). This is an area that could potentially act as the top.
If the price succeeds in moving above it, the next important Fib resistance will be at $0.32.
The daily RSI has already generated bearish divergence, a sign that a retracement may soon follow.
RSR price is turning bullish
The RSR had been sinking in a descending wedge since June 7. The descending wedge is considered a bullish pattern, which means that an eventual breakout from it can be expected.
The RSR started an upward movement on September 11 and is currently breaking out of the wedge.
The six-hour RSI has already broken out of its descending trend line, supporting the validity of the breakout.
If the upward movement continues, the nearest resistance area will be $0.11.
ALGO price starts breakout
ALGO has traded in a range between $0.28 and $0.37 since May. Both the bottom and the top of this range have been validated several times.
Currently, ALGO is breaking out from the resistance line. The daily RSI has already broken out, so the price is likely to follow suit.
If ALGO breaks out, the next closest resistance will be $0.52.
XLM price creates bullish divergence
XLM had declined below a descending resistance line since early June. This downward movement led to a low of $0.098 on September 7.
After the daily RSI generated bullish divergence (green line), XLM broke out from the line on September 2. If the upward movement continues, the nearest resistance area will be $0.15.
For Be[In]Crypto’s Latest Bitcoin (BTC) Analysis, click here
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