Weekly Cryptocurrency Market Analysis: Altcoins Overcome Resistance Levels But Are Still in a Decline
Nov 25, 2022 at 12:30 //
PriceAltcoins have varying levels of upward momentum this week. As they have overcome the resistances above the moving average lines, Litecoin and Binary X have made progress. DASH CRV and APE have improved but are still in a downtrend.
Litecoin
The price of Litecoin (LTC), which has risen to a high of $83, is in an uptrend. LTC has fallen back below the high of $80 and as it approaches the overbought area of the market, it has the potential to continue upward. On the plus side, Litecoin will rise to $135 if buyers manage to keep the price above the $80 and $83 highs. As the market enters the overbought zone, the cryptocurrency is unlikely to rise further.
For the period 14, Litecoin is at level 68 on the Relative Strength Index. LTC is the best performing cryptocurrency this week with the following characteristics:
Price: $77.33
Market capitalization: $6,497,450,531
Trading volume: $1,496,024,315
7-day gain: 30.98%
Dash
Dash (DASH) is currently declining, but has started to rise again. The price of the cryptocurrency rose to a high of $43.86 by crossing the moving average lines. Below the $44 resistance area, the upward movement has stalled. Buyers have failed to keep the price above the recent high since September 18.
The altcoin has been retesting the $44 resistance since September 18 in an attempt to overcome it. DASH is set to drop down to the current support after rejecting the recent high. The cryptocurrency is above the Stochastic daily threshold of 80. The market has reached the overbought zone. Prices will fall when sellers enter the market. The second best performing cryptocurrency this week is DASH. It has the following characteristics:
Price: $42.63
Market capitalization: $805,658,338
Trading volume: $102,014,039
7-day gain: 26.75%
Curve DAO Token
Curve DAO Token (CRV) has risen above the 21-day SMA line, although it is in a downtrend. The moving average lines are currently where the cryptocurrency is. If the price crosses the 50-day line SMA, CRV will increase even more. The uptrend will continue to the high at $1.00. On the other hand, if the buyers fail to maintain the bullish momentum, the altcoin could fall below the 21-day moving average.
The cryptocurrency is at level 49 on the Period 14 Relative Strength Index, indicating that supply and demand are in balance. It is currently the third best performing coin this week. It has the following characteristics:
Price: $0.6899
Market capitalization: $2,261,908,825
Trading volume: $168,614,549
7-day gain: 24.31%
Binary
The price of Binary X (BNX) has risen above the moving average lines, indicating an uptrend. The price of BNX rose to a high of $175.15. The cryptocurrency has been trading sideways below the high of $160 since September 15. The overbought zone was reached by the coin. It is unlikely that the coin will continue to rise. As for the daily stochastic, BNX is at 80. The overbought area of the cryptocurrency market has been reached. It will fall to the level of the breakout at $160 if it meets rejection. BNX is the fourth best performing cryptocurrency this week with the following characteristics:
Price: $171.67
Market capitalization: $3,597,441,004
Trading volume: $59,453,873
7-day gain: 16.64%
ApeCoin
ApeCoin (APE) is falling, it is currently in a downward correction. The upward correction is over as it is rejected at the SMA 21-day line. At the November 9 downtrend, APE formed an upward correction and a candlestick tested the 78.6% retracement line. The correction predicts that APE will fall, but will reverse at the 1.272 level of the Fibonacci sequence, which is $2.16. The altcoin could recover if it holds above the current support. The coin is at level 44 of the Relative Strength Index for the period 14, i.e. in the bearish zone. APE is the fifth best performing cryptocurrency in terms of performance. It has the following characteristics:
Price: $3.28
Market capitalization: $3,276,920,460
Trading volume: $110,426,348
7-day gain: 16.26%
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 in funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow