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Today, we released the top altcoins to watch for the week. These included Kusama (KSM), Metal (MTL), and Rari Governance Token (RGT).
To find out why we picked these projects in a little more detail, look at the article here.
In this analysis, I would like to cover these three coins to help provide some support and resistance you might expect to move forward.
Kusama is up by a strong 8.3% today as the cryptocurrency surges to $425. The cryptocurrency peaked at $625 (1.414 Fib Extension) in May before the market-wide capitulation. During the sell-off, KSM dropped as low as $200, but it quickly rebounded from there and formed an ascending price channel that it is currently trading within.
Last week, KSM bounced higher above $400 and reached as high as $530. There, it met resistance at the upper boundary of the ascending price channel and started to head lower toward the end of the week.
Over the weekend, KSM found support at $400 (lower boundary of the price channel) and has since rebounded higher to the current $425 level.
Kusama is now ranked in the 29th position as it holds a $3.59 billion market cap value.
Despite today’s 8.3% price hike, KSM is still considered neutral until it can close above resistance at $526 (bearish .786 Fib Retracement). On the other side, a drop beneath $285 (200-day MA) would be needed to turn KSM bearish in the short term.
If the sellers push lower, the first level of support lies at $400 (the price channel’s lower boundary and 50-day MA). This is followed by $370 (100-day MA), $355 (.5 Fib), $320 (.618 Fib), $285 (200-day MA), and $240.
On the other side, the first resistance lies at $448 (bearish .618 Fib Retracement). This is followed by resistance at $480, $500, and $526 (bearish .786 Fib Retracement). Additional resistance is then expected at $568 (1.272 Fib Extension & upper boundary of price channel), $600, and $625 (1.414 Fib Extension & May highs).
MTL is down by a strong 25% over the past week as the coin currently trades around the $2.16 level. The cryptocurrency has been in a consistent downtrend over the past few months after it set a new ATH price at around $7.00 toward the end of March 2020.
During April, MTL was attempting to hold the support at $3.00, provided by a .618 Fib Retracement level. Unfortunately, the market fell beneath this support during the May capitulation and ended up falling lower until support was found at the 200-day MA level around $2.15.
Since finding the support at the 200-day MA, MTL has been trapped within a narrow range between $2.15 and $3.00. It must break this range to dictate the next direction for the market moving forward.
MTL is now currently ranked in the 215th position as it currently holds a $142 million market cap value.
Metal is considered neutral right now, but a drop beneath the $2.00 level will turn the market bearish. To turn bullish, MTL will have to push higher and break the resistance at the May high at around $4.92 (bearish .382 Fib Retracement).
If the sellers push lower, the first support lies at $2.00 (.786 Fib Retracement). This is followed by support at $1.50 (400-day MA0, $1.15, and $1.00.
On the other side, the first resistance lies at the long-term falling trend line. Above the trend line, the first strong resistance lies at $3.00 (the upper boundary of the current range). Beyond $3, resistance is located at $3.65 (bearish .236 Fib Retracement), $4.00, $4.50, $4.92 (bearish .382 Fib Retracement), and $5.00.
RGT might be up by a solid 10.3% today, but the coin is still down by a sharp 53% over the past month of trading as it currently sits at $5.78. RGT had set an ATH price at $31 earlier in April and has been falling from there ever since. The cryptocurrency fell as low as $3.66 during the May capitulation and rebounded higher from there.
At the start of June, RGT attempted to push higher but could not overcome resistance at $11.71 (bearish .5 Fib Retracement) and stayed beneath the falling trend line.
From there, it headed lower again and recently found support at $5.36 (short-term .786 Fib Retracement) over the weekend.
RGT is now ranked in the 380th position as it currently holds a $52.23 million market cap value.
RGT has to be considered bearish right now and would have to climb above the rising trend line and clear $8 to turn neutral again. It would need to continue above the June highs at $12 to start to turn bullish in the short term.
If the sellers push beneath the support at $5.36, the first level of support beneath lies at $5. This is followed by $4.57 (.886 Fib Retracement), $4.00, and $3.66 (May lows).
On the other side, the first levle of resitance lies at $7.4 (bearish .236 Fib Retracement). This is followed by $8, $9.81 (bearish .382 Fib Retracement), $10, and $11.71 (bearish .5 Fib Retracement).
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here's 3 of our most recent technical analysis articles:
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