Weekly Analysis Of The Cryptocurrency Market: Altcoins In A Sideways Trend As Bulls And Bears Are Indecisive
Some of the altcoins have been moving positively from their various support levels, but have been unable to break through their next resistance levels. The cryptocurrencies were forced to move sideways and later fell down.
yearn.finance
yearn,finance(YFI/USD) is in a sideways movement. The cryptocurrency has been in a sideways trend since September after the uptrend stalled. yearn,finance reached a high of $43,480 on September 7. Buyers were unable to keep the price above the overhead resistance as the altcoin was forced to move sideways. The cryptocurrency’s price fluctuated between $18,860 and $50,000. A new uptrend will occur when the overriding resistance is broken. It is the worst performing altcoin in the past week.
The cryptocurrencies have the following characteristics:
Current Price: $29,538.11
Market capitalization: $1,083,044,217
Trading Volume: $267,475,580
7-day Loss %: 14.42%
Avalanche
Avalanche (AVAX/USD) is in an uptrend. The cryptocurrency is trading in the bullish trend zone. Buyers are struggling to regain the previous high of $140. In the previous uptrend, the market reached the high of $140, but the buyers could not sustain the bullish momentum above that level. Meanwhile, the December 22 uptrend has a candlestick body testing the 61.8% Fibonacci retracement level. The retracement suggests that AVAX will rise to the 1.618 Fibonacci extension level or the $157.38 price level. The altcoin is the second biggest loser of the past week.
The cryptocurrency has the following characteristics:
Current Price: $108.46
Market Capitalization: $43,267,784,034
Trading Volume: $1,407,726,730
7-Day Loss %: 13.67%.
Hedera
Hedera (HBAR/USD) is in a downtrend. On December 19 uptrend; buyers failed to keep the price above the 50-day line SMA. The cryptocurrency fell above the 21-day line SMA support. Bullish candlesticks indicate a possible upside move. If the price breaks the 50-day line SMA to the upside, it would signal the resumption of the uptrend. The cryptocurrency is the third biggest loser of the past week.
The altcoin has the following characteristics:
Current Price: $0.2922
Market Capitalization: $14,618,356,551
Trading Volume: $122,627,904
7-Day Loss %: 12.63%
Loopring
Loopring (LRC/USD) is in a sideways movement as the altcoin trades below the $3.50 resistance. On November 11, the cryptocurrency asset rose to a high of $3.50 as the market reached the overbought region. In the overbought region, sellers will emerge and push prices down. Currently, the LRC price has fallen below the moving average, indicating further downward movement. The cryptocurrency seems to be the fourth biggest loser of the past week.
It has the following characteristics:
Current Price: $2.11
Market Capitalization: $2,896,646,223
Trading Volume: $361,341,176
7-Day Loss %: 8.50%
OKB
OKB (OKB/USD) is in an uptrend. The cryptocurrency price is posting a series of higher highs and higher lows. The current uptrend is rejected at the high of $32. The altcoin will retest the recent high and fall above the moving average. The upward movement will continue as long as the price bars above the moving averages. Today, the cryptocurrency is bearish after breaking the recent high. The selling pressure will continue if the price falls below the moving averages. Cryptocurrency is the fifth worst performing cryptocurrency.
It has the following characteristics:
Current Price: $29.32
Market Capitalization: $8,835,702,313
Trading Volume: $410,407,288
7-Day Loss %: 7.56%
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 funds.
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