Weekly Cryptocurrency Market Analysis: Altcoins Start Upward Movement, But Are Under Selling Pressure
This week the cryptocurrency market is rising and testing the above resistance levels.
The above resistance levels are still in effect as buyers are unable to overcome them. Selling pressure increased as cryptocurrency prices retraced above the moving average lines. Now that the market is bearish, let us take a look at some altcoins.
The price of Pepe (PEPE), which has returned above the moving average lines, is rising. The cryptocurrency reached a high of $0.000004076 on May 5, but has been unable to sustain upward momentum above that level. At the time of writing, the price is $0.000003133. The cryptocurrency price is fluctuating below the recent high in anticipation of a breakout. The upswing will start on the upside once the current resistance is broken. During the May 5 upswing, a retreating candlestick tested the 38.2% Fibonacci retracement line. PEPE will rise to the 2.618 Fibonacci extension level or $0.000005491 after the retracement. The cryptocurrency is currently fluctuating below its last high. The altcoin’s Relative Strength Index is at 68 for the period of 14. As it continues to rise, the overbought zone is getting closer. The current bullish momentum may end soon. PEPE is the most popular cryptocurrency this week. It has the following characteristics:
Current price: $0.000003222
Market capitalization: $1,363,514,659
Trading volume: $2,659,860,007
7-day gain/loss: 1032.08%
The price of FLOKI (FLOKI) is currently moving sideways after suffering a breakdown on May 5. The crypto asset suffered an upward correction, but it ended at a high of $0.00005000. The value of the currency is currently fluctuating below its last high. The bounce will begin when the recent high is broken. Moreover, selling pressure will resume if the current support level of $0.00004233 is broken. FLOKI is now available for the price of $0.00004408. The cryptocurrency is moving bearishly below the daily stochastic barrier of 40. In terms of performance, FLOKI is the second best cryptocurrency. It has the following characteristics:
Current price: 0.00004397
Market capitalization: $879,409,189
Trading volume: $401,246,726
7-day gain/loss: 17.35%
Casper (CSPR) is rising above its moving average lines. At the high of $0.065 on April 30, the uptrend was stopped. At the current price of $0.058, there is a retracement towards the moving average lines. The uptrend could continue if it goes back above the moving average lines. According to the price indicator, the cryptocurrency could rise for the time being. During the April 16 upswing, a retraced candlestick tested the 38.2% Fibonacci retracement line. According to the retracement, CSPR will rise to the 2.618 level of the Fibonacci extension or $0.066. The altcoin is currently trading above the moving average lines. If sellers break below the moving average lines, the bullish situation will be discredited. Below the daily stochastic threshold of 80, the cryptocurrency is in a bearish momentum. The following characteristics apply to CSPR, the third best performing cryptocurrency:
Current price: $0.058
Market capitalization: $687,567,239
Trading volume: $14,389,179
7-day gain/loss: 11.56%
Rocket Pool (RPL) is in an uptrend evidenced by a series of higher highs and higher lows in the cryptocurrency’s price. At the $60 resistance, the uptrend is restricted. Buyers have failed to keep the price above the $60 high since February 5. Three times buyers trying to break the recent high have been rebuffed. The cryptocurrency is currently trading above the moving average lines at $51. If the altcoin holds above the moving average lines, the uptrend will begin. If the price moves below the moving average lines, a downtrend will begin. CRO is the fourth best cryptocurrency and has a positive momentum above the daily stochastic threshold of 50. These describe its characteristics.
Current price: $51.07
Market capitalization: $987,478,771
Trading volume: $9,220,949
7-day gain/loss: 9.77%
The price of TRON (TRX) has been moving sideways since February 20. The cryptocurrency asset peaked at $0.072 before being rejected. Above the $0.064 support, the altcoin fell and started consolidating again. The altcoin was rejected again when it tried to test the $0.072 resistance area today. The market is overbought in the $0.072 resistance area. The overbought area is resisting the upward movement of TRON. TRON is currently trading at $0.070. The crypto is likely to fall further as it faces resistance in the overbought area of the market. At level 66 of the Relative Strength Index for period 14, the cryptocurrency is in the uptrend zone. The altcoin has reached the point where the market is overbought, but it could fall. The cryptocurrency with the fifth best performance, TRX, has the following characteristics:
Current price: $0.07044
Market capitalization: $6,380,226,790
Trading volume: $211,696,710
7-day gain/loss: 12.25%
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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