Image Credits: CryptoAvanza
Cryptocurrency markets experienced a tumultuous week, with Bitcoin leading the way as it slid from its weeks-long consolidation at $29,000 to a worrisome $25,000.
While this downturn left many investors anxious, some lesser-known tokens managed to weather the storm. In this article, we’ll take a closer look at the performance of Akash Network, THORChain, and Bitcoin SV in the midst of the recent crypto turbulence.
Akash Network (AKT):
Akash Network’s AKT token displayed resilience during the turbulent week. Notably, it surged to a high of $1.5580, the highest level seen since April of the previous year.
AKT has crossed above both the 50-day and 25-day moving averages, while the Relative Strength Index (RSI) moved beyond the overbought territory. An essential resistance level at $0.7462 has now transformed into a support level.
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However, the formation of a potential double-top pattern, with a neckline at $1.1077, suggests a possible upcoming retreat in AKT’s price, with $1.0 as a critical psychological level to monitor.
THORChain (RUNE):
THORChain’s RUNE token showed robust performance in recent weeks, surging from $0.9170 to a high of $1.60. It successfully turned the pivotal resistance at $1.110 into support, indicating strong bullish momentum.
RUNE has also breached all moving averages and is on the verge of forming a golden cross pattern, which typically signifies a bullish trend. Both the Relative Strength Index (RSI) and the Stochastic Oscillator have entered the overbought territory, suggesting a positive outlook for RUNE. Investors should keep an eye on the $2 mark as the next significant level.
Bitcoin SV (BSV):
Bitcoin SV, often correlated with Bitcoin (BTC), followed its larger counterpart’s lead during the recent crypto downturn. BSV slipped below the crucial support level at $34.33, the lowest point reached since July 27th.
It also dropped beneath the 25-day and 50-day moving averages. Although BSV has rebounded slightly and conquered the resistance at $29, which was the lowest point on May 8th, this recovery might be a “dead cat bounce,” hinting at a potential continuation of the bearish trend. In such a scenario, traders should watch for the $25 level as the next significant support level.
