Weekly Cryptocurrency Market Analysis: Altcoins Climb Higher as Downtrend Reaches Bearish Exhaustion
Feb 15, 2022 at 10:42 //
PriceThe cryptocurrencies under review are moving positive as altcoins break above the moving averages. This is an indication that the downtrend is gradually coming to an end.
Some of the altcoins have pulled back above the moving averages as the cryptocurrencies hit initial resistance in the bullish trend zone.
UNUS SED LEO
UNUS SED LEO (LEO) is in an uptrend. The cryptocurrency price has declined after rejecting the resistance zone at $8.00. The price of LEO is likely to find support above the moving averages. The cryptocurrency is trending upwards if the price bars remain above the moving averages. Meanwhile, the uptrend from February 9 has shown a candle body testing the 23.6% Fibonacci retracement level. The retracement suggests that LEO will rise to the level of the 4.236 Fibonacci extension or $18.79.
LEO is the best performing altcoin in the past week. It has the following characteristics:
Current Price: $5.86
Market capitalization: $5,768,089,021
Trading Volume: $6,753,085
7-Day Gain %: 14.59%
Elrond
Elrond (EGLD) is in a downtrend. Recently, the bulls have broken out above the moving averages. The bullish momentum was rejected at the high of $245. The cryptocurrency price declined and broke below the 50-day moving average. EGLD is below the moving average of the 50-day line but above the moving average of the 21-day line. This means that the crypto price fluctuates between the moving averages.
At press time, the altcoin is trading at $189.08. According to the Fibonacci tool, the downtrend weakened when the market retraced to a low of $115. Meanwhile, the downtrend retraced a candlestick on December 13, testing the 78.6% Fibonacci retracement level. The retracement suggests that EGLD will fall to the 1,272 Fibonacci extension level or $149.66. The altcoin is moving above the 1,272 Fibonacci extension.
The altcoin is the second best performing altcoin in the past week. It has the following characteristics:
Current Price: $188.59
Market capitalization: $5,924,748,818
Trading Volume: $235,003,980
7-Day Gain %:- 8.46%
Shiba Inu
Shiba Inu (SHIB) is in an uptrend. The bulls broke through the moving averages when it reached the high of $0.00003500. The cryptocurrency price has declined and found support above the moving averages. Shiba Inu tends to rise when the price bars stay above the moving averages. The market will rise and regain the previous high of $0.00006000 or $0.00008000. However, the downtrend will resume if the price falls below the moving averages.
It is the cryptocurrency with the third best performance in the past week. It has the following characteristics:
Current Price: $0.00003065
Market Capitalization: $17.891.087.088
Trading Volume: $2,393,419,787
7-Day Gain %: 8.65%
IoTeX
IoTeX (IOTX) is in a downtrend. On January 22, selling pressure eased as the altcoin fell to the low of $0.073 and resumed its upward trend. The bulls broke out above the moving averages but received resistance at $0.17. Bears pushed the altcoin below the 50-day moving average. IOTX falls back to support above the 21-day moving average line. The altcoin will move in a trading range if it finds support above the 21-day moving average line. The downtrend will resume when the 21-day moving average line is broken.
The altcoin is the fourth best performing altcoin in the past week. The cryptocurrency value has the following characteristics:
Current price: $0.09134
Market capitalization: $913,351,940
Trading volume: $68,589,675
7-day gain %: 6.43%
XRP
Ripple (XRP) is in an uptrend. The bulls have overcome the moving averages and the resistance line of the descending channel. The uptrend is slowed down by the resistance at $0.90. Nevertheless, the cryptocurrency price has declined and found support above the moving averages and the resistance line. This is an indication that the downtrend has ended and a new uptrend is likely to start.
It is the cryptocurrency with the fifth best performance last week. It has the following characteristics:
Current price: $0.8071
Market Capitalization: $80,282,422,987
Trading Volume: $2,756,019,419
7-Day Gain %: 3,87
Disclaimer. This analysis and forecast are the personal opinions of the author 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