This week’s list of top performing altcoins included:
- Shiba Inu (SHIB) +19.38%
- THORChain (RUNE) +16.59%
- OKB +14.50%
- dYdX (DYDX) +12.91%
- Synthetix Network (SNX) +8.92%
Shiba Inu (SHIB) is at the forefront of successful altcoins
According to technical analysis, the price of SHIB rose after falling to a new yearly low of $0.0000054 on June 10. The growth was rapid, and on July 28, the popular meme coin returned to the $0.0000080 horizontal region. Six days later, the price broke above the support line of the previous long-term symmetrical triangle.
Six days later, the price broke above the support line of the previous long-term symmetrical triangle.
These two signs indicate that the previous bearish breakout was illegitimate and the trend remains bullish.
If the upward movement continues, Shiba Inu could reach the triangle resistance line at $0.0000113. This would represent a 12% increase from the current price of $0.000010.
;
Source: TradingView
Meanwhile, if SHIB declines, it could fall in price by 13% and slip to the triangle support line at $0.0000090.
THORChain (RUNE) has formed a rising low
The token of decentralized cryptocurrency exchange protocol THORChain RUNE has been rising since June 14. On July 30, the price formed a rising low, after which it accelerated its growth rate. The price is now trading inside the horizontal resistance of $1.10. This is an important area as it has previously played a supportive role. It is also reinforced by a long-term descending resistance line that appeared on the chart in February.
Source: TradingView
If RUNE breaks out of this line, it could rise 50%+ and reach the next resistance at $1.70 level. However, in case of a rebound, the most likely scenario would be a 25% drop to the yearly lows.
The OKB is trading within a continuation pattern.
OKB trades inside a continuation pattern
The OKB price has been trading inside a symmetrical triangle since early February. A triangle is considered a neutral pattern and a continuation pattern. Since the triangle appeared after the upward movement, it means that the most likely scenario would be a bullish breakout from it.
.
In this case, the most likely scenario would be a 50% rise to the next resistance at $72 (the Fibo 1.61 level of the outer retracement of the last downtrend).
This would eventually lead to a new all-time high. The current record high is $58.66, and it was reached in February 2023.
The current record high is $58.66, and it was reached in February 2023.
Source: TradingView
On the other hand, if OKB bounces again, it could fall 16% to the triangle support line at $40.
DYDX is approaching the resistance line
Since February, the DYDX price has been moving along the descending resistance line and has bounced off it repeatedly. The last such bounce occurred on April 28 (red icon). Currently, the resistance line is at $2.25, just above the current price.
If DYDX breaks through it, it could rise to the next resistance at $3.20, which would mean a 45% rise from the current price.
Source: TradingView
On the other hand, another rebound could condition a 35% drawdown to the $1.40 horizontal support area.
Synthetix Network (SNX), last on the list but not in importance
Next to round out the top altcoin of the week SNX. It has been declining along the descending resistance line since early March. Most recently, on July 21, price bounced off this line (red icon). This led to a decline that culminated in the August 4 low at $2.35.
The price recovered immediately afterward above the $2.50 horizontal area.
Once again, however, the price recovered above the $2.50 horizontal area immediately thereafter. Such swings are considered bullish signs that often lead to gains.
In this case, SNX could reach the resistance line at $2.90. This would represent a 14% appreciation from the current price.
An appreciation of 14% from the current price.
Source: TradingView
But if SNX closes below the $2.50 area, the most likely scenario would be a 23% decline to the $2 support area.