Weekly Cryptocurrency Market Analysis: Altcoins Recover, But Trade In A Range
As altcoins return to previous support levels, selling pressure is prevalent in the cryptocurrency market.
The downtrend has slowed down as altcoins try to rise above their respective support levels. We will take a closer look at some of these cryptocurrencies.
The price of Filecoin (FIL), despite being in the uptrend zone, has risen above the 21-day SMA line. In other words, FIL has fallen from a high of $9.50 to a low of $6.70. However, the oversold area of the market has been reached by the current decline. It is currently trading above the 21-day line of SMA. FIL will start a new uptrend if the price bars stay above the moving average lines. The market will rise and retest the $9.50 resistance level. If the price falls below the moving average lines, the uptrend will be over. The cryptocurrency value rises above the 50th level of the daily stochastic. The following is a description of Filecoin, the cryptocurrency with the worst performance.
Current price: $6.74
Market capitalization: $2,655,871,480
Trading volume: $323,026,612
7-day gain/loss: 27.41%
Internet Computer (ICP) has risen above the moving average lines and is trading in the bullish trend zone. During the previous price action, buyers drove the altcoin to its previous historical price of September 11, 2022. Although the historical price level of $7.82 was retested, the bullish momentum could not be sustained. The cryptocurrency’s price has fallen below the 21-day moving average SMA, signaling a decline. The price bars are between the moving average lines, indicating that the cryptocurrency might be moving in a range. The altcoin is at level 49 for period 14 of the Relative Strength Index. This means that supply and demand are in balance, which means that the price of the altcoin has reached its equilibrium level. The altcoin performs the second worst this week. It has the following characteristics:
Current price: $6.28
Market capitalization: $3,104,046,006
Trading volume: $36,501,643
7-day gain/loss: 22.24%
Curve DAO Token
Curve DAO Token (CRV) price has dropped below the moving average lines, signaling a decline. The cryptocurrency value is currently back above the 50-day line SMA. Altcoin prices are currently fluctuating between the moving average lines. The altcoin is rising upwards as it approaches the 21-day line SMA. If CRV crosses the 21-day line SMA, it is expected to return to the previous high of $1.29. The price of the cryptocurrency would be capped between the moving average lines if buyers are unable to sustain the bullish momentum above the 21-day line SMA. The altcoin is currently moving up above level 25 of the daily stochastic for the period 14. The altcoin is performing the third worst this week. It has the following characteristics:
Current price: $1.62
Market capitalization: $3,371,785,981
Trading volume: $51,714,456
7-day gain/loss: 19.36
The price of Loopring (LRC), which fell to a low of $0.34, is in the downtrend zone. Moreover, the price of the cryptocurrency is trading between the moving average lines. LRC is approaching the 21-day line SMA and has gained upward momentum. If Loopring breaks above the 21-day line SMA, the uptrend will resume. The altcoin will rise and reach the high of $0.45 again. On the other hand, if the buyers fail to break the 21-day line SMA, the altcoin will continue its rangebound movement. LRC is at level 45 in period 14 of the Relative Strength Index. LRC is the fourth worst performing cryptocurrency. It has the following characteristics:
Current Price: $0.3693
Market capitalization: $507,486,962
Trading volume: $34,847,511
7-day gain/loss: 19.16%
Polygon (MATIC) price is in a decline below the 21-day line SMA. Since February 24, the cryptocurrency value has been contained between the moving average lines. The altcoin fell to the low of $1.19 and retreated. The cryptocurrency will develop a trend when the moving average lines are broken. For example, Polygon will start a new uptrend when the price breaks the 21-day line SMA. The market will rise and regain the previous high of $1.56. The altcoin is in a bullish momentum above level 30 of the daily stochastic indicator. Among all cryptocurrencies, the altcoin had the fifth worst performance for the week. The cryptocurrency’s characteristics include:
Current Price: $1.27
Market capitalization: $12.725.437.327
Trading volume: $414,832,305
7-day gain/loss: 16.15%
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.
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