Weekly Cryptocurrency Analysis: Altcoins Continue Upward Momentum as They Attract Buying at Lower Levels
Undervalued altcoins are moving positively towards previous highs. The best performing altcoins trade in the bullish trend zone as they make a relief rally to the upside.
In contrast, Bitcoin and the other cryptocurrencies continue their downward movement and are unable to make a price recovery.
ApeCoin
ApeCoin (APE) has been in an uptrend since March 17. The cryptocurrency has reached a high of $17.52. The altcoin was in a small retracement after reaching an overbought region. Today, the bulls are retesting the recent high in order to overcome it.
Meanwhile, the uptrend from April 20 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the level of the 2.0 Fibonacci extension or $23.48. ApeCoin is the best performing cryptocurrency in the past week.
It has the following characteristics:
Current price: $17.28
Marktkapitalisierung: $17.400.729.584
Trading volume: $2,026,555,529
7-day gain %:56.04%
STEPN
STEPN (GMT) is in an uptrend as the altcoin reaches the high of $3.85. The cryptocurrency’s price has a series of higher highs and higher lows. The altcoin is in a small retracement as it fluctuates below the high of $3.50. The uptrend will continue if the price breaks the recent high.
Meanwhile, the uptrend from April 20 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the 2.0 level of the Fibonacci extension or $5.61. It is the cryptocurrency asset with the second best performance last week.
It has the following characteristics:
Current price: $3.23
Marktkapitalisierung: $19.396.892.167
Trading volume: $2,099,734,393
7-day gain: 34.83%
Curve DAO Token
Curve DAO Token (CRV) is in a downtrend, but the altcoin is making an upward correction. The cryptocurrency made an upward correction but was rejected at the $3.00 resistance zone. During the first upward correction, the altcoin was rejected when it fell below the moving averages.
Today, CRV faces rejection at the resistance zone. The market is expected to fall below the moving averages. The altcoin is above the 80% range of the daily stochastic. This indicates that the cryptocurrency has reached bullish exhaustion. CRV is the altcoin with the third best performance in the past week.
The cryptocurrency has the following characteristics:
Current Price: $2.56
Market capitalization: $8,465,952,095
Trading Volume: $324,349,053
7-Day Gain %: 20.67%
Kava
Kava (KAVA) is in an uptrend, but the upward movement got stuck at the resistance zone at $5.00 on March 29. The altcoin has retreated and resumed its sideways movement above the $4.00 support.
Today, the bulls broke the resistance zone at $5.00 and resumed the uptrend, but KAVA is above the 80% area of the daily stochastics. This indicates that the market has reached the overbought area. The current uptrend could be rejected if the sellers appear in the overbought region. It is the cryptocurrency with the fourth best performance last week.
It has the following characteristics:
Current price: $5.18
Market capitalization: $890,929,492
Trading volume: $238,888,128
7-day gain %: 19.11%
Kyber Network Crystal v2
Kyber Network Crystal (KNC) is in an uptrend as the market has reached the high of $4.96. The price of the cryptocurrency is above the moving averages, which indicates that the cryptocurrency will continue to move upwards. A bullish trend line indicates the support levels of the price. The uptrend continues as long as the price bars are above the moving averages and the trend line.
The current uptrend is considered to end when the price falls below the trend line. KNC is the cryptocurrency with the fifth best performance in the past week.
It has the following characteristics:
Current price: $4.97
Market capitalization: $886,435,895
Trading volume: $385,080,763
7-day gain %: 16.74%
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 Coin Idol. Readers should do their own research before investing funds.
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