Monero (XMR) Reaches New Yearly High: Biggest Weekly Gainers
In this article, Be[In]Crypto takes a look at the five cryptocurrencies that have increased the most over the past week, more specifically from April 15 to 22.
These cryptocurrencies are:
- STEPN (GMT) : 49.35%
- Decred (DCR) : 31.20%
- 0x (ZRX) : 22.80%
- Monero (XMR) : 20.96%
- Apecoin (APE) : 17.70%
GMT consolidated between $2-$2.5 in the period between April 1 and 18. However, it finally began an upward movement after breaking out from a descending resistance line. This increase led to a new all-time high price of $3.85 on April 20. The high was made very close to the 1.61 external Fib retracement resistance level.
Currently, GMY is attempting to validate the $3 horizontal area as support. If it is successful in initiating another upward movement, the next resistance would be at $4.97. This is the 2.61 external Fib retracement resistance level.
In the period from Dec to April 13, DCR had been consolidating close to $60, trading underneath a descending resistance line.
DCR managed to break out on April 21 and began the current upward movement. If the increase continues, the closest resistance area would be at $100. The area had acted as support from May to Dec 2021.
ZRX has been increasing at an accelerated rate since breaking out from an ascending parallel channel on March 26 (green icon). It returned to validate the resistance line of the channel as support on April 28, before initiating another rapid upward movement.
The second increase led to a high of $1.17 on April 21. However, ZRX was rejected and has been falling since.
The 0.618 Fib retracement support level at $0.73 coincides with the resistance line of the channel. Therefore, it is a likely level for a bounce.
XMR has been increasing since Feb 24. On April 10, it broke out from a descending resistance line.
XMR has now reached the $290 resistance area. The area has been acting as resistance since Sept 2021.
If it is successful in breaking out, the next resistance would be at $340.
APE had been trading inside a symmetrical triangle since March 18. On April 19, it broke out and proceeded to reach a high of $17.52 the next day.
However, instead of validating the $15.20 area as support, APE broke down below it and validated it as resistance.
Until this area is reclaimed, the trend cannot be considered bullish.
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