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THORChain ($RUNE) and Pepe ($PEPE) have broken out from diagonal resistance levels. Toncoin ($TON) reclaimed a horizontal support area after previously falling below it.
While the crypto market was uneventful during the weekend, these cryptocurrencies increased considerably. Therefore, they are considered the weekend altcoin winners.
THORChain ($RUNE) Price Leads Altcoin Winners
The $RUNE price broke out from a descending resistance line on August 12. Previously, the line had been in place since the beginning of February. Breakouts from such long-term structures usually lead to significant upward movements since they indicate that the previous correction is complete.
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After the breakout, the price reached a high of $1.45 the next day. The fact that $RUNE sustained the upward movement after the breakout is a bullish sign.
If the increase continues, the next resistance will be 22% above the current price, reaching $1.70. On the other hand, if the price loses momentum, it can return and validate the descending resistance line at $1.20. This would be a drop of 13% from the current price.
$PEPE Bounces but Fails to Clear Resistance
The $PEPE price has increased significantly since August 7. On August 12, it broke out from a descending resistance line that had been in place since July 2. Breakouts from such resistances indicate that the previous correction is complete and a new upward movement has begun in the other direction.
The $PEPE price failed to move above the $0.0000014 horizontal area despite the breakout. This is a crucial area since it had previously acted as support (green icon) and has now turned to resistance (red icon).
It can move to the next resistance at $0.0000018 if the price breaks out. This will be an increase of 27%, measuring from the current price.
However, if the rejection continues, the $PEPE price can drop by 16% and validate the previous resistance line at $0.0000012.
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Toncoin ($TON) Reclaims Resistance After Deviation
The $TON price broke down below the $1.35 horizontal area on July 28. This was expected to initiate a significant downward movement.
However, the drop culminated with a low of $1.18, and the price reclaimed the $1.35 area on August 12. This indicates that the breakdown was illegitimate, and the decrease was only a deviation. Significant movements often follow such deviations in the other direction.
If the upward movement continues, $TON can increase by 33% and reach the $1.90 resistance area. However, a 30% drop to $1 will likely transpire in case of a bearish reversal.