Weekly Analysis Of The Cryptocurrency Market: Altcoins Are Under Selling Pressure Again As They Are In An Overbought Condition
Dec 09, 2022 at 11:35 //
PriceThis week, altcoins have varying levels of upward momentum.
While they are trying to overcome the resistance levels mentioned above, AXS and TWT are trading within the positive trend zone. The best performing altcoins are the cryptocurrencies. SNX, ETHW and RUNE are trading in the overbought zone of the market. These second crypto categories may experience more selling pressure.
Axie Infinity
Axie Infinity (AXS) price is rising after breaking through the moving average lines. The altcoin rallied on Dec. 5, reaching a high of $10.43. At the recent high, there was more selling pressure on the cryptocurrency. AXS is bearish and could retest the support at $6.00. If the current support is broken, the downtrend will resume. On November 5, Axie Infinity experienced a similar price action and climbed above the moving average lines, although the upward momentum was short-lived. On November 9, the altcoin fell and found support above the low of $6.00. Since then, the existing support has held. Below the daily stochastic threshold of 50, the altcoin is experiencing bearish momentum. The best performing cryptocurrency this week is Axie Infinity and it has the following characteristics:
Current Price: $8.18
Market capitalization: $2,200,728,216
Trading volume: $220,125,269
7-day gain:17.40%
Trust Wallet Token
Trust Wallet Token (TWT) price is fluctuating below the overhead barrier at $2.50 and is currently in the uptrend zone. Since November 14, buyers have worked hard but unsuccessfully to keep the price above the overhead resistance. The resistance level was tested again, but the cryptocurrency is moving back above the moving average lines. On the positive side, it is likely that the overhead resistance will be broken if the altcoin rallies. A retraced candlestick during the November 14 bounce tested the 61.8% Fibonacci retracement line. According to the retracement, TWT will rise to the level of 1.618 Fibonacci extension or $3.57. The Relative Strength Index for the 14 period shows that the cryptocurrency is above the 64 level. It is the second best performing cryptocurrency and has the following characteristics:
Current price: $2.42
Market capitalization: $2,423,426,940
Trading volume: $66,503,255
7-day gain: 14.25%
Synthetix
The price of Synthetix (SNX) is falling, but has started to rise again. The price of the cryptocurrency has crossed the 21-day line SMA, but lagged behind the 50-day line SMA. The moving average lines are currently shifted by SNX. The cryptocurrency price will trade sideways between the moving average lines again. When the moving average lines are crossed, it will enter a trend. Since the rejection at $2.00, the cryptocurrency has reached the overbought area. SNX has reached the overbought area on the daily stochastic at 80. It is the third best performing coin of the week. It has the following characteristics:
Current price: $1.94
Market capitalization: $598,400,054
Trading volume: $61,808,272
7-day gain: 11.71%
EthereumPoW
Although the price of EthereumPoW (ETHW) is falling, it is currently in an upward correction. The cryptocurrency's price has risen above the 21-day line SMA, but has not yet crossed the 50-day line SMA. The altcoin is consolidating above the 21-day line SMA, and the upward movement was limited by the high at $4.00. On the positive side, the altcoin has the potential to rise above the moving average lines if it recovers. However, buyers have not been able to keep the price above the moving average lines since September. However, if the price falls below the 21-day line, the cryptocurrency would drop to its current support level of $3.06. SMA. ETHW is experiencing bearish momentum below the daily stochastic level of 50. The characteristics of ETHW, the fourth best performing cryptocurrency this week, are as follows.
Current price: $3.65
Market capitalization: $390,415,537
Trading volume: $390,415,537
7-day gain: 10.43%
THORChain
The price of THORChain (RUNE) is falling as it initiates another upward correction. The price of the cryptocurrency has risen to a high of $1.40, crossing the moving average lines. As the market entered the overbought area of the market, the bullish momentum was resisted. The overbought area will reject the altcoin. As a result, the cryptocurrency will lose popularity. RUNE is above the daily stochastic level of 80. In terms of performance, RUNE is the fifth best cryptocurrency. It has the following characteristics:
The current price: $1.38
Market capitalization: $688,939,785
Trading volume: $19,402,084
7-day gain:
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow