Weekly Cryptocurrency Market Analysis: Altcoins Continue a Sideways Move as Buyers Defend Current Support Levels
After the rejection at the upper resistance levels, altcoins are forced to continue their sideways movement below the resistance levels. The uptrend will resume when the buyers overcome the resistance. However, the sideways movement will continue if the levels remain unbroken.
Celsius (CEL) is in a downward correction as the price breaks above the 21-day line SMA. The cryptocurrency continues a new uptrend after the recent downtrend. The cryptocurrency price is above the 21-day line SMA and is rising to retest the 50-day line SMA. A break above the line would signal the resumption of the uptrend. If the 50-day line SMA is not broken, CEL is forced to move within a trading range.
Meanwhile, on August 8, a candlestick tested the 23.6% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the level of the 4.236 Fibonacci extension or $16.54. The altcoin is above the 30% area of the daily stochastic. This indicates that the market is in a bullish momentum.CEL is the best performing cryptocurrency asset this week. It has the following characteristics:
Market capitalization: $1,050,661,920
Trading volume: $12,237,720
7-day gain: 25.36%
The price of Ravencoin (RVN) has been in a sideways trend since July 30. On the upside on July 30, buyers were unable to maintain upward momentum above the $0.042 overhead resistance. The cryptocurrency fell below the moving average lines after failing to overcome the overhead resistance on August 11.
On September 4, RVN regained its bullish momentum when it broke above the moving average lines. If buyers break the overhead resistance, RVN will resume the uptrend and the altcoin will rise to the high of $0.05. Meanwhile, RVN is at level 64 of the Relative Strength Index for period 14, indicating that the market is in the uptrend zone and could rise. The altcoin is the cryptocurrency with the second best performance this week. It has the following characteristics:
Market capitalization: $806,012,567
Trading volume: $171,267,263
7-day gain: 24.77%
The price of Ethereum Classic (ETC) has been in a sideways trend since July 28. Today, buyers pushed the altcoin above the moving average lines to retest the overriding $45 resistance. However, the uptrend is doubtful as the market is reaching the overbought zone. If buyers break the overriding resistance, ETC will rally to the next resistance at $54.
The altcoin is above the 80% area of the daily stochastic. This indicates that the market has reached the overbought region. Sellers will appear in the overbought region and push the prices down. ETC is the cryptocurrency with the third best performance this week. It has the following characteristics:
Market capitalization: $8,488,173,756
Trading volume: $3,110,144,918
7-day gain: 18.45%
The price of Lido DAO (LDO) resumes a new uptrend as buyers try to keep the price above the moving average lines. The first uptrend was completed at a high of $3.10 when the altcoin plunged below the moving average lines. If the price rises above the moving average lines, LDO will regain the high of $3.10. The uptrend will resume when the resistance at $3.10 is broken. LDO/USD will rise to the previous highs of $3.81 and $5.20.
Meanwhile, LDO is at the 51 level of the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. LDO is the fourth best performing cryptocurrency this week. It has the following characteristics:
Market capitalization: $2,160,763,516
Trading volume: $152,813,882
7-day gain: 16.60%
The price of Cardano (ADA) is in a sideways trend as buyers are pushing the altcoin above its moving average lines. Nonetheless, Cardano is under selling pressure as it has dropped below the 50-day line SMA. ADA is now trading between the moving average lines. The altcoin will perform when the moving average lines are broken.
If buyers break the 50-day line SMA, ADA will rise to the previous high of $0.66. On the other hand, if the 21-day line SMA is broken, ADA will continue to fall to the low of $0.40. Cardano is above the 80% area of the daily stochastic. It is the cryptocurrency with the fifth best performance this week. It has the following characteristics:
Market capitalization: $22,141,432,012
Trading volume: $788,215,953
7-day gain: 9.08%
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.
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