THORChain (RUNE) and Pepe (PEPE) have broken out from diagonal resistance levels. Toncoin (TON) reclaimed a horizontal support area after previously falling below it.
While the crypto market was uneventful during the weekend, these cryptocurrencies increased considerably. Therefore, they are considered the weekend altcoin winners.
THORChain (RUNE) Price Leads Altcoin Winners
The RUNE price broke out from a descending resistance line on August 12. Previously, the line had been in place since the beginning of February. Breakouts from such long-term structures usually lead to significant upward movements since they indicate that the previous correction is complete.
After the breakout, the price reached a high of $1.45 the next day. The fact that RUNE sustained the upward movement after the breakout is a bullish sign.
If the increase continues, the next resistance will be 22% above the current price, reaching $1.70. On the other hand, if the price loses momentum, it can return and validate the descending resistance line at $1.20. This would be a drop of 13% from the current price.
PEPE Bounces but Fails to Clear Resistance
The PEPE price has increased significantly since August 7. On August 12, it broke out from a descending resistance line that had been in place since July 2. Breakouts from such resistances indicate that the previous correction is complete and a new upward movement has begun in the other direction.
The PEPE price failed to move above the $0.0000014 horizontal area despite the breakout. This is a crucial area since it had previously acted as support (green icon) and has now turned to resistance (red icon).
It can move to the next resistance at $0.0000018 if the price breaks out. This will be an increase of 27%, measuring from the current price.
However, if the rejection continues, the PEPE price can drop by 16% and validate the previous resistance line at $0.0000012.
Toncoin (TON) Reclaims Resistance After Deviation
The TON price broke down below the $1.35 horizontal area on July 28. This was expected to initiate a significant downward movement.
However, the drop culminated with a low of $1.18, and the price reclaimed the $1.35 area on August 12. This indicates that the breakdown was illegitimate, and the decrease was only a deviation. Significant movements often follow such deviations in the other direction.
If the upward movement continues, TON can increase by 33% and reach the $1.90 resistance area. However, a 30% drop to $1 will likely transpire in case of a bearish reversal.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
Source: https://beincrypto.com/weekend-crypto-winners-led-the-market/