Weekly Cryptocurrency Market Analysis: Altcoins In Upward Correction As They Break Through More Resistance Levels
There is a favorable uptrend in altcoins this week. Chainlink, Fantom, Dogecoin, Huobi Token, and ApeCoin are among the best performing cryptocurrencies this week. Fantom and other cryptocurrencies perform best when they break through more resistance areas. Let us discuss the following points now.
The price of Fantom (FTM) has crossed the moving average lines and is currently rising. On November 28, the price of the altcoin crossed both the moving average lines and the support at $0.18. The current price of FTM is $0.24. If the current uptrend continues, the price of the cryptocurrency will rise and reach the previous high of $0.31 again. FTM is currently above the level 80 of the daily stochastic. This shows that the market has entered the overbought zone. This explains why it seems unlikely that the trend will continue. This week, FTM, which has the following characteristics, was the best performing cryptocurrency.
Trading volume: $198,609,070
7-day gain: 34.28%
The price of Dogecoin (DOGE) is in the positive trend zone as it crosses the moving average lines. DOGE has risen to a high of $0.11 today. During the previous price action, it made a comeback and reached a high of $0.16. As the cryptocurrency moved into the overbought zone, the positive momentum could not last. If the current bullish momentum is maintained, the positive momentum will increase to a high of $0.15. The moving average lines are above DOGE. If DOGE maintains its position above the moving average lines, the current uptrend will continue. The Relative Strength Index for period 14 shows that the cryptocurrency is above level 62. It is the second best performing cryptocurrency and has the following characteristics:
Current price: $0.105
Market capitalization: $13.899.920.984
Trading volume: $1,234,202,055
7-day gain: 28.87%
The price of Huobi Token (HT) is down, but has resumed an upward correction. The price of the cryptocurrency has risen above the 21-day line SMA but has failed to break the 50-day line SMA HT is now fluctuating between the moving average lines. The cryptocurrency price will resume a sideways movement between the moving average lines. It will develop a trend when the moving average lines are broken. The cryptocurrency has reached the overbought zone of the market. Further upward movement of the altcoin is doubtful. HT has reached the overbought area at level 80 of the daily stochastic. It is currently the third best performing cryptocurrency this week. It has the following characteristics
Trading volume: $23,971,662
7-day gain: 28.44
Apecoin (APE) is falling and is currently in an upward correction. Before it was rejected, the upward correction rose to $4.50. Buyers aimed to keep prices above the moving average lines. APE will rise to a high of $5.00 if it stays above the moving average lines. If buyers fail to maintain bullish momentum, APE will fall below the moving average lines. The cryptocurrency’s 50-day SMA SMA line is where it is currently trapped, between the moving average lines. The Relative Strength Index for the 14 period is at 58, and it can go even higher as it is in the uptrend zone. The performance of APE ranks fourth among all cryptocurrencies this week. The characteristics of APE are as follows.
Current price: $3.98
Market capitalization: $3,979,309,532
Trading volume: $263,685,915
7-day gain: 23.45%
The price of Chainlink (LINK) fell but has since recovered. The price of the cryptocurrency has surpassed the moving average lines. If the current bullish momentum continues, LINK will rise to $9.48. The altcoin is now at a point where the market is overbought. At the recent high, the current uptrend is rejected. If the altcoin is rejected at the current high, it may fall. Chainlink is trading above level 80 of the daily stochastic and in the overbought zone. LINK is the fifth best performing cryptocurrency overall. It has the following characteristics:
Current price: $7.48
Market capitalization: $7,343,016,390
Trading volume: $310,554,179
7-day gain: 14.50%
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 research before investing in funds.
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