BeInCrypto analyzes several of the growth leaders of the past week. Will they be able to maintain the bullish momentum?
During the week from 1 to 8, the following altcoins became the growth leaders:
- Enjin Coin (ENJ) – 183%
- Chiliz (CHZ) – 175%
- Decentraland (MANA) – 79%
- Ocean Protocol (OCEAN) – 59%
- Bancor (BNT) – 58%
Growth leaders among altcoins
Enjin’s native token, ENJ, reached a new all-time high in trading on Monday, March 8. The coin is ready to form a top.
The CHZ token also renewed its record on March 8, with the growth rate accelerating along a parabola. Technical indicators and Fibonacci retracement levels indicate that another growth wave is possible before the retracement.
MANA also hit a new all-time high on March 8 and is approaching the first resistance area at $ 0.49.
OCEAN broke the record on March 7, with the price forming a large upper shadow and several bearish divergences.
BNT also hit a new all-time high on March 7 and created significant bearish divergence.
Enjin Coin (ENJ)
The ENJ rate has been growing rapidly since February 23 and has tested the previous historical maximum as a support. Now it is 400% above this level.
The coin hit a new record price on March 8 at $ 1.88.
As a result of the parabolic rally, ENJ almost reached the outer Fibonacci level of 4.618 relative to the last fall. This area often serves as potential resistance.
Thus, the coin ranks first in terms of growth rates, but at the same time it is already close to the formation of a top and is ready for a correction.
CHZ is also growing rapidly since February 23; On March 8, the coin hit its all-time high.
Nevertheless, the technical indicators still point to an increase: the bearish RSI divergence on the weekly chart did not materialize, and the MACD continues to rise.
If the CHZ continues to rise, the next nearest resistance area will be around $ 0.192 and $ 0.236.
MANA has also been growing since 23 February.
After breaking through the descending resistance line, MANA returned to the previous breakout area at $ 0.35.
Two days later MANA tested this level as support and resumed its growth. The coin peaked on February 8 at $ 0.48.
Technical indicators turned in a bullish direction, therefore, MANA is likely to continue to rise. In support of this theory, the stochastic has formed a bullish cross.
MANA almost reached the immediate resistance at $ 0.49, followed by the $ 0.68 area.
Ocean Protocol (OCEAN)
The OCEAN rate has been growing since February 28. The coin renewed its all-time high on March 7 at $ 1.69.
However, as a result of the growth, a candlestick with a long upper shadow was formed, which indicates growing selling pressure. This is further exacerbated by bearish divergence in RSI and MACD.
Consequently, OCEAN could retest the $ 1.30 level before resuming its gains.
BNT has also been growing since February 28th. Since then, the price has climbed 90%. The coin peaked on March 7 at $ 8.89.
As with OCEAN, technical indicators indicate a reversal. In particular, the RSI and MACD have formed a bearish divergence.
BNT also reached the 1.61 Fibonacci projection at $ 8.26, from where a correction is likely to start.
The next nearest area of resistance is at $ 10.67.