The cryptocurrency markets are not having a good week overall, and the low volatility period continues to be frustrating. The inability of the Bitcoin price to break critical resistance levels and the selling pressure at higher levels are concerning. However, amidst this, 5 cryptocurrencies managed to show positive divergence in the market this week.
Will Shiba Coin Rise?
Since June 10, when the SHIB price dropped to its lowest level of $0.0000054, it has been on the rise. The increase has been rapid, and on July 28, the price reclaimed the horizontal support area at $0.000008. Six days later, the price crossed above the support line of the previous long-term symmetrical triangle, indicating that the previous crash was fake and showing an upward trend. Moreover, the Shiba Coin team is supporting the momentum with their “coming soon” style posts on social media.
If the upward trend continues, we may see a 12% increase from the current price towards $0.0000113.
Should You Buy THORChain (RUNE)?
The RUNE price has been rising since June 14. On July 30, the price formed a higher low and accelerated its rate of increase. The price is currently within the $1.10 horizontal resistance area, which previously acted as support. It is crucial to maintain this level. If RUNE breaks the trendline, it can potentially increase by slightly more than 50% and reach the $1.70 resistance.
OKB Coin Analysis
Since the beginning of February, the OKB price has been trading within a symmetrical triangle. The triangle is considered a neutral formation, but it usually leads to continuation. As the triangle formed after an upward move, a breakout from the triangle would be the most likely scenario. If the breakout occurs, we can expect a 50% increase towards the $72 resistance.
Will DYDX Price Increase?
The DYDX price has fallen below a declining resistance line since February. This line has caused multiple rejections, with the latest one on April 28. The resistance line is currently slightly above the current price at $2.25. If the recent proposal is accepted, which would slow down the token issuance rate, it could be a good catalyst for the price.
If the DYDX token price breaks upwards, it could reach the $3.2 resistance with a 45% rally.
SNX Coin Analysis
Since the beginning of March, the SNX Coin price has fallen below a declining resistance line. More recently, this line caused a rejection on July 21, leading to a drop to $2.35 on August 4.
As the price has initiated a quick recovery by reclaiming the $2.5 level, investors are becoming more bullish. If this level is maintained, the price could continue to rise towards $2.9.
