Weekly Cryptocurrency Market Analysis: Altcoins Rally As Cryptocurrencies Recover

The bullish momentum in altcoins returned this week as the cryptocurrency price started to rise again.

However, the altcoins are in overbought situations at their respective price levels. We will talk about some of these digital currencies. 

Mina

Mina (MINA), which has risen to a high of $1.20, is in an uptrend. There is a possibility of further upward movement. MINA experienced an upward correction during the rally on February 1, and a candlestick tested the 50% Fibonacci retracement level. After the correction, MINA will rise to the 2.0 Fibonacci extension level or $1.36. At the current price level, the market is overbought. However, the $0.76 resistance level has already been overcome by the cryptocurrency. The high of $1.20 acts as resistance for the upward movement. After the current resistance is broken, the uptrend will resume. With a Relative Strength Index value of 64 for the 14 period, the altcoin is in the uptrend zone. The best performing cryptocurrency is MINA. It has the following characteristics:

Current price: $1.12

Market capitalization: $923,384,960

Trading volume: $218,294,903 

7-day gain/loss: 42.34%

BinaryX

BinaryX (BNX), which has risen to a high of $180, is in an upward retracement. The cryptocurrency has been trading above the downtrend zone for the past two months. Since December 2022, the cryptocurrency price has been trading above the $60 support. The doji candlesticks that marked the price activity caused the price movement to be sluggish.

After the price rose above the moving average lines on January 9, BNX recovered. The crypto price rose to a high of $185, which is the historical price level of November 24, 2022. Since November 24, the historical price level has not been undercut. The market for the altcoin is now overbought. BNX is above the daily stochastic value of 80. It has the following characteristics and is the second best performing cryptocurrency:

Current price: $169.12

Market capitalization: $3,551,472,596

Trading volume: $6,268,971 

7-day gain/loss: 32.26%

Hedera

Hedera (HBAR), which rose to a high of $0.09 before heading down, is in an uptrend. The cryptocurrency still has room to go up, even though it is almost overbought. A retraced candlestick that was part of HBAR’s January 20 rise tested the 61.8% Fibonacci retracement line. The retracement predicts that HBAR will soon rise to the 1.618 Fibonacci extension level, or $0.10. For the period 14, the altcoin is in the rising zone above the 65 level of the Relative Strength Index. Among all cryptocurrencies, the altcoin’s performance this week was the third best. The cryptocurrency’s characteristics include:

Current price: $0.08899

Market capitalization: $4,449,215,737

Trading volume: $102,447,577 

7-day gain/loss %: 26.64% 

GMX

GMX (GMX) reached a high of $88 and is in an uptrend. The altcoin rose to a high of $81 during the initial rally before retreating. The cryptocurrency returned to a low of $59, which is above the 21-day line SMA. GMX rose again as it crossed the $81 resistance level. A retraced candlestick that was part of GMX’s February 3 rise tested the 50% Fibonacci retracement level. GMX will rise after the retracement to the 2.0 Fibonacci extension level, or $125.38. Below the daily stochastic threshold of 75, the altcoin is experiencing bearish momentum. GMX is the fourth best performing cryptocurrency. It has the following characteristics:

Current price: $77.65

Market capitalization: $708,132,293

Trading volume: $101,766,109 

7-day gain/loss: $24.77 

Dash

The price of Dash (DASH) has continued to rise, reaching a high of $77. The historical price level of May 10, 2022 is the most recent high. If the current obstacle is overcome, the digital asset will rise even further and reach its previous high of $95. The market is now overbought, so further upward movement is doubtful. However, the cryptocurrency will fall below the moving average lines if it is rejected. Selling pressure will increase if the price falls below the moving average lines again. The daily stochastic value of 80 is exceeded by DASH. This shows that the overbought zone of the market has been reached. DASH is the fifth best performing cryptocurrency. It has the following characteristics:

Current price: $74.14

Market capitalization: $1,401,261,453

Trading volume: $169,977,833 

7-day gain/loss: 20.79%

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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