Weekly Cryptocurrency Market Analysis: Altcoins Push to the Upside as Bears Threaten to Short
Aug 24, 2022 at 09:51 //
PriceThe cryptocurrencies listed below are unlucky but seem to be the best performing cryptos of the week. EOS and CHZ are trading in the uptrend zone as the altcoins resume their uptrend. Meanwhile, TRX, BCH and PAXG have resumed their downward correction as cryptocurrencies risk another decline.
EOS
EOS (EOS) is in an uptrend and approaching the high of $2.00. The uptrend resumed as the altcoin found support above $0.88. The bulls also broke through the initial resistance at $1.44.
Meanwhile, on July 31, a candlestick tested the 50% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the level of the 2.0 Fibonacci extension, or $1.99.
The altcoin is above the 80% area of the daily stochastic. This indicates that the market has reached the overbought zone. The cryptocurrency is likely to decline as sellers appear in the overbought region. EOS is the best performing cryptocurrency this week. It has the following characteristics:
Price: $1.73
Market capitalization: $1,826,247,479
Trading volume: $1,581,239,269
7-day gain: 34.10%
Chiliz
The price of Chiliz (CHZ) is in an uptrend as the altcoin has risen to a high of $0.22. The upward movement is hindered as it reaches the overbought region of the market.
In the first uptrend from August 18, the altcoin slowed down at the resistance of $0.24. CHZ fell back to the low of $0.17. Today, the bulls are still struggling to break through the $0.24 resistance. A break above the current resistance will catapult the altcoin to the high of $0.33.
Meanwhile, the uptrend from August 15 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the 2.0 Fibonacci Extension level or $0.33. Meanwhile, the altcoin is at the 69 level of the Relative Strength Index for the 14 period, which means that the market has reached an overbought situation. Chiliz is likely to go down. It is the cryptocurrency with the second best performance this week. It has the following characteristics:
Price: $0.22
Market capitalization: $1,955,494,102
Trading volume: $696,978,108
7-day gain: $5.47
TRON
TRON (TRX) is in a downtrend as the price falls below the moving average lines. The current decline is due to the bulls' inability to overcome the overriding resistance of $0.071. On August 19, the altcoin was pushed back as it crashed to the low of $0.062.
Today, the upward movement is hindered by the price level of $0.067. In the last five days, the cryptocurrency fluctuated between $0.062 and $0.067. If the bears break the current support, TRX will continue to fall to $0.051. On the other hand, if the bulls break through the initial resistance, the altcoin will rise and retest the upper resistance of $0.071. TRX is the cryptocurrency with the third best performance this week. It has the following characteristics:
Price: $0.06588
Market capitalization: $6,064,889,132
Trading volume: $480,567,496
7-day gain: $5.02
Bitcoin Cash
Bitcoin Cash (BCH) is in a downward correction as the price breaks above the 50-day line SMA, but below the 21-day line SMA. The altcoin is now trading between the moving average lines.
In the previous uptrend, the altcoin was bumped off at the overriding resistance of $164. Today, BCH is trading at $131 as it has regained its previous highs. Should the bulls break the 21-day line SMA to the upside, BCH will rise and retest the upper resistance of $164.
However, if the bears fall below the 21-day line SMA, selling pressure will resume. In the meantime, the altcoin is at level 50 on the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. It is the cryptocurrency asset with the fourth best performance this week. It has the following characteristics:
Price: $131.21
Market capitalization: $2,755,337,105
Trading volume: $399,365,395
7-day gain: 4.55%
PAX Gold
PAX Gold (PAXG) is in an upward correction after the price rose to the high of $1,800. The uptrend ended when the price fell below the moving average lines. The altcoin fell to the low of $1,727 as the bulls bought the dips.
The uptrend is now slowed down by the 50-day line SMA. As a result, the altcoin will continue to fall to the previous low at $1,680. Meanwhile, the altcoin is at level 42 of the Relative Strength Index for period 14, which means that it is in a downtrend and could continue to fall. Nevertheless, it is the cryptocurrency asset with the fifth best performance this week. It has the following characteristics:
Current price: $1,744.51
Market capitalization: $589,878,260
Trading volume: $589,878,260
7-day gain: 2.25%
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 own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow