WIF, WLD, and HNT Outperform in Crypto Market with More Than 40% Price Gains in One Week
Biggest Weekly Crypto Gainers | Credit: Hameem Sarwar
Key Takeaways
- Dogwifhat (WIF) broke out from a diagonal and horizontal resistance area.
- Worldcoin (WLD) has made four unsuccessful attempts to break out.
- Helium’s (HNT) price also broke out from a diagonal and horizontal resistance.
Most of the crypto market has rebounded after the lows on July 5. While the increase was initially gradual, it accelerated this week, especially in the past seven days. The three altcoins that increased the most from July 12 to 19 are WIF, WLD, and HNT, which increased by 55%, 47%, and 40%, respectively.
Let’s look at their price movement this week and make projections on whether they can repeat their performance next week.
WIF Leads Crypto Market Gainers
The WIF price has fallen under a descending resistance trend line since May 29. The decline culminated with a low of $1.48 on June 24. Afterward, the price bounced but was rejected by the trend line and the $2.30 resistance area.
Nevertheless, WIF regained its footing and created a higher low on July 12 before breaking the trend line. On July 18, the WIF price reclaimed the $2.30 horizontal area, confirming its bullish trend reversal.
Besides the $2.30 area, WIF also broke out from an ascending parallel channel (white). This is likely to accelerate the rate of increase soon.
The daily RSI and MACD reinforce the validity of the breakout. After generating bullish divergences (green), the indicators moved above 50 and 0 (green circles), respectively, indicative of a bullish trend.
If the breakout continues, WIF can gradually increase toward the next resistance at $3.70.
WLD Makes Unsuccessful Breakout Attempt
The second biggest crypto market gainer last week was WLD. However, despite its substantial increase, its future outlook is more grim compared to WIF.
The main reason for this is that the WLD price has yet to break out from its 131-day descending resistance trend line. Rather, it has been rejected by it four times (red icons).
Additionally, while the RSI has crossed 50, the MACD is still below 0, failing to confirm the bullish trend.
So, whether the price of WLD breaks out from the trend line or not will likely determine the future trend. A successful breakout can trigger an increase toward the next resistance at $4.40. Conversely, the continuation of the rejection will likely lead to a retest of the $2.20 horizontal support area.
Will the HNT Increase Continue?
The HNT price movement was more similar to that of WIF rather than WLD. This is because HNT broke out from a descending resistance trend line and moved above the horizontal resistance area at $3.60. The area is now likely to provide support.
Furthermore, the daily RSI and MACD are both bullish. The RSI increased above 50 and the MACD above 0 (green circles), both associated with bullish trends. When coupled with the price action, this suggests the previous correction has ended.
If HNT continues to increase, the next resistance will be at $5.70, a level not reached since the beginning of May. Interestingly, the RSI already moved above its May highs, so the HNT price can do the same if it moves in a similar trajectory.
Biggest Crypto Market Gainers Might Not Repeat Next Week
Even though WIF, WLD, and HNT are the three biggest crypto market gainers in the past seven days, this increase is not certain to continue next week. This holds especially true for the price of WLD, which has not broken out from its main resistance area yet. On the other hand, WIF and HNT have more positive outlooks since they have cleared their main resistance levels.
WIF Price Forms Double Bottom, Dogwifhat Bounces 40%: 85-day Correction Could Be Over
WorldCoin Price Falls 20% – Corrective Pattern Points to More WLD Downside
