Low volatility continues in a week that has produced little variation in the crypto market’s largest capitalization assets, in which we see $BTC and $ETH with a result very close to 0%.
So this week we are going to review the best performing tokens, but if you want to review the overall situation I leave you the link to last week’s post:
One of the top performers during the week was $MASK, @Mask_Network’s token closes the week up +20% following news of the investment in The Open Network (TON), putting it at the top of the weekly ranking.
The long-term structure of $MASK increases the likelihood of a change in the main trend, which has been bearish since late 2021, following the sideways movement that was triggered at the $1 support zone and led to the secondary uptrend in the last half-year.
The accumulation of these movements forms an inverted Shoulder-Head-Head-Shoulder figure that gives us two options. The first one is to consider that the price already crossed the neckline in March, but that it stopped at the $6.80-$7.40 resistance zone. This neckline crossing was triggered by increasing volume but was not enough to break the resistance.
In the second option, what we interpret as the second shoulder in the first option would become a double top in the head and the possible 2nd shoulder would still be forming, so we would not have the confirmation of the figure yet. In both cases the confirmation of the change of trend figure would occur with a break to the $7.40 resistance zone and with increasing volume.
The weekly move reinforces the uptrend of the last half year, with a push from the secondary trend line that has caused the breakout of the bearish tertiary trend of the last month.
At the moment the situation is undecided in that conflict zone seen at $5, which may be the area to beat for the uptrend to be reactivated in search of a new test of resistance, but first we could see some cut from $5 as a consolidation after the break.
On the podium of the ranking we find $LPT and $PYR, which are both up over +10% on a weekly basis. The @Liverpeer token, $LPT, has generated a slight rise from the $4.30 support zone, but it is still in that low zone without giving technical signs of trend change.
Something similar conveys the situation for $PYR, the @Vulcan_Forged token has managed to reach the $3.50 conflict zone after this week’s momentum, but shows no signs of changing the main trend, although it does show strength at the $2.70 support zone.
Regarding the rest of the ranking, I would like to highlight the presence of several tokens from the Gaming sector, in addition to the already mentioned $PYR, we see $MANA with +8% and in lower positions $SAND and $TLM with +6%.
Finally I would also like to mention the performance of $LTC, the Litecoin token is up +10% during the week, just over two months before its next halving.
$LTC maintains the secondary uptrend of the last year, but keeps rejecting every time its price approaches the $100 resistance, an area that was support in the bearish move that drags from 2021. We will see what happens in these previous two halving months, but if the price manages to break the resistance it would trigger the confirmation of a “cup with handle” figure that could trigger a rise in search of the $140 resistance.
Finally, remember that nothing discussed in our articles can be considered as investment advice, everyone must do their own analysis and develop their own trading strategy, from the Belobaba team we only show our analysis and investment tools and how they help us in our operations when making decisions.