Even in the most boring days of bear markets, some cryptocurrencies can stand out with positive performance. One thing we have been noticing for months is that order books have significantly weakened as market makers reduce their risks. This means that low-volume altcoins can now be easily moved upwards with a few million dollars of purchases. Indeed, we often see examples of this, especially on weekends.
One of the standout altcoins of the week is Hifi Finance (HIFI) as it has gained over 122%. The HIFI price has seen a significant increase since June 10. Initially, the price consolidated above $0.30. Then, on August 17, it gained momentum. On September 15, the price reached its all-time high of $1.27.
The ATH stopped at the 2.61 Fib extension of the current rally. This region is usually a resistance area during upward movements. If the downward trend continues after the peak, selling pressure may continue until $0.75. On the other hand, if the resistance at the top is broken, we may see a price increase of 35% to $1.6.
STORJ price initiated a rapid recovery period after hitting a low of $0.19 on August 17. At the beginning of September, the price formed a higher low and accelerated its upward momentum. On September 13, the price broke above the $0.32 horizontal resistance area. If the rally continues, the price could climb to $0.5 with a 50% increase. However, closing below $0.32 could expose the STORJ price to a support level of $0.23.
The MTL price has been rising since it bounced off the support line of a long-term triangle on August 17. Since the triangle broke on September 13, the price has gained momentum. Currently, the price is consolidating in a $1.6 horizontal area, and if it attracts buyers, it could reach $2.6 with a 65% increase.
However, closing below $1.6 could lead to new lows below $1.4. We have seen this scenario in speculative rises supported by low volume in CYBER Coin and many other alternative assets. It is not surprising that speculative movements are short-lived even during periods when even margin altcoins are trading near ATL levels due to lack of demand.