Weekly Cryptocurrency Market Analysis: Altcoins In A Range As Traders Get Restless

Buyers and sellers are at odds over the direction of the cryptocurrency market. As a result, altcoins have been moving in a range.

XDC Network

The price of XDC Network (XDC) is rising and has reached a high of $0.093. The price indication predicted a similar price increase to the upside. XDC produced an upward correction on July 16 and a retracement candlestick tested the 61.8% Fibonacci retracement level. The correction implies that XDC will rise to the Fibonacci extension of 1.618 or $0.095. The current uptrend has reached its limit. On the plus side, additional gains are unlikely as the altcoin enters an overbought zone. The altcoin is at level 91 on the daily stochastics. In the overbought zone, sellers will emerge and drive the prices down. XDC is the best performing cryptocurrency and has the following characteristics:

Current price: $0.08753

Market capitalization: $3,192,133,656

Trading volume: $43,387,952 

7–day gain/loss:42.83

Bone ShibaSwap

Bone ShibaSwap (BONE) is in an uptrend after reaching its price target of $1.71. The price indicator forecasts that the market will reach a high of $1.71 before falling back to a 78.6% Fibonacci retracement level or a low of $1.32. According to the price action, BONE has fallen back below the $1.70 barrier. Meanwhile, BONE is trading in the overbought zone of the Relative Strength Index for the period 14 at 78. The altcoin has reached a point of bullish exhaustion. It is the second best performing cryptocurrency and has the following characteristics:

Current price: $1.64

Market capitalization: $410,177,045

Trading volume: $12,316,084 

7–day gain/loss: 24.11%

Optimism

Optimism (OP) is in an uptrend as it has risen above the moving average lines. The cryptocurrency’s price is forming a series of higher highs and higher lows. Today, the altcoin reached a high of $1.71. If the uptrend continues, OP is expected to rise to historic highs. Meanwhile, a retraced candlestick tested the 38.2% Fibonacci retracement line of the June 21 upswing. The retracement suggests that OP will rise to the 2.618 Fibonacci extension level or $2.26. OP is currently in an uptrend and trading above the daily Stochastic threshold of 62. OP is the third most valuable cryptocurrency with the following characteristics:

Current price: $1.71

Market capitalization: $7,366,795,079

Trading volume: $229,840,280 

7–day gain/loss: 17.04%

Maker

Maker (MKR) price is rising and approaching the target price level. At the time of writing, the price has risen to $1,299.69. Maker is in an uptrend and could continue to rise. To the upside, the uptrend is expected to reach a Fibonacci extension of 2.0 or a high of $1,469.94. Meanwhile, MKR has entered the overbought zone of the market. The overbought position could affect the upside of the price. For the period 14, MKR has a bullish momentum above the Relative Strength Index of 68. The fourth most valuable cryptocurrency is MKR. Some of the characteristics are as follows:

Current price: $1.71

Market capitalization: $7,366,795,079

Trading volume: $229,840,280 

7–day gain/loss: 11.32%

Conflux

Conflux (CFX) is trading sideways after a price decline on June 10. The cryptocurrency has been trading between $0.16 and $0.25. The altcoin is currently trading above the $0.16 support level but below the moving average lines. The moving average lines have stopped the upward movement. Due to the presence of Doji candlesticks, the price movement is static. If the current support is broken, the market would fall back to its previous low of $0.13. A price move above the existing support will break the resistance at $0.25. For the period 14, the relative strength index of the altcoin is 48. It is the fifth best performing cryptocurrency and has the following characteristics:

Current price: $0.1841

Market capitalization: $968,514,140

Trading volume: $27,590,839 

7–day gain/loss: 7.65%

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 research before investing in funds.

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