Weekly Cryptocurrency Market Analysis: Altcoins Hold Recent Rallies as Cryptos Battle Next Resistance Levels

Unlisted cryptocurrencies are trading in bullish trend zones, while altcoins are making positive moves with the exception of WAVES.

Bitcoin is struggling to break above the resistance zone between $39,000 and $40,330 while the altcoins are busy holding on to their recent gains. These include the five best performing altcoins.

Anchor Protocol

Anchor Protocol (ANC) is in an uptrend. The cryptocurrency’s price has broken out above the moving averages and retested the previous high at $4.18. In the previous price action, ANC/USD reached the high of $4.18 twice and the upward movement was interrupted when the market reached an overbought zone at $4.18. Sellers appeared in the overbought region and pushed prices down. 

The altcoin dropped to the low of $1.26. It fell into an oversold region of the market where it attracted buyers. The current uptrend is in a small retracement. The uptrend will continue if the bulls break the recent high. ANC is the best performing altcoin in the past week. It has the following characteristics: 

Price: $3.54

Market capitalization: $3,542,060,238

Trading volume: $86,565,415 

7-day gain: 55.24%

Terra

Terra (LUNA) is in an uptrend as the price has risen above the moving averages. This is an indication of further upward movement. The cryptocurrency has recovered from the previous downtrend. The altcoin rose to an overbought area at $80. The uptrend has resumed after a small retracement. 

Meanwhile, the uptrend retraced a candlestick that tested the 23.6% Fibonacci retracement level on February 7. The retracement suggests that LUNA will rise to the 4,236 Fibonacci Extension level or $100. It is the cryptocurrency with the second best performance last week. It has the following characteristics:

Price: $74.11

Market capitalization: $58,572,219,953

Trading volume: $3,109,233,204

7-day gain: 53.03%

Waves

Waves (WAVES) is in a downward correction as its price fluctuates between $8 and $12. The cryptocurrency price has broken above the resistance line and the moving averages. Waves will resume its upward momentum if the current trend continues. 

Meanwhile, the uptrend from February 27 has a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that WAVES will rise to the Fibonacci extension level of 1.618 or $16.3. The altcoin is the third best performing altcoin in the past week. It has the following characteristics:

Price: $12.92

Market capitalization: $1,390,336,149

Trading volume: $485,279,369 

7-day gain: 35.05% 

Arweave

Arweave (AR) is in a downward correction at the bottom of the chart. The cryptocurrency has fallen since the high of $90. It fell to the low of $23 and resumed an upward correction. The altcoin has reached the high of $30 but is facing resistance at the 21-day moving average. 

Meanwhile, the downtrend from January 21 has a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall to the 1,272 Fibonacci Extension level or $17.74. The altcoin is the fourth best performing altcoin in the past week. The cryptocurrency has the following characteristics:

Price: $30.75

Market capitalization: $2,029,463,065

Trading volume: $78,873,766 

7-day gain: 20.84%

Cosmos

Cosmos (ATOM) is in a downtrend as the price breaks below the moving averages. Buyers are trying to keep the price above the moving averages. The cryptocurrency is below the moving averages after breaking partially above the 21-day moving average.

Meanwhile, a downward candlestick tested the 61.8% Fibonacci retracement level on January 22. The retracement suggests that ATOM will fall to the Fibonacci extension level of 1.618 or $17.05. It is the cryptocurrency with the fifth best performance in the past week. It has the following characteristics:

Price: $27.40

Market capitalization: $7,846,587,465 

Trading volume: $1,063,772,114  

7-day gain: 8.66%

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 funds.

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