Weekly Cryptocurrency Market Analysis: Altcoins Hold Respective Support Levels, Resume Upward Correction

While Bitcoin is reclaiming the psychological price level of $20,000, the altcoins below it have made positive moves to the previous highs. The cryptocurrencies below have broken through the moving averages and are preparing to resume their upward momentum.

Celsius

Celsius is in an uptrend as the price has risen above the moving averages. The cryptocurrency trends upward when the price bars are above the moving averages. On June 15, the altcoin recovered after a price spike and reached the high of $2.57. 

Celsius retreated above the 21-day moving average line and resumed a new uptrend. The current price has risen to a high of $1.49 at the time of writing. If the uptrend continues, the cryptocurrency could reach the previous high of $3.66. CEL/USD is above the 40% area of the daily stochastic. It is the best performing cryptocurrency in the past week. It has the following characteristics:

Price: $1.41

Market capitalization: $983,965,834

Trading volume: $56,428,195 

7-day gain: 379.34%

Storj

Storj (STORJ) is in an uptrend as the price breaks above the moving averages. In the last price action, the cryptocurrency fell to the low of $0.35 on May 12 and June 13. After the retest, the altcoin recovered and broke above the moving averages. 

Meanwhile, on June 17 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that STORJ is likely to rise to the Fibonacci retracement level of 2.618 or $0.83. The altcoin is at level 66 of the Relative Strength Index for the period 14. The cryptocurrency is in the downtrend zone and is capable of further downward movement. STORJ is the cryptocurrency with the second best performance in the past week. It has the following characteristics:

Price: $0.76

Market capitalization: $321,862,425

Trading volume: $354,388,843 

7-day gain: 114.26% 

Synthetix

Synthetix (SNX) is in an uptrend as the price is above the moving averages. Currently, the uptrend is in a small retracement. The uptrend will continue if it declines and finds support above the moving averages. However, if it declines and falls below the moving averages, the downtrend will resume. 

Meanwhile, on June 20, the uptrend tested the 78.6% Fibonacci retracement level with a retraced candle. The retracement suggests that SNX will rise but will reverse at the 1.272 Fibonacci extension level or $3.97. SNX is the cryptocurrency with the third best performance last week. It has the following characteristics:

Price: $3.17

Market capitalization: $668,036,137

Trading volume: $537,853,549 

7-day gain: 63.31%

Basic Attention Token

Basic Attention (BAT) is in a downtrend but making an upward correction. The cryptocurrency’s price has broken above the moving averages but is struggling below the 50-day line SMA. If the price breaks above the 50-day line SMA, it will signal the resumption of the uptrend. The altcoin will rise and regain the previous highs of $0.66 and $1.00. In the meantime, the altcoin is trading between the moving average lines. BAT will show a trend when the moving average lines are broken. 

The altcoin is at level 54 of the Relative Strength Index for period 14, which indicates that the altcoin is in the uptrend zone and capable of further upward movement. It is the cryptocurrency with the fourth best performance in the past week. It has the following characteristics: 

Price: $0.3998

Market capitalization: $599,738,207

Trading volume: $146,012,832 

7-day gain: 42.79%

Elrond

Elrond (EGLD) is in a downtrend but making an upward correction. The cryptocurrency price has broken the 21-day line SMA and is approaching the 50-day line SMA. The upward momentum will continue if the price crosses the 50-day line SMA. If the 50-day line SMA is not broken, Elrond will be forced to move between the moving averages. The altcoin is at level 48 of the Relative Strength Index for the period 14. It is in the downtrend zone and approaching the uptrend zone. It is the cryptocurrency with the fifth best performance in the past week. It has the following characteristics:

Price: $63.12

Market capitalization: $1,969,430,509

Trading volume: $116,707,409 

7-day gain: 31.34%

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.

Source: Read Full Article