Weekly Cryptocurrency Market Analysis: Altcoins Rise Above Recent Levels And Start To Recover
Cryptocurrency assets are recovering as altcoins attempt to rise above their moving average lines.
For those altcoins that have crossed the moving average, the upward momentum will continue. Similarly, if altcoins are rejected at the recent high, the downtrend will resume.
Trust Wallet Token
The price of Trust Wallet Token (TWT) has been in a downtrend since December 13, 2022. As bulls bought dips, the cryptocurrency asset fell to a low of $0.71. Bearish momentum pushed the price below the historical level of October 2, 2022. TWT is currently trading at $0.93 as we write this article. The altcoin is correcting higher and is encountering resistance at the 21-day line SMA. The recent high represents an overbought region of the market. If buyers keep the price above the moving average lines or break the resistance at $1.20, the altcoin will regain upward momentum. On the other hand, the cryptocurrency will fall if it is rejected at the recent high. The altcoin is in a bullish momentum above level 50 of the daily stochastic. TWT is the top cryptocurrency of the week and has the following characteristics:
Current price: $0.9375
Market capitalization: $934,530,521
Trading volume: $391M
7-day gain/loss: 29.83%
Sui
Sui (SUI) falls but rises above moving average lines. Before the upward correction, SUI fell to a low of $0.51 and resumed its sideways movement. Meanwhile, the upward correction encounters resistance at $0.80. The altcoin risks a decline to a new low of $0.51. For the period 14, the altcoin is at level 51 of the Relative Strength Index. SUI altcoin, the second best performing cryptocurrency, has the following characteristics:
Current price: is $0.7514
Market capitalization: $7,493,306,758
Trading volume: $403M
7-day gain/loss: 24.53%
Aptos
The price of Aptos (APT) is declining and is below the moving average lines. The decline is expected to continue to the bottom of the chart. The moving average lines are currently providing resistance for the price bars. At the time of writing, APT had fallen to a low of $6.91. The price indicator is predicting a downward price move. APT made a downward correction to the upside on March 11 and a candlestick tested the 61.8% Fibonacci retracement level. The correction means that APT will fall to the 1.618 Fibonacci extension or the $3.78 level. The altcoin is currently above level 25 of the daily stochastic uptrend. It is the third best performing cryptocurrency and has the following characteristics:
Current price: $6.91
Market capitalization: $7,187,826,852
Trading volume: $267M
7-day gain/loss: 19.56%
KuCoin Token
KuCoin Token (KCN) is trading sideways as buyers struggle to keep the price above the $9.00 overhead resistance level. Prior to an upward correction, the altcoin fell below the moving average lines. Bullish momentum has broken through the moving average lines but is encountering resistance at the $7.50 high. The recent high represents an overbought region of the market. The altcoin risks a decline if it is rejected at its recent high. For the period 14, the cryptocurrency asset has bullish momentum above the Relative Strength Index of 58. KCN is the fourth best performing cryptocurrency. Below are some of its characteristics:
Current price: $7.39
Market capitalization: $1,262,975,160
Trading volume: $2M
7-day gain/loss: 18.75%
Fantom
Fantom (FTM) is in a downtrend and has dropped to the bottom of the chart. The cryptocurrency fell to a low of $0.21 as bulls bought dips. The altcoin is currently in an upward correction as it faces resistance at the 21-day line SMA. At the time of writing, FTM was trading at $0.27. If buyers keep the price above the moving average lines or break the $0.45 resistance, the altcoin will resume its uptrend. The market will rise to its previous all-time high of $0.54. On the other hand, if the altcoin rises but is rejected at the moving average lines, selling pressure will resume. FTM will then fall back to its previous low of $0.21. The altcoin is in a bullish momentum above level 50 of the daily stochastic. It is the fifth best performing cryptocurrency and has the following characteristics:
Current price: $0.273
Market capitalization: $866,254,130
Trading volume: $72M
7-day gain/loss: 16.38%
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 in funds.
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