Solana (SOL), Compound (COMP) and Tomochain (TOMO) managed to increase over the weekend, resuming the climb that started the previous week.
The performance of the cryptocurrency market was bearish last week. Although a short-lived rebound occurred on Friday, it did not last through the weekend for most cryptocurrencies.
However, these cryptocurrencies had a positive performance, being ranked as the weekend’s gainers.
Tomochain (TOMO) is leading the altcoin weekend gainers
TOMO price has been declining since reaching a new yearly high of $2.55 on May 28. On June 29, the decline triggered a breakdown from the ascending support line that had been in place for 111 days. Breakdowns from such long-term structures often indicate that the previous bullish trend is over. Thus, sharp downward movements follow them.
However, TOMO’s price has not fallen significantly since its crash. Instead, the price bounced at the 0.5 Fibonacci retracement support level at $1.
On July 10, it again reached the ascending support line and confirmed it as resistance (red icon). This is a common move after breakdowns and is usually followed by another downward move.
If Tomo price declines and falls below the 0.5 Fibonacci retracement support level at $1, it could drop to the next critical support level at $0.80. However, if TOMO price regains the ascending support line, it can move to the next resistance at $1.73.
Composite price attempts to regain support
COMP price broke out from the descending resistance line on June 29. The price resumed its climb and reached a new yearly high of $70.94 on July 4.
While the price declined after that, it is still holding above the $57 horizontal support area. This is crucial because it previously acted as resistance, and created several long upper wicks, which are signs of selling pressure.
Whether COMP price rebounds at $57 or closes below, the future trend can be determined. The rebound is likely to lead to a new yearly high and an increase to $80. On the other hand, closing below the $57 region could trigger a sharp drop to the former descending resistance line at $46.
Solana (SOL) price is breaking out from the long-term resistance
SOL price has been rising since creating a very long lower wick on June 10 (green symbol). It seems that the wick and the daily move caused a breakdown from the $17 horizontal support area.
However, SOL price immediately reversed the trend and reclaimed the $17 area on June 29.
After several failed attempts, SOL price broke out from the descending resistance line on July 7. Before the breakout, the streak had been in place for 81 days. SOL reached a high of $22.50 the next day before falling slightly.
If the decline continues, SOL could find support at the descending resistance line, currently at $19. On the other hand, if the bullish move continues, the next resistance is at $26.
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In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.