Weekly Analysis of the Cryptocurrency Market: Altcoin Hold Current Support Levels, Bears Threaten to Go Short

Cryptocurrencies are losing their previous highs as sellers push prices to altcoin support levels.

The largest cryptocurrency, Bitcoin, is under pressure and other altcoins are trying to defend immediate support levels. Altcoins listed below are facing similar challenges as bears sell off on recent rallies. These are the best performing altcoins.

Kyber Network Crystal v2

Kyber Network Crystal (KNC) has been in an uptrend since January 2022. The cryptocurrency’s price has recorded a series of higher highs and higher lows. Today, the market has risen to the high of $4.38. The altcoin has the possibility of further upward movement. Meanwhile, the uptrend from April 8 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that KNC will rise to the 2.0 Fibonacci extension level or $5.85. KNC is the best performing cryptocurrency in the past week. 

It has the following characteristics: 

Current Price: $4.09

Market capitalization: $733,260,573

Trading Volume: $713,923,700 

7-Day Gain: 29.39%

STEPN

STEPN (GMT) is in an uptrend as the cryptocurrency has reached the high of $3.13. Since April 1, buyers have been unable to sustain the bullish momentum above the recent high. This is because the altcoin has reached the overbought region of the market. Sellers emerged and pushed the altcoin to the low of $2.04. The altcoin has consolidated above the $2.04 support. Meanwhile, the uptrend from April 11 has seen a pullback with a candlestick testing the 50% Fibonacci retracement level. The retracement suggests that GMT will rise to the 2.0 Fibonacci extension level or $2.79. GMT is the altcoin with the second best performance in the past week. The cryptocurrency has the following characteristics: 

Current price: $2.45

Market Capitalization: $14,704,751,935

Trading volume: $1,464,881,864 

7-day gain:5.34%

Monero

Monero (XMR) is in an uptrend as the cryptocurrency has risen to the high of $244. The cryptocurrency’s price is forming a series of higher highs and higher lows. Yesterday, the bullish candle reached the high of $245 but was bounced off the recent high. The uptrend will continue if the price finds support above the trend line. Also, if the price bars stay above the moving averages. The altcoin is at level 55 of the Relative Strength Index for period 14, which indicates that the market is in the uptrend zone and capable of further upward movement. It is the cryptocurrency with the third best performance in the past week. 

It has the following characteristics: 

Current Price: $222.94

Market capitalization: $4,025,367,783

Trading volume: $353,962,962 

7-day gain: 4.47%.

Kava

Kava (KAVA) is in an uptrend as the price has risen above the moving averages. Buyers pushed the altcoin to the high of $4.92, but were pushed back. The cryptocurrency is faltering below the recent high while finding support above the moving averages. The bulls will retest the recent high if the price holds above the moving averages. A break above the recent high will help KAVA rally above the $6.00 high. However, if the bears break below the 21-day line SMA, the altcoin will fall to the next support at $34.70. It is the cryptocurrency asset with the fourth best performance in the past week. It has the following characteristics:

Current price: $4.35

Market capitalization: $742,834,971

Trading volume: $137,866,334 

7-day gain: 0.74%

Dogecoin

Dogecoin (DOGE) has fallen below the 21-day line SMA. In other words, the cryptocurrency is below the 21-day line SMA but above the 50-day line SMA. The altcoin is approaching the next support at $0.13. DOGE/USD pair will move within a certain range if it finds support above $0.13. The market will resume its trend when the moving average lines are broken. DOGE is at the level 50 of the Relative Strength Index for the period 14, indicating that there is a balance between supply and demand. DOGE is the cryptocurrency with the fifth best performance in the past week. 

It has the following characteristics:

Current price: $0.1407

Marktkapitalisierung: $18,706,290,580

Trading volume: $1,770,851,198 

7-day gain: 0.06%

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 funds.

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