The Magnificent Seven: MATIC, SOL, HNT, ONE, ANKR, CEL, SUSHI — Biggest Gainers, May 14—21

BeInCrypto looks at the seven altcoins that increased the most over the past seven days, from May 14 to May 21.

1. Polygon (MATIC)- 36.51%
2. Solana (SOL) – 3.92%
3. Helium (HNT) – 2.43%
4. Harmony (ONE) – 1.47%
5. Ankr (ANKR) – 3.72%
6. Celsius (CEL) – 5.71%
7. SushiSwap (SUSHI) – 7.05%

MATIC

 MATIC had been increasing rapidly since April 16. The increase became parabolic, on May 12, and the token reached a new all-time high price of $2.70, on May 18.

However, it dropped sharply afterwards, creating a bearish engulfing candlestick (highlighted). The drop took MATIC to the 0.618 Fib retracement support level at $1.19.

Despite the bounce, the preceding upward movement looks like a completed five waves up with an extended fifth wave. Therefore, it is possible that the upward trend has come to an end.

SOL

SOL has been moving downwards since May 18, when it reached an all-time high price of $58.38. Similarly to MATIC, it created a bearish engulfing candlestick the next day. 

The drop took it all the way down to the $29.50 support area, validating it as support and creating a long lower wick. 

Currently, it is attempting to reclaim the $42.50 resistance area, which is the 0.5 Fib retracement level of the downward movement.

HNT

HNT has been decreasing inside a descending channel since reaching a high of $21.50, on April 7. Descending parallel channels usually contain corrective structures. 

So far, it has twice bounced of the support line of the channel, leaving extremely long lower wicks each time. The most recent occurred on May 19.

Currently, it is attempting to reclaim the middle of the channel. If successful, this would be an extremely bullish development, indicating that new highs are on the horizon.

ONE

ONE had been moving upwards since reaching a low, on April 23. Shortly afterwards, it broke out from a descending resistance line, and proceeded to reach a high of $0.188, on May 18.

However, it decreased sharply the next day, falling to a low of $0.07. The drop validated the 0.618 Fib retracement level at $0.096 as support.

The main resistance area is found at $18.

ANKR

ANKR has been decreasing since March 28, when it reached an all-time high price of $0.21. Similarly to HNT, the decrease followed a descending parallel channel.

The price touched the support line of the channel thrice, most recently on May 19, creating a very long lower wick with a magnitude of 55%. 

It is currently attempting to reclaim the middle of the channel. If successful, this would indicate that a breakout is expected.

CEL

On April 4, CEL broke out from a descending resistance line and proceeded to reach a high of $8.36 three days later. Since then, it has twice returned to validate the resistance line as support, most recently on May 19. 

In addition, it has reclaimed the horizontal support area at $6.

The next closest resistance levels are found at $8.33 and $10.58, respectively. The targets are found using an external Fib retracement on the most recent drop.

SUSHI

On May 6, SUSHI broke out from a descending resistance line that had been in place since the $23.43 all-time high, on March 13. 

After validating the line as support on May 10, the token began another upward movement. However, this led to a lower high being reached on May 18 and a sharp decrease the next day.

The drop took it to a low of $10.25. The subsequent bounce validated the $12 area as support.

The support area has held since the beginning of Feb., with the exception of a shortly lived deviation in April (red circle). 

As long as SUSHI is trading above it, the trend can be considered bullish.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.