Weekly Cryptocurrency Market Analysis: Altcoins Rally as Buyers Challenge the Immediate Resistance Levels
Oct 20, 2022 at 11:53 //
PriceCryptocurrencies are trading in bullish trend zones as buyers challenge resistance levels. Some of the altcoins failed to continue the bullish momentum as the market reached the overbought regions.
Casper
Casper (CSPR) is in an uptrend, rising to the high of $0.055. Cryptocurrencies retreated after reaching the overbought region. The current retracement will reach the breakout level of $0.035.
On October 18, the altcoin corrected upwards and a candlestick tested the 61.8% Fibonacci retracement level. The correction means that CSPR will fall to the 1.618 Fibonacci extension level or $0.041. CSPR is trading in the oversold zone of the market and below the 20% area of the daily stochastic. The altcoin is the best performing cryptocurrency asset and has the following characteristics:
Price: $0.04303
Market capitalization: $478,031,841
Trading volume: $22,069,161
7-day gain: 22.07%
Huobi Token
The price of Huobi Token (HT) is in an uptrend, but is stuck below the $8.00 resistance zone. Last week, the cryptocurrency traded below the resistance zone to prevent a possible breakout.
Meanwhile, on October 13, the uptrend has a candlestick that tested the 61.8% Fibonacci retracement level. The retracement implies that HT will rise to the 1.618 Fibonacci Extension level or $10.67.
Conversely, the altcoin will fall to the breakout level of $5.72 if Huobi token is rejected at the recent high. Nevertheless, HT/USD is trading at $7.60 at the time of writing. The cryptocurrency has reached the 71 level of the Relative Strength Index for the 14 period. This indicates that further upward price movement is doubtful. HT is the second best performing cryptocurrency and has the following characteristics:
Price: $7.60
Market capitalization: $3,799,757,920
Trading volume: $36,690,255
7-day gain: 7.68%
Aave
The price of Aave (AAVE) is in an upward correction above the moving average lines. The altcoin has risen to the high of $85.66, but is likely to be rejected at the $95 resistance zone.
In August and September, buyers failed to break this resistance zone as the altcoin fell below the moving average lines three times. Moreover, the cryptocurrency has rallied into the overbought region above the 80% area of the daily stochastic. Sellers will emerge in the overbought region and push prices lower. AAVE is the third best performing cryptocurrency and has the following characteristics:
Price: $84.19
Market capitalization: $1,337,630,352
Trading volume: $192,882,489
7-day gain: 17.39%
Quant
The price of Quant (QNT) is trading in the bullish trend zone after the termination of the uptrend. The cryptocurrency has declined from a high of $227 to a low of $171. It is likely that the cryptocurrency will continue to fall.
In the downtrend from October 19, a declining candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that QNT will fall to the 1.618 Fibonacci Extension or $155.81.
On the daily chart, the cryptocurrency price is above the moving average lines, indicating a possible rise of the cryptocurrency to the previous highs. QNT is the fourth best performing cryptocurrency and has the following characteristics:
Price: $177.63
Market capitalization: $2,613,283,000
Trading volume: $175,405,243
7-day gain: 17.19%
Trust Wallet Token
The price of Trust Wallet Token (TWT) is in an uptrend as it trades in the bullish trend zone. The uptrend was slowed down on October 17 when it approached the overbought zone of the market.
If the current resistance is broken, the altcoin will rise to the high of $1.25. On the other hand, if TWT turns down from the resistance zone, it will fall to the breakout level of $1.01.
Meanwhile, the cryptocurrency is fluctuating below the resistance zone of $1.12. The altcoin has risen to the 70 level in the Relative Strength Index for the 14 period. The altcoin is trading in the overbought region. It is the fifth best performing cryptocurrency asset and has the following characteristics:
Price: $1.10
Market capitalization: $1,103,116,090
Trading volume: $15,511,258
7-day gain: 16.47%
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 in funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow
