Top 3 Gainers Of The Week Waves, ABBC Coin, Filecoin: The moon is nigh for these altcoins

  • Waves rally appears to have stalled under $3.4, leaving the ball in the bears’ court.
  • ABBC Coin social media mentions tumble, dampening the uptrend.
  • Filecoin rallied to $275 after launch but is now trading at $45, raising dumping concerns.

This week started on the right foot with cryptocurrencies posting gains across the board. For instance, Bitcoin climbed towards $12,000 but hit a wall at $11,800. Ethereum extended the bullish action, almost hitting $400, while Ripple tested $0.26 hurdle again.

However, most of these gains were erased on Friday following the news that OKEx has suspended all digital assets/cryptocurrencies withdrawals. The flagship crypto toppled to $11,200, while Ether dropped to $365. Intriguingly, some digital assets like Waves, ABBC Coin and Filecoin closed the week in the green.

Waves majestic recovery hits pause

After completing the double-bottom pattern on the 4-hour chart, Waves shot up massively. The remarkable price action overcame the resistance at the 50 Simple Moving Average (SMA), the 100 SMA and 200 SMA. Several other hurdles were pushed into the rearview, extending the price action towards $3.4.

At the time of writing, WAVES/USD is trading at $3.0 after a minor retreat while buyers work around the clock to ensure that the uptrend continues. The low trading volume suggests that rapid movements are unlikely in the near term.

Price action above $3.4 could open the road for gains eyeing $4. On the downside, support is envisaged at $2.8, the 50 SMA (near $2.6) as well as $2.4. Simultaneously, the primary support lies at $2.

WAVES/USD 4-hour chart

WAVES/USD price chart

According to Santiment, a spike in social Waves’ social media mentions preceded the extensive bullishness in the last few days. On October 15, social media volume soared to 25, followed by the price action to $3.4.

On the other hand, increased social media mentions are not good signs for the uptrend’s continuation. In most cases, a price pump attracts the masses to the token, but they start dumping, impacting the price negatively.

Waves social volume chart

WAVES social media mentions

ABBC Coin breakdown seems imminent

Following an impressive rally since August, ABBC Coin appears to have hit a crucial resistance at $1.2. The token is trading at $0.63 amid a developing bearish momentum. The Relative Strength Index recently hit levels above 90 but is currently retreating from the overbought area. This overbought condition adds credence to the bearish outlook.

On the flip side, short term support is anticipated at $0.45. Similarly, extended losses will seek refuge at the 50-day SMA. If push comes to shove, the 100 SMA is in line to prevent losses from piercing through $0.20.

ABBC/USD daily chart

WAVES/USD price chart

Like Waves, a spike in ABBC Coin mentions went ballistic across various social media platforms on October 15. Unfortunately, the craze surrounding the crypto died down shortly after and is currently non-existent. The ongoing price reversal has reflected the decline in social volume.

ABBC Coin social volume chart

ABBC social media mentions

Filecoin shines after mainnet launch

Following the launch of Filecoin (FIL), the price shot up to $275. However, a reflex correction took place immediately with the price holding onto a newly established support at $40. At the time of writing, FIL is trading at $45 while holding firmly to the 50 SMA. Losses are anticipated if the 50 SMA support is broken.

FIL/USD 15-minutes chart

FIL/USD price chart

On the upside, the 100 SMA stands in the way and is likely to delay recovery. The RSI shows that the path of least resistance is downwards for now. Support at $40 will come in handy if declines continue.

Filecoin social volume chart

FIL social media volume

Santiment highlights a significant drop in social media mentions. The token launch was well received, even sparking a debate that the owners of the project had a short term goal of dumping. The decrease in social media mentions might lead to more losses in the near term, especially if investors continue dumping.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin bulls ignore China warning amid a potential rally to $45,000

Bitcoin has kicked off the August month on the right footing, looking to extend the previous week’s 15% gains amid favorable fundamental and technical catalysts. Looking at the daily chart, the BTC price is gathering pace to initiate a fresh upswing towards the horizontal 200-Daily Moving Average (DMA) at $44,750.

More Bitcoin News

Dogecoin price preps up for a rally towards $0.30

Dogecoin price is jumping this Sunday, displaying a solid start to August, as a fresh buying wave grips the crypto market. DOGE price confirms a triangle breakout on the 4H chart. The bulls target $0.30 amid the renewed upside momentum.

More Dogecoin News

Shiba Inu Price Prediction: Tide turning in favor of SHIB bulls, as $0.00000750 beckons

Amid an upbeat momentum seen across the crypto board, Shiba Inu is looking to extend Saturday’s upswing from near the $0.00000590 support area. The focus remains on Sunday’s close to confirming a falling wedge breakout on the 1D chart.

More Shiba Inu News

XRP price eyes a sustained break above 200-DMA to recapture $1.00

XRP price pauses its recent uptrend, consolidating in a familiar range for the fourth day in a row, as the digital asset bides time to resume the next leg higher. Only a daily closing above the 200-DMA could open gates for a rally towards $1.00. 

More Ripple News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast