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Today, we released the top altcoins to watch for the week. These included Fetch.Ai (FET), Dusk Network (DUSK), and Argon (ARGON).
To find out why we picked these projects in a little more detail, look at the article.
In this analysis, I would like to cover these three coins to help provide some support and resistance you might expect to move forward.
FET is up by a solid 29% over the past week of trading as the coin currently sits at $0.322. Despite this, the coin has been in a consistent downtrend since it set a new ATH price earlier in March at $0.875.
The coin had been trading at around $0.7 at the beginning of May as it started to fall into the $0.45 support. During the market capitulation over the last fortnight, FET fell beneath the $0.45 support and continued to slide until support was found at $0.205 (downside 1.272 Fib Extension) last week.
It has since rebounded from there and pushed higher to test resistance at $0.34 (bearish .236 Fib) last week. It has since moved sideways along this resitance that is further bolstered by the 200-day MA.
FET is neutral right now but a drop beneath $0.204 would turn it bearish again. The coin would need to break above resistance at $0.527 (bearish .5 Fib & falling trend line) to start to turn bullish again.
If the sellers push lower, the first support lies at $0.3. This is followed by $0.25, $0.205 (downside 1.272 Fib Extension), $0.15, and $0.13 (downside 1.414 Fib Extension). Beneath this, added support lies at $0.1, $0.00765, and $0.05.
On the other side, the first level of resistance lies at $).34 (bearish .236 Fib Retracement & 200-day MA). Above this, resistance lies at $0.4, $0.443 (bearish .382 Fib), $0.5, and $0.527 (bearish .5 Fib & falling trend line).
Additional resistance then lies at $).61 (bearish .618 Fib), $0.65, and $0.7.
DUSK might have rebounded a small 8% over the past week by the coin is still down by 51.7% over the past month of trading as it currently sits at $0.13. The coin was trading at around $0.3 at the beginning of May but started to slide lower into $0.2 (200-day MA) before the market capitulation a fortnight ago.
During the capitulation itself, DUSK continued to drop beneath the 200-day MA until support was found at $0.102 (downside 1.414 Fib Extension). It rebounded from there last week but was stalled by resistance at $0.164 (bearish .236 Fib) and has since returned to the $0.126 level. It is currently struggling to break resitance at a short term descending trend line.
The Dusk Network is now currently ranked in the 398th position as it currently holds a market cap value of $47.7 million.
DUSK is neutral right now but a break beneath $0.102 would turn the market bearish in the short term. It would need to break above the May highs at $0.3 to be considered as turning bullish again.
If the sellers do push lower, the first level of support lies at $0.102 (downside 1.414 Fib Extension). Beneath $0.1, added support lies at $0.9, $0.835, $0.8, and $0.512 (downside 1.618 Fib Extension).
On the other side, the first resitance lies at $0.15. This is followed by $0.165 (bearish .236 Fib), $0.2 (200-day MA)m $0.213 (bearish .382 Fib), $0.253 (bearish .5 Fib), and $0.293 (bearish .618 Fib).
Argon has seen a strong performance this week as the small market cap cryptocurrency increased by a powerful 48.26% to trade at the current $0.116 level. The cryptocurrency had been trading as high as $0.2 at the start of the month but could not overcome the ressitance there.
It started to roll over as the month progressed until solid support was found at $0.0528 (downside 1.618 Fib Extension) during the market capitulation last week.
It held this support and rebounded to push higher above $0.1 last week. However, the bulls have since struggled to break resistance at around $0.12 over the past week of trading.
The small market cap coin is now tranked in the 883rd position as it currently holds a $6.17 million market cap value.
Despite the strong weekly performance, ARGON is still considered nuetral at this moment and would need to break resistance at $0.2 to start to turn bullish in the short term. On the ohter side, ARGON would have to drop beneath $0.05 to turn bearish again.
If the sellers push lower, the first support lies at $0.1. This is followed by $0.091, $0.075, $0.0528 (downside 1.618 Fib Extension), and $0.05.
On the other side, the first resistance lies at $0.12. This is followed by $0.149 (bearish .236 Fib), $0.2 (bearish .382 Fib & May highs), and $0.255 (bearish .5 Fib).
Added resistance lies at $0.3 (bearish .618 Fib), $0.37 (bearish .786 Fib), and $0.4.
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent articles about the price of Bitcoin:
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