Top Crypto Gainers: Canton, Four, Plasma rally secures double-digit gains

Canton (CC), Four (FORM), and Plasma (XPL) are the top-performing crypto assets over the last 24 hours with double-digit gains. The extended recovery in Canton is gaining traction while Four and Plasma target a decisive close above the 200-period Exponential Moving Average (EMA) on the 4-hour chart.

Canton gains traction amid bearish RSI divergence

Canton trades in the green at press time on Wednesday, holding the 17% gains from the previous day. The recovery run targets the R1 Pivot Point at $0.1636, which serves as immediate resistance.

If CC clears this level, it could aim for the R2 Pivot Point at $0.1860.

The momentum indicators on the daily chart indicate a bullish bias. The Relative Strength Index (RSI) at 72 resurfaces into the overbought zone after a reversal on Monday. However, RSI signals a bearish divergence as it remains below Monday’s peak, while the CC price hits a new high, suggesting a potential turnaround. 

Still, the Moving Average Convergence Divergence (MACD) reinstates an uptrend after crossing above the signal line on Tuesday, indicating renewed bullish momentum. 

Looking down, a potential reversal in Canton could test the center Pivot Point at $0.1213.

Four struggles to hold above a crucial moving average

Four hovers above the 200-period EMA at $0.3641 on the 4-hour chart, with bulls waiting for a decisive close. At the time of writing, FORM is up over 3% on Wednesday, building on the 10% gains from the previous day.

If FOUR secures a close above $0.3641, it could extend the rally to the R2 Pivot Point at $0.3917.

The RSI at 68 approaches the overbought zone after a rebound from near the oversold zone on Tuesday, suggesting a sudden increase in buying pressure. Meanwhile, the MACD crosses above the zero line after crossing the signal line, indicating a resumption of bullish momentum.

On the flip side, a reversal from $0.3641 could retest the center Pivot Point at $0.3364.

Plasma’s recovery approaches a confluence of resistances

Plasma edges higher by 4% at press time on Wednesday, following a 3.60% increase on the previous day. The XPL token inches closer to the 200-period EMA at $0.1724 on the 4-hour chart, close to the R1 Pivot Point at $0.1730.

If XPL clears this confluence of resistances, it could target the R2 Pivot Point at $0.1904. 

The RSI at 67 indicates intense buying pressure, while the MACD converges with the red line, suggesting a potential crossover that would signal renewed bullish momentum and trigger a buy signal.

If XPL reverses from $0.1624, it could revisit the center Pivot Point at $0.1473.