Be[In]Crypto takes a look at the five cryptocurrencies that increased the most from June 17 to 24, including Storj (STORJ), which nearly doubled in value.
These cryptocurrencies are:
Storj (STORJ): 91.11%Synthetix (SNX): 70.58%Polygon (MATIC): 46.91%Waves (WAVES): 43.14%Uniswap (UNI): 39.63%
STORJ has been falling since reaching an all-time high price of $3.51 in Nov. Since Dec, the price has been decreasing underneath a descending parallel channel. Such channels usually contain corrective movements.
On May 12, the price bounced at the support line of this channel and initiated an upward movement. On June 23, it reached the resistance line of this channel (red icon). If a breakout occurs, the closest resistance area would be at $1.45.
SNX has been falling underneath a descending resistance line since April 1. The downward movement led to a low of $1.42 on June 18.
The price bounced afterward, leading to a high of $3.72 on June 22 (red icon). This served to validate both the $3.55 resistance area and the aforementioned descending resistance line.
A breakout from this line is required in order for the trend to be considered bullish.
MATIC had been trading inside a long-term ascending parallel channel since May 2021. However, it broke down from it in the beginning of May 2022, leading to a low of $0.31 on June 18.
The price has been moving upwards since, so far leading to a high of $0.61. If the upward movement continues, the previous support line of the channel at $0.95 would be expected to act as resistance.
Between May 23 and June 18, WAVES created a double bottom. This is considered a bullish pattern that often leads to upward movement.
Furthermore, it was combined with bullish divergence in the RSI.
If the pattern is confirmed, the upward movement could take WAVES all the way to $12.
UNI has been moving upwards since creating a double bottom pattern at $3.40 from June 14 to 18. On June 22, it broke out from a descending resistance line.
There is a strong resistance level at $5.90, and if UNI is able to move above it, the next resistance would be at $7.60.
For Be[in]Crypto’s latest bitcoin (BTC) analysis, click here.
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