Altcoin Weekend Gainers – Downturn Doesn’t Phase These Coins

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Solana (SOL), Compound (COMP), and Tomochain (TOMO) managed to increase during the weekend, resuming the ascent that began the previous week.

The crypto market had a bearish performance last week. While a short-term bounce transpired on Friday, it did not continue during the weekend for most cryptocurrencies.

However, these three cryptocurrencies had positive performances, being labeled as the weekend’s altcoin gainers.

Tomochain (TOMO) Price Leads Altcoin Weekend Gainers

The TOMO price has fallen since reaching a new yearly high of $2.55 on May 28. On June 29, the decrease caused a breakdown from an ascending support line that had been in place for 111 days. Breakdowns from such long-term structures often signify that the preceding upward trend has ended. Thus, they are followed by sharp downward movements.

However, the TOMO price did not decrease considerably since its breakdown. Rather, the price bounced at the 0.5 Fib retracement support level of $1.

On July 10, it again reached the ascending support line and validated it as resistance (red icon). This is a common movement after breakdowns and is usually followed by another downward movement.

TOMO/USDT Daily Chart. Source: TradingView

If the TOMO price falls and breaks down below the 0.5 Fib retracement support level at $1, it can drop to the next crucial support at $0.80. However, if the TOMO price reclaims the ascending support line, it can move to the next resistance at $1.73.

Compound (COMP) Price Attempts to Reclaim Support

The COMP price broke out from a descending resistance line on June 29. The price resumed its ascent and reached a new yearly high of $70.94 on July 4.

While the price fell afterward, it still holds above the $57 horizontal support area. This is crucial since it had previously acted as resistance, creating several long upper wicks, considered signs of selling pressure.

Compound (COMP) Price Movement
COMP/USDT Daily Chart. Source: TradingView

Whether the COMP price bounces at the $57 area or closes below it can determine the future trend. A bounce will likely lead to a new yearly high and an increase to $80. On the other hand, a close below the $57 area can catalyze a sharp fall to the previous descending resistance line at $46.

Solana (SOL) Price Breaks Out From Long-Term Resistance

The SOL price has increased since creating a very long lower wick on June 10 (green icon). The wick and daily movement had seemingly caused a breakdown from the $17 horizontal support area.

However, the SOL price immediately reversed the trend and reclaimed the $17 area on June 29.

After several failed attempts, the SOL price broke out from a descending resistance line on July 7. Before the breakout, the line had been in place for 81 days. SOL reached a high of $22.50 the next day before falling slightly.

Solana (SOL) Price Breakout
SOL/USDT Daily Chart. Source: TradingView

If the decrease continues, SOL can find support at the descending resistance line, currently at $19. On the other hand, if the upward movement continues, the next resistance will be at $26.

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.



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