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The term altcoin refers to cryptocurrencies other than Bitcoin (BTC). These bullish altcoins have stolen the crypto news and cryptocurrency market spotlight this week as the biggest gainers:
- SEI price increased by 650%
- THORChain (RUNE) price increased by 33.32%
- Akash Network (AKT) price increased by 22.83%
- DEXE price increased by 9.85%
- UNIBOT price increased by 6.97%
SEI Price Leads Altcoin Gainers
The SEI price increased massively on August 15. Following its launch on Binance, its price reached a new all-time high of $0.48 as soon as trading commenced. However, it has fallen since. The decrease has followed a descending resistance line since August 16.
While initial token listings can see some huge price swings, it generally can take a few days for the price to stabilize.
On August 18, SEI bounced and broke out from the resistance line. However, it has yet to initiate any upward movement.
SEI/USDT Hourly Chart. Source: TradingView
If the SEI price moves upwards, it can increase by 35% to the $0.21 resistance area. However, a 37% drop to $0.10 will be expected if it breaks down.
THORChain (RUNE) Price Breaks Out After Higher Low
The RUNE price has moved upwards since June 14. After creating a higher low on July 30, the price accelerated its rate of increase. On August 12, RUNE broke out from a descending resistance line that had been in place since the beginning of February.
Currently, RUNE trades inside the $1.50 horizontal resistance area. Whether it breaks out or gets rejected will be crucial in determining the future trend.
RUNE/USDT Daily Chart. Source: TradingView
If RUNE breaks out, it can increase by 33% to the next resistance at $1.90. On the other hand, if it gets rejected, a 19% drop to the previous descending resistance line will be likely. The line is currently at $1.20.
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Akash Network (AKT) Price Breaks Out From Triangle
The AKT price traded inside a symmetrical triangle in the period between June and August. While the triangle is considered a neutral pattern, it transpired after an upward movement. Therefore, a breakout from it was the most likely future price scenario.
On August 8, AKT broke out and reached a high of $1.44 six days later. The high was made right at the 2.61 Fib extension of the previous increase.
AKT/USDT Daily Chart. Source: TradingView
If the upward movement continues, the next resistance will be at $1.80, at the 3.61 Fib extension of the same increase. This would be an upward movement of 50%.
On the other hand, in case a bearish trend reversal transpires, AKT can fall by 33% to the closest support at $0.80.
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DEXE Reclaims Horizontal Level
The DEXE price has increased since June 5. The upward movement caused a reclaim of the $2.20 horizontal area and led to a high of $3.11 on July 4.
While the price has fallen since it validated the $2.20 area on August 17 (green icon) and has seemingly begun another upward movement, DEXE has yet to break out from a descending resistance line.
DEXE/USDT Daily Chart. Source: TradingView
A 20% increase to $2.70 will be expected if it does. However, if DEXE breaks down below $2.20, the price can fall by 17% to $1.90.
UNIBOT Deviates Above Range High
The UNIBOT price has fallen since its all-time high of $245 on August 16. The decrease was especially important since it rendered the breakout above the $205 area as only a deviation.
The price has fallen since the deviation and reached the $170 support area on August 17 (green icon). This is a crucial area since it has provided support since August 8.
UNIBOT/USDT Six-Hour Chart. Source: TradingView
If UNIBOT breaks down, it can fall by 23% to $140. However, it can retest the $205 area if the price bounces. This would be an increase of 15%, measuring from the current price.
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