Top 3 Altcoins to Watch This Weekend After Record High Price Jump
Three altcoins to watch this weekend share the identical setup. Lighter (LIT), Zcash (ZEC), and Rain (RAIN) have every damaged above multi-month highs and tagged their first Fibonacci extension goal.
Each chart now asks the identical query. The damaged highs have flipped into assist, whereas the 1.618 Fibonacci extension sits overhead as the following goal into the weekend.
| Altcoin | Current Price | Next Resistance | Target if Cleared | Support if Price Falls |
|---|---|---|---|---|
| Lighter (LIT) | ~$3.39 | $3.79 | $3.98 | $3.30, then $2.76 |
| Zcash (ZEC) | ~$807 | $903 | $1,099 | $749.65, then $628.63 |
| Rain (RAIN) | ~$0.01766 | $0.01948 | $0.02214 | $0.01624, then $0.01420 |
Lighter Extends Its Breakout Toward $3.98
Lighter trades close to $3.46 with a market capitalization of $865 million. The token has gained about 25% over the previous week and roughly 57% over the previous month.
The each day chart reveals a clear breakout on Aug. 21 above $2.76, a stage LIT had not traded by way of since January. That transfer adopted a July tokenomics overhaul that launched everlasting provide discount.
Price then cleared the 1.272 Fibonacci extension at $3.30 and now works towards the 1.618 extension at $3.98. That goal sits about 15% above spot.
On a pullback, the damaged $2.76 stage turns into the primary assist. An ascending trendline drawn from the mid-May low is converging with the identical value stage, strengthening the zone.
Below it, the long-term 0.618 retracement at $2.00 stays the deeper ground.
Volume expanded greater on every leg, together with the August advance that adopted the first revenue-funded burn. RSI has cooled from an overbought studying close to 85 to slightly below 70 with out printing a bearish divergence.
Zcash Stalls Under $900
Zcash trades close to $806 with a $13.6 billion market cap. ZEC has climbed roughly 75% in 30 days, extending a rally that started earlier this 12 months.
The privateness coin broke above $749.65 and pushed into the 1.272 extension at $903.47 earlier than sellers stepped in. Price has since settled again close to $800, holding properly above the breakout stage.
The 1.618 extension at $1,099.14 marks the following upside goal, roughly 37% above present costs. ZEC nonetheless trades far under its report of $3,191.93, set in October 2016.
Support is stacked. The outdated $749.65 high sits first, adopted by the 0.786 retracement at $628.63, which at the moment aligns with the 20-day shifting common.
Bollinger Bands have expanded sharply, indicating a interval of volatility moderately than a spread. Volume ticked greater on the breakout leg, and RSI holds close to 70 with no bearish divergence. A newly listed Grayscale product tracking ZEC offers a elementary backdrop for the transfer.
Rain Prints a Record High With Volume Behind It
Rain trades close to $0.01763 with a $12.35 billion market cap. Market information locations its report high at $0.019464, reached on Aug. 25.
The RAIN chart provides the cleanest construction of the three altcoins discussed here. Price constructed a good accumulation base by way of early and mid-August, roughly between $0.0121 and $0.0130.
That base fashioned instantly on the 0.618 retracement at $0.01259, and quantity rose steadily contained in the vary earlier than any breakout occurred. Accumulation subsequently preceded the transfer moderately than chasing it.
The Aug. 26 candle cleared $0.01624 and depraved into the 1.272 extension at $0.01884. The 1.618 extension at $0.02214 now stands about 27% greater.
Support ranges sit on the damaged $0.01624 high, then $0.01420, then the buildup shelf at $0.01259. RSI trades above 70 with no bearish divergence, which suggests momentum stays intact.
One structural threat deserves consideration. Circulating provide stands close to 709 billion tokens towards a most of 1.15 trillion, so additional unlocks might weigh on value.
The put up Top 3 Altcoins to Watch This Weekend After Record High Price Jump appeared first on BeInCrypto.
