Weekly Cryptocurrency Market Analysis: Altcoins Regain Bullish Momentum, Continue to Build Strength on Market Surge
Bitcoin drops below the psychological $50,000 price level. Altcoins are moving positively in the bullish trend zone. Yearn.finance and other altcoins are on the verge of breaking into the bullish trend zones.
Yearn.finance
Yearn.finance (YFI) is in an uptrend. In recent price action, the cryptocurrency plunged to a low of $19,000 as bulls bought the dips. The altcoin corrected to the upside as the price broke above the moving averages. Yearn.finance is now in the bullish trend zone as it has risen to $37,221. The uptrend is meeting resistance at $40,000.
In the December 18 uptrend, a candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that YFI will rise to the 1,272 Fibonacci extension or $38461.97. Yearn.finance is the best performing cryptocurrency over the last seven days. It has the following characteristics:
Price: $37,639.36
Market capitalization: $1,380,084,602
Trading volume: $793,045,495
7-day gain: 85.06%
Terra
Terra (LUNA) is in an uptrend. The uptrend is rejected at $85. The cryptocurrency is facing rejection in the overbought zone of the market. In the first uptrend, the market dropped to a low of $51 as bulls bought the dips. The second uptrend is facing resistance today in the same overbought region of the market.
Should price break above resistance at $85, the market will rise to a high at $160. In the December 4 uptrend, a candlestick tested the 38.2% Fibonacci retracement level. The retracement suggests that LUNA will rise to the 2.618 Fibonacci extension level or $161.61. LUNA has the following characteristics:
Price: $80.16
Market capitalization: $67,923,716,776
Trading volume: 4,113,774,062
7-day gain: 50.49%
Arweave
Arweave (AR) is in a downtrend. On November 4, the cryptocurrency reached a high of $90. The altcoin reached the overbought zone of the market. Sellers pushed the price down. AR/USD fell well below the moving averages, retested the high of $64, before falling to a low of $37.50.
Nonetheless, the altcoin has recovered but faces rejection at the $61 high. The cryptocurrency will regain its bullish momentum as buyers break out above the moving averages. Arweave is the third best performing altcoin. It has the following characteristics:
Price: $53.48
Market capitalization: $3,529,607,339
Trading volume: $120,652,164
7-day gain: 48.70%
Harmony
Harmony (ONE) is in a downtrend. The cryptocurrency fell below the moving averages and reached the low of $0.17. After consolidating above the current support for a week, the altcoin recovered and reached the high of $0.25. Harmony broke above the 21-day moving average line, but was rejected at the 50-day moving average line.
The altcoin also reached the overbought area of the market. ONE/USD is likely to fall to the downside. It is the fourth best performing cryptocurrency. It has the following characteristics:
Price: $0.2396
Market capitalization: $3,135,557,879
Trading volume: $396,048,400
7-day gain: 40.09%
Hedera
Hedera (HBAR) is in a downtrend. The cryptocurrency fell from a high of $0.45 to a low of $0.21 as bulls bought the dips. The cryptocurrency corrected higher and reached a high of $0.33, but was rejected at the recent high. The altcoin is above the 21-day moving average line but below the 50-day line SMA.
The market is likely to move between the moving averages. However, Hedera will regain bullish momentum if the price breaks above the 50-day moving averages line. Hedera has the following characteristics:
Price: $0.3086
Market capitalization: $15,430,954,606
Trading volume: $171,770,784
7-day gain: 38%
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
