BeInCrypto takes a look at five projects that beat the crypto market last week, more specifically, from Oct. 28 to Nov. 4.
These five cryptocurrencies have taken the crypto news and crypto market spotlight:
- Dogecoin (DOGE) price is up 47.97%
- Arweave (AR) price is up 44.78%
- Loopring (LRC) price is up 46.05%
- OKB (OKB) price is up 28.35%
- Chiliz (CHZ) price is up 27.99%
DOGE Breakout Leads Crypto Market
The DOGE price had decreased below a descending resistance line since its all-time high price of $0.738 in May 2021. The decrease led to a minimum price of $0.049 in June 2022.
Afterward, the DOGE price started showing bullish signs in the form of a long lower wick and a double bottom pattern. Furthermore, the weekly RSI generated bullish divergence (green line).
These led to a breakout on Oct. 27, potentially signaling a bullish reversal. Afterward, the DOGE price reached a high of $0.158.
However, it was rejected by the $0.15 resistance area (red icon) and has been decreasing since.
In any case, the price movement seems bullish due to the breakout the long-term resistance line and the breakout of the RSI. A weekly close above $0.15 would accelerate the rate of increase.
On the other hand, a fall below the pre-breakout lows (red line) of $0.056 would invalidate the bullish hypothesis.
AR Price Reaches Range High
The AR price has been moving upwards since June 18. On Oct. 11, it created a higher low, validating the slope of an ascending support line in the process.
Afterward, the rate of increase accelerated further on Nov. 2, leading to a high of $17.80 the next day.
Despite the increase, AR failed to break out from the $16.50 horizontal resistance area (red icon) and created a long upper wick. This was the fifth attempt at doing so. A daily close above this area would be expected to quicken the increase towards $26.20.
On the other hand, failure to do so would likely cause AR to fall towards the ascending support line once more.
LRC Price Attempts Breakout
Loopring is the only cryptocurrency part of the decentralized finance (DeFi) category on this list. Its price has been decreasing underneath a descending resistance line since May 23.
The downward movement led to a low of $0.265 on Oct. 13. Afterward, the LRC price began an upward movement that accelerated on Nov. 4, leading to a high of $0.405.
More importantly, the upward movement caused a reclaim of the $0.34 horizontal area, even though the LRC price has yet to reach a daily close above it.
A breakout from the line could trigger a sharp increase towards $0.60. Conversely, failure to close below the $0.32 area would be a bearish development, likely leading to new lows.
OKB Price Breaks Out From Ascending Triangle
OKB traded inside an ascending parallel channel with resistance at $17.40 since Sept.7. After three unsuccessful attempts, the price broke out on Nov. 3 and reached a high of $23.
However, it was rejected by the $22.30 area (Red icon) and has been decreasing since.
Due to the creation of such a long upper wick, it is possible that OKB will consolidate between $22.30 and $17.40.
CHZ Could Be Long-Term Crypto Market Gainer
CHZ has been increasing since bouncing and creating a long lower wick on Oct. 13. On Oct. 19, it broke out from a descending resistance line and accelerated its rate of increase.
The CHZ price has reclaimed the $0.222 resistance area and validated it as support. Currently, it is in the process of moving above the 0.618 Fib retracement resistance level at $0.236.
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