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Kava (KAVA), Rocket Pool (RPL), and Tron (TRX) have all broken out from the resistance levels that accentuated their previous corrections.
Most of the crypto market has been increasing since the early hours of May 12, an increase that accelerated during the weekend. These three cryptocurrencies were the ones that pumped the most during this time.
Kava (KAVA) Leads Weekend Gainers
The KAVA price has increased by 57% over the past six days. The movement resulted in a breakout from a descending resistance line that had been in place since the beginning of March.
As a result, the previous correction may have ended.
If the KAVA token price holds above the previous resistance of $0.96 and validates it as support, it could catalyze a bounce toward the yearly high at $1.20.
However, a fall toward $0.85 could ensue if it breaks down.
Rocket Pool (RPL) Crypto Price Accelerates Increase
The RPL token price has increased sharply since it was trading at a low of $43.45 on May 12. The same day, it broke out from a descending resistance line that had been in place for nearly a month.
Breakouts from such structures usually indicate that the preceding trend is now over and a trend in the opposite direction has begun.
Currently, the Rocket Pool price trades at the 0.5 Fib retracement resistance level of $54.30.
The principle behind Fibonacci retracement levels suggests that after a considerable price movement in one direction, the price will retrace or go back partially to a previous price level before continuing in its original direction.
Therefore, if the RPL price closes above it, it could increase to $61. However, a drop to the closest support at $44 will be the most likely scenario if a rejection ensues.
Tron (TRX) Price Resumes Ascent After Breakout
In the case of the TRX price, most of the increase occurred on Friday and continues today. On May 11, the TRX price bounced at the confluence of support levels created by an ascending support line and the $0.068 horizontal area.
The TRX price broke out from the area previously and was validated as support on May 11 (green icon).
Now, the crypto price is approaching the main resistance at $0.072. If it breaks out, the price could accelerate its rate of increase toward the next resistance at $0.084, which is an increase of 20% from the current level.
On the other hand, a close below $0.068 will invalidate this bullish TRX price prediction and cause a drop to $0.062.
For BeInCrypto’s latest crypto market analysis, click here.