Weekly Cryptocurrency Market Analysis: Altcoins Gain Significant Support In Fall

The altcoins listed below have the best weekly performance.

The fact that the altcoins are trading above the moving average lines is another feature that unites them. The altcoins are currently on a downward trend as they decline above the moving average lines. Each of these cryptos will be thoroughly examined by me.

Zilliqa

The price of Zilliqa (ZIL) is falling after being rejected by the overhead barrier of $0.035. The cryptocurrency asset has been moving in a sideways direction since November 4, 2022. Buyers have failed to keep the price above the overhead resistance of $0.035 three times already. Each time the overhead resistance was retested, the market dipped below or rose above the moving average lines. At the time of writing, ZIL is trading at $0.033. If the overhead resistance is broken, ZIL will rise to a high of $0.048. The sideways movement will continue if the price of the cryptocurrency goes back above the moving average lines. ZIL is trading in the positive trend zone at level 56 of the Relative Strength Index for the period 14. The characteristics of ZIL, the best performing cryptocurrency:

Current price: $0.03313

Market capitalization: $695,813,547 

Trading volume: $219,014,558 

7-day gain/loss: 7.12%

BitTorrent(New)

BitTorrent (BTT) price is rising, but is unable to overcome the overhead resistance of $0.00000075. The cryptocurrency value rose to a high of $0.00000082 before falling back below the overhead resistance. Currently, BTT is trying to retest the resistance level and is trading at $0.00000064. Since November 2022, the altcoin has been moving sideways between the price ranges of $0.00000060 and $0.00000075. BTT will rise to a high of $0.00000095 if the bullish momentum is maintained above the overhead resistance. Since then, BTT has moved back into oversold territory in the market. Currently, the daily chart’s Stochastic is below the 20 level and the bearish trend of the market has reached its peak. The characteristics of BTT, the second best performing cryptocurrency, are as follows:

Current price: $0.0000006529 

Market capitalization: $646,516,393 

Trading volume: $21,537,795

7-day gain/loss: 3.24%

UNUS SED LEO

UNUS SED LEO (LEO) price drifts sideways above the moving average lines. The cryptocurrency price rose to $3.60 on April 20, but then fell. This has been the bullish scenario since March 18. After the rejection of the recent high, the candlesticks show extended wicks. The long wicks indicate strong selling pressure at higher price levels. LEO is in a downtrend and may be forced to move in a band between $3.40 and $3.60. At level 59 of the Relative Strength Index of period 14, LEO is in the positive trend zone. The third best cryptocurrency is LEO. It has these characteristics:

Current price: $3.49

Market capitalization: $3,441,265,991

Trading volume: $684,401 

7-day gain/loss: 3.09%

Render Token

The price of Render Token (RNDR) is moving sideways, hitting resistance at the high of $2.20. Buyers have tested this level three times since February 7, but failed to break through resistance. On April 20, the bulls tried to break the resistance again, but the altcoin quickly fell above the moving average lines. The price is $1.75 above the moving average lines. If the bulls manage to overcome the $2.20 resistance level, RNDR will reach a high of $3.00. During the April 17 bounce, a declining candlestick tested the 50% Fibonacci retracement line. RNDR will rise to the 2.0 level of the Fibonacci extension, i.e. $2.97. The Relative Strength Index for the period 14 is 56 for RNDR, which is the fourth best cryptocurrency. It has the following characteristics:

Current price: $1.75

Market capitalization: $938,337,670

Trading volume: $97,271,470 

7-day gain/loss: 1.18%

TRON

The price of TRON (TRX) is moving sideways, although it is trading above the moving average lines. The rising movements were stopped by the resistance at $0.068. At the time of writing, the altcoin is currently trading at $0.066. Since March 13, the price of TRON has fluctuated in a limited range between $0.066 and $0.068. In the last two months, TRON has been forced to make a move that has a short range. The altcoin will resume its uptrend if the $0.068 resistance level is overcome. If the current obstacle is overcome, a rise to $0.072 can be expected. The cryptocurrency is moving in a bullish direction at the level 40 of the daily stochastic. The characteristics of TRX, the fifth best performing cryptocurrency, are as follows:

Current price: $0.066

Market capitalization: $6,016,881,642 

Trading volume: $167,693,819

7-day gain/loss: 0.47%

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing in funds.

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