Weekly Cryptocurrency Market Analysis: Altcoins in an Upward Correction as Bulls Battle the Immediate Resistance Levels

The biggest losing altcoins are trading positive while cryptocurrencies are gaining in value. This is due to the recent upward movement of the largest cryptocurrency, which broke through the $42,000 resistance level. Altcoins have appreciated with a minimal percentage.

Kadena

Kadena (KDA) is in a downward trend. The downtrend has weakened after the price collapse on January 22. The cryptocurrency fell to a low of $14.43 and started to move in a range. In the past two months, the altcoin fluctuated between the price levels $4 and $9. 

Today, the price movement was characterized by small indecisive candlesticks like doji. The price movement was insignificant due to the doji candlesticks. The altcoin will develop a trend when the range-bound levels are broken. It was the cryptocurrency with the lowest performance last week. It has the following characteristics:

Price: $6.19

Market capitalization: $6,186,670,726

Trading volume: $56,473,167 

7-day loss: 2.37%

Terra

Terra (LUNA) is in an uptrend after the price rose above the moving averages. The uptrend is encountering resistance at the high of $97. The bulls retested the resistance level three times as the price fell above the moving averages. The uptrend will continue as long as the altcoin finds support above the moving averages. 

Meanwhile, the March 2 uptrend has a candlestick body that tested the 61.8% Fibonacci retracement level. The retracement suggests that LUNA will rise to the 1.618 Fibonacci Extension level or $127.32. It was the cryptocurrency with the second worst performance last week. It has the following characteristics: 

Price: $93.38

Market capitalization: $70,938,344,635

Trading volume: $2,685,014,108 

7-day loss: 2.62%

KuCoin Token

KuCoin (KCS) is in a sideways trend. Since the cryptocurrency’s launch, bulls have struggled to break above resistance at $21. Since March 4, the bears have undercut the moving average as the altcoin resumed its downward correction. The bulls have defended the $18 support, while the bulls have broken above the 21-day moving average. 

KuCoin is trading above the 21-day moving average but below the 50-day moving average. A break above the 50-day moving average line will catapult the altcoin higher to retest the upper resistance at $21. If the bulls fail to break the recent high, the altcoin will move between the moving averages. Altcoin was the cryptocurrency asset with the third worst performance last week. It has the following characteristics: 

Price: $18.62

Market capitalization: $3,167,216,007

Trading volume: $6,461,338 

7-day loss: 2.67%

Huobi Token

Huobi Token (HT) has been in a sideways trend since November 2021. The market has been fluctuating between the price levels of $8.50 and $10. The uptrend has been capped below the upper resistance level of $10. Currently, the market has fallen below the moving averages. Selling pressure will continue if the price is rejected from the moving averages. HT will regain the previous low at $7.89 or $8.58. 

On the upside, a breakout above the moving averages will push the altcoin to retest the overriding resistance of $10. HT is the cryptocurrency with the fourth worst performance last week. It has the following characteristics:

Price: $9.17

Market capitalization: $4,586,097,298

Trading volume: $26,874,737 

7-day loss: 3.03%

UNUS SED LEO

UNUS SED LEO (LEO) is in a downtrend. Selling pressure has eased as the altcoin has fallen above the moving averages. The crypto’s price is moving above the moving averages for a possible upside move, however LEO is above the 80% area of the daily stochastic. This means that the cryptocurrency is trading in the overbought area of the market. 

Sellers will show up and push prices down. FIL is the cryptocurrency with the fifth worst performance last week. It has the following characteristics:

Price: $6.19

Market capitalization: $6,076,454,202

Trading volume: $8,495,275 

7-day loss: 5.16%

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 CoinIdol. Readers should do their own research before investing funds.

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