The crypto space has been displaying volatile moves since the start of the month, as the market has recorded significant jumps and corrections each day. The price of Bitcoin has recorded a stable rise of less than 1%, indicating a cool-off in the rally.
On the other hand, Mid Cap tokens have outperformed the elite coins as they have recorded massive gains in recent times, suggesting a rise in investor’s interest in the altcoins.
Altcoins such as THORChian (RUNE), Oasis Network (ROSE), and Arbitrum (ARB) prices have each added over 10% in their portfolios within the past day, making them one of the top performers for the day in the crypto industry.
Arbitrum Price Analysis:
Following the price pump in October, the ARB price gained massive momentum and broke out of its key resistance level at $0.9895. The price continued to gain momentum but was rejected close to its resistance level of $1.0652.
After this, the price lost momentum and broke down its support level. Arbitrum then made another attempt, but the price was rejected again, following which the price has been hovering close to this range.
Arbitrum price has recorded massive fluctuations in its value recently as the coin has gained significant attention. ARB coin has recorded a jump of over 11% in its value, resulting in the price claiming a spot in the top gainers list.
The MACD has displayed significant volatility in its price action during the past week, indicating an increasing buying and selling pressure on the coin. Further, the chat shows a rising green histogram, suggesting the price will continue gaining value in the coming days.
If the bulls continue to gain power and break out of the resistance level at $1.0652, the price will continue gaining value and make a run to test its upper resistance level of $1.10 soon. Further, if the market holds the price at that level, it will prepare to test its resistance level at $1.200 in the coming days.
Negatively, if the bears overpowered the bulls, the price would experience a fall in value and test its support level at $0.9895 soon. Moreover, if the bears stay in power, the price will experience a plunge in value and test its lower support level of $0.9228 in the coming time.
Oasis Network Price Analysis:
The Oasis Network traded in a consolidated range between $0.03914 and $0.04263 for a brief period, following which the price gained massive momentum and broke out of it and continued to gain value but was rejected at the resistance level of $0.05331.
The price then traded in a closed range between $0.04882 and $0.05331 for about a week. After this, the market experienced another price jump, and Oasis Network price experienced a jump of over 13% in value, resulting in the price breaking out of its upper level.
Following the price jump, the coin broke out of its important resistance level at $0.0600, after which the price continued to momentum but was rejected at $0.06491, and the ROSE price has been trading close to it since.
The MACD displays a constant green histogram for a week, indicating a strong bullish influence in the market. Further, the averages show a significant rise in the chart, suggesting the price will continue gaining value in the coming week.
If the bulls break out of the resistance level at $0.06491, the price will continue gaining momentum and prepare to test its upper resistance level of $0.0700 soon. Further, if the market continues to trade on a bullish note, the price will make a run to test its resistance level at $0.0750 in the coming days.
On the flip side, if a trend reversal occurs and the bears come into power, the price will experience a drop in its value and prepare to test its support level at $0.0600 soon. Moreover, if the bears continue to run the market, it will further fall and test its lower support level of $0.05331.
THORChain Price Analysis:
RUNE price has outperformed major altcoins as the price has added over 16% in its value within the past day, indicating a rising interest of the investors in this coin. Further, the coin has gained over 37% in its portfolio during the past seven days, making it one of the top gainers of the previous week.
The price has recently witnessed another jump in its value, resulting in the price breaking out of its important resistance level of $3.030. Following the price pump, the coin continued to rise but was rejected at $3.420, after which it has been trading close to it.
The MACD displays a rising green histogram, indicating an ongoing massive price action for the coin. Further, the averages show a constant rise in the chart, suggesting the price will continue gaining value in the coming days.
If the bulls gain power and break out of the resistance level at $3.420, the price will continue gaining momentum and make a run to test its upper resistance level at $3.60 soon. Further, if the market continues to hold the price at that level, it will continue to rise and test its resistance level at $4 in the coming time.
Conversely, if the bears overpowered the bulls and a trend reversal occurs, the price will lose momentum and fall to test its support level at $3.030. Moreover, if the bears continue to dominate the market, they will fall further and test their lower support level of $2.785 this month.
Conclusion:
The crypto market has recorded a significant rise in its value during the previous weeks, indicating a rising interest of investors in the industry.
Further, the altcoins are regaining momentum as many tokens are experiencing massive gains in their respective portfolios, suggesting a possibility of an altseaon in the coming time.
