Weekly Cryptocurrency Market Analysis: Altcoins in Upside Moves but Fail to Breach Overhead Resistance Levels
Aug 11, 2022 at 10:21 //
PriceCryptocurrencies have regained their upside momentum and are trading above moving average lines. Altcoins were pushed back after failing to break their respective overhead resistance levels.
ApeCoin
ApeCoin (APE) is in an upward correction as the price breaks above the moving average lines. The cryptocurrency is posting a series of higher highs and higher lows. The uptrend is encountering resistance at a high of $7.58. The current resistance is the historical price level from May 31. A break above this resistance would signal the resumption of the uptrend.
ApeCoin is expected to reach a high of $10. Conversely, the uptrend will end if the bears break below the moving average lines. The altcoin will fall to the low of $5.42. It is below the 60% area of the daily stochastic. The market is in a bearish momentum. ApeCoin is the cryptocurrency with the lowest performance this week. It has the following characteristics:
Price: $7.12
Market capitalization: $7,116,366,547
Trading volume: $413,083,355
7-day loss: 7.80%
Bitcoin Gold
The price of Bitcoin Gold (BTG) is in an upward correction, but has resumed its upward trend. The cryptocurrency rallied to a high of $36, but was pushed back when the market reached an overbought zone.
Meanwhile, the altcoin retraced above the 21-day line SMA. This is an indication of the cryptocurrency's further upward movement. The uptrend from July 27 has a candlestick testing the 50% Fibonacci retracement level. The retracement suggests that BTG will rise to the 2.0 Fibonacci extension level or $54.27.
The altcoin is at level 58 of the Relative Strength Index for period 14, indicating an uptrend and a possibility for further growth. BTG is the cryptocurrency asset with the second worst performance this week. It has the following characteristics:
Price: $29.40
Market capitalization: $617,461,587
Trading volume: $83,299,019
7-day loss: 6.87%
Curve DAO Token
Curve DAO Token (CRV) has regained upward momentum as the price has risen above the moving average lines. The upward movement is likely to continue as the altcoin retested the 50-day line before continuing its uptrend.
The cryptocurrency reached the high of $1.38, but was rejected at the resistance zone of $1.40. However, further upside is doubtful as the cryptocurrency has reached the overbought zone of the market.
The altcoin is above the 80% area of the daily stochastic. This suggests that the market has reached bullish exhaustion. However, CRV is the cryptocurrency with the third worst performance this week. It has the following characteristics:
Price: $1.38
Market capitalization: $4,558,799,527
Trading volume: $240,441,495
7-day loss: 6.83%
Uniswap
The price of Uniswap (UNI) has been on an uptrend since June 23. The cryptocurrency has fully recovered from the downtrend. The price of the cryptocurrency has reached a series of higher highs and higher lows. On July 28, the altcoin rose to the high of $9.80, but was pushed down again.
Last week, the bulls struggled to break the current resistance level. Today, buyers are testing the resistance again to break it. However, if the altcoin turns from the recent high and falls below the moving average lines, the downtrend would resume.
If UNI retraces and finds support above the moving average lines, the uptrend will continue. In the meantime, the altcoin is above the 67% range of the daily stochastic. It is in a bullish momentum and approaching the overbought zone of the market. It is the cryptocurrency asset with the fourth worst performance this week. It has the following characteristics:
Price: $9.35
Market capitalization: $9,352,594,850
Trading volume: $200,311,568
7-day loss: 5.60%
Filecoin
Filecoin (FIL) is trading in the bullish trend zone as the altcoin hit a high of $10.70 on July 31. Last week, the cryptocurrency fluctuated below the overriding resistance level of $10.70. The uptrend will resume once the resistance at $10.70 is broken.
Meanwhile, the July 31 uptrend has shown a candlestick testing the 38.2% Fibonacci retracement level. The retracement suggests that FIL will rise to the 2.0 Fibonacci extension level, or $21.56. The cryptocurrency is above the 60% area of the daily stochastic. It is the cryptocurrency with the fifth worst performance this week. It has the following characteristics:
Price: $8.30
Market capitalization: $2,162,734,886
Trading volume: $447,469,286
7-day loss: 5.10%
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 Coin Idol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow