Weekly Cryptocurrency Market Analysis: Altcoins Face Rejection as They Resume Consolidation

The cryptocurrencies listed below have regained bullish momentum as they rallied to previous highs. Currently, the altcoins are being rejected at the upper resistance levels. The cryptocurrencies will likely continue to fluctuate below the resistance levels for a few more days of consolidation.

yearn.finance

yearn.finance (YFI) is in an uptrend but stuck below the high of $13,500. Since July 30, the altcoin has been fluctuating below the recent high. To the upside, the altcoin will resume its uptrend when the resistance is broken.

Meanwhile, the July 30 uptrend has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the level of the 2.0 Fibonacci extension or $21,815.50. YFI is the best performing cryptocurrency this week. It has the following characteristics:

Price: $10,988.46

Market capitalization: $403,069,479

Trading volume: $172,641,924

7-day gain: 64.93%

Filecoin

Filecoin (FIL) price is trending upwards as the altcoin recovered to the high of $11.37. The altcoin is facing a rejection of the recent high but is fluctuating above the support of $7.67. The current uptrend will continue if the price overcomes the resistance at $10.

Meanwhile, the August 1 uptrend has a candlestick body testing the 50% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the 2.0 Fibonacci extension level or $17.17. The price action shows that the altcoin is fluctuating above the $7 support. The market is in a bullish momentum. FIL is the cryptocurrency with the second best performance this week. It has the following characteristics:

Price: $8.18

Market capitalization: $2,038,270,809

Trading volume: $1,122,266,768

7-day gain: 56.25%

Lido DAO

Lido DAO (LDO) is in an uptrend as the altcoin breaks above the moving average lines. The price of the cryptocurrency is forming a series of higher highs and higher lows. The uptrend will continue every time the price retests the trend line. The downtrend will resume when the price falls below the moving average lines or the trend line.

The cryptocurrency is trading at $2.23 at the time of writing. The altcoin is above the 60% area of the daily stochastics. This suggests that the market is in a bullish momentum. However, LDO is the third best performing cryptocurrency this week. It has the following characteristics:

Price: $2.24

Market capitalization: $2,242,901,705

Trading volume: $126,041,046

7-day gain: 56.02%

Ethereum Classic

Ethereum Classic (ETC) has a bullish momentum again as the price breaks above the moving average lines. Buyers are trying to push the altcoin to the previous highs. The current uptrend is rejected at the $45 high. If the bulls break the recent high, the market could go up to $65.

In the meantime, the uptrend from July 29 has a candle body testing the 50% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the 2.0 Fibonacci Extension level or $67.54. ETC has resumed the uptrend and tested the previous highs. The altcoin is above the 60% area of the daily stochastic. It is the fourth best performing cryptocurrency this week. It has the following characteristics:

Price: $38.21

Market capitalization: $8,051,806,055

Trading volume: $2,385,125,955

7-day gain/loss: 49.15%

Ravencoin

Ravencoin (RVN) is in an upward correction as the price breaks above the moving average lines. The upward correction was staved off at the high of $0.043. Further upside is possible if the bulls break the recent high.

Meanwhile, a candle body of the July 29 uptrend tested the 61.8% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the Fibonacci extension of 1.618 or $0.054. The price action shows that the altcoin is fluctuating below the high of $0.045. The altcoin is below the 80% area of the daily stochastic. The bearish momentum has subsided. It is the fifth best-performing cryptocurrency asset of the week. It has the following characteristics:

Price: $0.03639

Market capitalization: $763,958,592

Trading volume: $36,075,218

7-day gain: 48.04%

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 funds.

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