Shiba Inu Lead the Market and Carry the Title of Top Altcoin Price Gainer
Rancakmedia.com – October has been a very positive month for the cryptocurrency market. Bitcoin (BTC) increased by 32 percent and hit a new high. This all-time milestone occurred on October 20 and was followed by 6 additional crypto assets that also had 3-digit gains, led by Shiba Inu (SHIB).
The now famous Shiba Inu has recently attracted the attention of investors with its rapid growth. The following is a list of 10 crypto assets that experienced the highest increase during October
- Shiba Inu (SHIB): 1005%
- Secret (SCRT): 350%
- Frax Share Price (FRX): 224%
- Fantom (FTM): 190%
- Curve DAO Token (CRV): 120%
- Harmony (ONE): 100%
- 1Inch (1INCH): 97%
- Near Protocol (NEAR): 79%
- Thorchain (RUNE): 75%
- Axie Infinity (AXS): 67%
The increase in SHIB has continued since early October. It has increased substantially after October 23. Even in just four days, Shiba Inu experienced significant growth of up to 217 percent.
However, this crypto asset was rejected by the significant Fib resistance level around 0.000088. This is the external 4.618 Fib retracement level when measuring the recent decline.
Moreover, it also corresponds to the 1.61 external Fib retracement level of the previous slide that came from May's all-time high.
Finally, volume decreases (green symbol) compared to the start of the pump, another indicator that the uptrend appears to be weakening. In fact, the Shiba Inu is trading in a short-term continuation pattern that could potentially create another breakout.
Meanwhile, SCRT experienced an increase during the previous week. The cryptocurrency managed to reach a new all-time high on October 28, surpassing the $10 level for the first time. The next resistance area is found between 13.90 and 14.25 dollars. These areas are created by leveraging the long-term (black) and short-term (white) external FIb retracement levels.
Since the two levels serve the same purpose, this area is predicted to operate as a strong resistance. Then comes FXS which has been increasing at an accelerating pace since last October 20th.
Currently, FXS is trading in the area of final resistance ahead of the all-time high, found around $14.80. FXS was first rejected by this resistance area on October 26, then created a long upward wick in the process.
Currently FXS is making another breakthrough attempt. If the attempt is successful, the next area of resistance will be found at $24.90. This is the 1.61 external Fib retracement resistance level when measuring the previous decline.