Weekly Cryptocurrency Market Analysis: Altcoins in Sharp Recovery as Bulls Resume Relief Rallies
Feb 08, 2022 at 09:44 //
PriceBitcoin and other cryptocurrencies have increased in value since February 4. This is due to Bitcoin rising above current support as bulls bought the dips. Moreover, the largest cryptocurrency has regained the psychological price level of $40,000 and held above it. This has helped the altcoins to recover as well.
Gala
Gala (GALA) has recovered from the previous downtrend. In the previous price action, Gala fell from the high of $0.80 to the low of $0.15. Today, the altcoin has a bullish momentum again, reaching the high of $0.37. On the daily chart, the cryptocurrency has risen above the moving averages, signaling the resumption of the upward momentum. Nevertheless, the current uptrend might be short-lived as the altcoin is trading in the overbought zone of the market.
Meanwhile, the uptrend from February 6 tested the 78.6% Fibonacci retracement level with a retreating candlestick. The retracement suggests that GALA will rise but reverse at the 1.272 Fibonacci extension level or $0.40. The altcoin was the best performing coin last week. The cryptocurrency has the following characteristics:
Price: $0.3678
Market capitalization: $12,887,884,062
Trading volume: $2,129,483,661
7-day gain: 97.74%
Quant
Quant (QNT) has regained its bullish momentum after the price rose above the moving averages. The downtrend from January 22 subsided as the altcoin fell to a low of $83. Today, QNT has risen to $153 at the time of writing. Further upside is doubtful as the altcoin is trading in the overbought region of the market.
Meanwhile, the uptrend from February 3 has a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that QNT will rise to the 1.618 Fibonacci Extension level or $184. The altcoin is the second best performing altcoin in the past week. It has the following characteristics:
Price: $154.76
Market capitalization: $2,261,375,300
Trading volume: $82,245,584
7-day gain: 67.69%
UNUS SED LEO
UNUS SED LEO (LEO) has resumed its uptrend. The cryptocurrency has been in a sideways trend since October 2021. Last week, buyers continued to push the cryptocurrency to the previous highs. Today, the altcoin is trading at $5.19 as of press time. Further upside is doubtful as the altcoin is reaching the overbought region of the market.
Meanwhile, the February 5 uptrend tested the 61.8% Fibonacci retracement level with a retracement candlestick. The retracement suggests that LEO will rise to the Fibonacci extension level of 1.618 or $6.69. LEO is the altcoin with the third best performance in the past week. It has the following characteristics:
Price: $5.16
Market capitalization: $5,131,601,578
Trading volume: $6,526,963
7-day gain: 51.43%
eCash
eCash (XEC) is recovering after a long downtrend. The cryptocurrency has been in a downtrend since September 2021. The downtrend eased on January 22, when the altcoin fell to a low of $0.00006472. Today, eCash is trading at $0.00008798 at press time. The altcoin has risen above the 21-day moving average line, but is below the 50-day moving average line.
However, a break above the 50-day moving average line signals the resumption of upward momentum. It is the fourth best performing cryptocurrency in the past week. It has the following characteristics:
Price: $0.00008873
Market capitalization: $1,863,387.781
Trading volume: $35,852,42
7-day gain: 20.08%
Axie Infinity
Axie Infinity (AXS) is in an upward movement. The cryptocurrency is recovering from the previous downtrend on January 22, when the altcoin fell to a low of $47. Today, AXS is trading at $68 at press time.
The altcoin has risen above the 21-day moving average line, but is below the 50-day moving average line. The upward momentum will continue if the price rises above the 50-day moving average line. AXS is capable of reaching a high of $120. It is the cryptocurrency with the fifth best performance last week. It has the following characteristics:
Price: $68.51
Market capitalization: $18,496,442,494
Trading volume: $1,238,417,614
7-day gain: 34.32%
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 funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow