POPCAT, QNT, and FTM Lead This Week’s Top Altcoin Gainers
Three Biggest Crypto Gainers This Week | Credit: Veronica Cestari
Key Takeaways
- POPCAT has broken out from a long-term triangle pattern.
- Quant (QNT) bounced after completing a double bottom.
- Fantom (FTM) broke out from a descending resistance trend line.
The last seven days have been bullish for the cryptocurrency market. A rebound has been ongoing since Sept. 6, in which Bitcoin (BTC) has increased by 10%. Several cryptos have increased at a faster rate, the biggest gainers being:
- POPCAT: 27.22%
- Quant (QNT): 26.84%
- Fantom (FTM): 23.89%
Let’s examine their price movement and determine if they can sustain this increase next week.
POPCAT Price Finally Breaks Out
Since June 17, the POPCAT price has increased alongside an ascending support trend line. It reached its all-time high of $1 on July 21. The price fell afterward, validating the ascending support trend line several times.
During the decline, the price of POPCAT created a symmetrical triangle pattern.
On Sept. 12, POPCAT broke out from the triangle and the $0.64 horizontal resistance area. This critical area has provided resistance four times since May. Since the price broke out from diagonal and horizontal resistances, the trend is likely bullish.
In addition, the daily Relative Strength Index (RSI) and MACD have increased above their bullish thresholds. The RSI moved above 50, while the MACD moved above 0.
If the increase continues, POPCAT can gradually reach an all-time high of $1.
QNT Bounces After Double Bottom
Since April, the QNT price has decreased under a descending resistance trend line. The downward movement led to a low of $50 on Aug. 5. This held as the local low, and QNT created a slightly higher low and double bottom pattern on Sept. 4. Two days later, it broke out from the descending resistance trend line.
Before the breakout, the daily RSI and MACD both generated bullish divergences, enhancing the significance of the double bottom and making the breakout more legitimate.
If the QNT price increases, the closest resistance will be $102. This target is created by the 0.5 Fibonacci retracement resistance level and a horizontal resistance area.
Fantom Concludes Crypto Gainers
The final crypto gainer for the week is Fantom. Its wave count shows that the price has completed a five-wave decline starting in March. The correction ended on Aug. 5 and was confirmed once FTM broke out from a descending resistance trend line. The $0.40 horizontal resistance on Aug. 22. Then, it validated them as support in September (white arrow).
During this increase, the daily RSI crossed above 50, and the MACD crossed above 0, confirming its legitimacy.
Since the five-wave decline is over, the Fantom price may have started an upward A-B-C correction. FTM can increase to the 0.5 Fibonacci retracement resistance in this outlook at $0.75.
Next Week’s Outlook Remains Positive
Because of either breakouts from resistance trend lines or the creation of bullish patterns, next week’s outlook is positive for QNT, FTM, and POPCAT. All three may resume their upward movements and break this week’s highs.
