Weekly Cryptocurrency Market Analysis: Altcoins Reach New Highs And Lows

The cryptocurrencies under consideration are all rising altcoins trading above the moving average lines.

The cryptocurrencies have reached above resistance levels and are trying to make new highs and lows. Let us take a closer look at a handful of these cryptocurrencies.

XDC Network

The price of XDC Network (XDC) is rising above the moving average lines. The cryptocurrency value rose to a high of $0.071 before falling back. Further gains are unlikely as the market approaches the overbought zone. A retraced candlestick tested the 78.6% Fibonacci retracement line of the July 22 upswing. The retracement suggests that XDC would rise but then fall back at the 1.272 Fibonacci extension or at $0.067. The market seems to be rising to retest the previous high of $0.0.71. The cryptocurrency value is rising above the 75 level of the daily stochastic. XDC is the best performing cryptocurrency and has the following characteristics:

Current price: $0.6185

Market capitalization: $2,313,542,258

Trading volume: $14,958,023

7–day gain: 62.23%

Maker

Maker (MKR) is in an uptrend, with the cryptocurrency’s price showing a series of higher highs and lower lows. At the time of writing, the altcoin had reached a high of $1,260. The price indicator predicts that the altcoin will rise to previous highs. A retraced candlestick tested the 50% Fibonacci retracement level of the July 3 rally. The retracement suggests that MKR will rise to the 2.0 Fibonacci extension level, or $1,469.94. Nevertheless, the current rise has reached the overbought zone of the market. For the 14 period, it is above the Relative Strength Index level of 77. The current rally will almost certainly reach bullish exhaustion. MKR is the second most valuable cryptocurrency after XDC. Some of the characteristics are as follows:

Current price: $1,261.97

Market capitalization: $1,271,930,648

Trading volume: $122,235,494 

7–day gain: 21.58%

Chainlink

Chainlink (LINK) is in an uptrend, with the cryptocurrency’s price showing higher highs and higher lows. Although the altcoin is approaching the overbought area of the market, it is poised to continue rising. At the time of writing, the altcoin is worth $7.96. A retraced candlestick tested the 78.6% Fibonacci retracement level of the July 21 upswing. The retracement suggests that LINK will rise to the Fibonacci extension of 1.272 or $9.38. The altcoin is in a bullish momentum above level 75 of the daily stochastic. It is the third best performing cryptocurrency and has the following characteristics:

Current price: $7.95

Market capitalization: $7,966,330,249

Trading volume: $403,321,358 

7–day gain: 13.31%

Dogecoin

Dogecoin (DOGE) price is on the rise, reaching a high of $0.083. Since the price collapse on June 10, the altcoin has gained and risen above the moving average lines to reach its current high. At the time of writing, the cryptocurrency is trading at $0.078. If buyers overcome the resistance at $0.085, the current rise will continue. The altcoin will rise to a high of $0.095. Dogecoin is currently trading in the positive trend zone and approaching the overbought area of the market. For the period 14, the Relative Strength Index is 64. It is the fourth best performing cryptocurrency and has the following characteristics:

Current price: $0.07848

Market capitalization: $11B

Trading volume: $717.64M 

7–day gain: 10.93%

Trust Wallet Token

The price of Trust Wallet Token (TWT) is drifting sideways after breaking above the moving average lines. The altcoin was in a downtrend during the last price movement. The downtrend subsided on June 10 when the altcoin resumed its sideways movement. The price of the cryptocurrency has risen above the moving average lines, but has not yet overcome the resistance level of $1.00. TWT/USD has been trapped in a price range between $0.70 and $1.00 for a month. If buyers break through the $1.00 resistance, the altcoin will resume its positive trend. The altcoin rises above the 75 level of the daily stochastic. TWT is the sixth most valuable cryptocurrency and has the following characteristics:

Current price: $0.9137

Market capitalization: $907,489,629

Trading volume: $10,830,691

7–day gain: 7.71 %

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.com. Readers should do their own research before investing in funds.

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