The Magnificent Seven: DOGE, XRP, ZEN, ETC, MKR, BSV, VET — Biggest Gainers, April 9-16

These altcoins are:

DOGE

DOGE is one of the most mentioned altcoins. It has been increasing parabolically since April 13.

On April 16, it reached an all-high price of $0.298. This measured an increase of 320% in only three days. 

However, DOGE has reached the 4.618 external Fib retracement level. This often acts as the top for upward movements, especially when they become parabolic.

XRP

XRP has been increasing since March 25.

However, it potentially reached a short-term top on April 14. This could have been the top of wave three (orange). The level is found by the 1.61 Fib projection of sub-waves 1-3 (black) 

If the count is correct, XRP is currently correcting. The 0.382-0.5 Fib retracement level at $1.18-$1.36 is expected to act as support. 

ZEN

On April 15, ZEN broke out above the $88 resistance area. It created a significant bullish candlestick and then managed to reach a new all time high of $130 the next day. 

However, ZEN seems to have been rejected by the 1.61 external Fib retracement at $115. It is currently in the process of decreasing. 

Nevertheless, the trend for ZEN seems to be bullish, and another eventual upward move towards the $163 area seems to be the most likely option.

ETC

ETC has increased considerably over the past two weeks. Currently, it has moved above the 0.5 Fib retracement level at $25.26. Previously it had traded below this level since April 2018.

The 0.786 Fib retracement level creates the next closest resistance area at $37.85.

MKR

MKR broke out from a descending resistance line on April 13. Two days later, it proceeded to reach an all-time high price of $4096. 

However, it was rejected by the $3906 area and had been decreasing since. The closest support level is found at $3100.

MKR is currently in the process of validating it as support. 

If so, the next resistance level would be found at $5244.

BSV

BSV has been increasing since breaking out from a descending resistance line on April 6. Currently, it has reached the $370 resistance area but was rejected.

Nevertheless, BSV has broken out from a long-term consolidation pattern. Therefore, a continued upward movement towards $457 and possibly $687 is the most likely option.

VET

VET has been increasing rapidly since initially reaching a new all-time high price on March 8. 

So far, it has moved upwards by 234%. On April 15, it reached a new all-time high price of $0.189. 

However, the rate of increase is parabolic, and VET has already moved above the 4.61 external Fib retracement, a level that often acts as the top.

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

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