Yes[In]Crypto looked at the top five cryptocurrencies that rose the most from June 24 to July 1, including Compound (COMP), which was breaking out of a correction pattern.
These cryptocurrencies are:
Compound (COMP): 8.61% Sandbox (SAND): 3.76% Tron (TRX): 2.13% Dogecoin (DOGE): 1.12% Apecoin (APE): 0.45%
COMP has been falling since completing a five-wave upward movement on June 26. The decline has been contained within a descending parallel channel, which usually indicates a corrective decline. Therefore, a breakout from the channel is expected.
If that happens, the next closest resistance will be $68, a level not reached since early June.
On June 28, SAND broke below the ascending support line that has been in place since June 19. The downward movement takes the price to the horizontal support area at $0.97, which is also the 0.618 Fib Retracement support.
After that, the price rebounded (green icon) and started to rise sharply. It is currently facing resistance at $1.15. A break above this level is expected to accelerate the pace of growth.
On June 30, the price broke below the ascending parallel channel that has been trading since June 17. Currently, it is validating it as a resistance level (red icon).
The previous support line of the channel also coincides with the horizontal resistance zone at $0.066. If the price is rejected, a drop to the nearest support at $0.0585 is expected.
DOGE has been moving up since June 18. An upward move resulted in a high of $0.078 on June 27. DOGE has since declined as it was rejected by a descending resistance line for the fourth time since May 10. The resistance line is also with the horizontal resistance area at $0.072.
Therefore, the trend cannot be considered bullish until the price manages to break out of the two.
APE has been increasing since June 15th. On June 27, it broke from the descending resistance line and returned three days later to confirm it as support (green icon).
If this leads to a continuation of the upside, the nearest resistance area will be $5.40. If it breaks through it, it is expected to accelerate the growth rate.
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