Almost all of the major altcoins have posted gains in the past week. This was noted by Bitpanda’s country manager in Spain, Alejandro Zala, who shared his analysis of some of the most popular cryptocurrencies with Cointelegraph last Friday.
â ???? DOT was trading near € 30 last week as the bulls tried to push price above the right shoulder shoulder-head-shoulder pattern, but the long wick of the daily candle indicated short positions at higher levels. ????, Zala explains.
The bears are trying to bring the price below the MAs, which act as current support lines. The price will remain around 27 euros for the time being, in a narrow range between support and resistance zones as bulls and bears fight to enforce, ”he added.
As for ADA, he said it lagged a little behind the big altcoins, trading just over $ 1.90.
â € ¢ It fell from its $ 2 resistance level in early October and continued to fall until it hit the $ 1.86 support. ADA is also moving down against BTC, but is maintaining the formation of higher highs and lows, suggesting that the trading pair could soon turn bullish.
Small cap coins with big profits
The month of October got off to a good start for BEST owners as the value rose by around 10%.
• The formation of higher highs and lows indicates that an uptrend with an overall increase in value can be expected. Additionally, BEST is trading above its 100-day MA, which suggests the bulls are in control, “Zala said.
Finally, he explained that one of the currencies that has risen the most recently is the cryptocurrency meme Dogecoin, which is up 30% since the beginning of October.
“The asset is currently trading at around EUR 0.21 and is the eighth largest cryptocurrency by market capitalization,” he concluded.
(Clarification: The analysis presented here corresponds to the Country Manager of Bitpanda in Spain and is in no way an investment recommendation from Cointelegraph. Everyone must conduct their own research before investing and is responsible for their own decisions)
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