Weekly Cryptocurrency Market Analysis: Altcoins Show Evidence Of A Potential Breakout
Altcoins rally as cryptocurrency prices move above moving average lines. Coinidol.com brings cryptocurrency price analysis of THORChain, Toncoin, Pepe, Hedera, and ApeCoin.
Unfortunately, such breakouts are usually short as cryptocurrencies reach the overbought area of the market.
THORChain
The price of THORChain (RUNE) is rising as it breaks out above the moving average lines. The market hit a high of $1.40 today. It is predicted that the cryptocurrency will surpass its previous high of $1.70. The altcoin reached its previous high of $1.70 on April 19, but was beaten back.
Today, further gains are unlikely as the cryptocurrency has reached overbought territory. The cryptocurrency will continue to rise to previous highs in a strong moving market. RUNE is above the daily stochastic value of 80. The cryptocurrency has reached the overbought area and could fall. RUNE is the most successful cryptocurrency and has the following characteristics:
Current Price: $1.41
Market Capitalization: $697,973,184
Trading Volume: $163,726,819
7–Day Gain: 49.15%
Toncoin
Toncoin (TON) has lost value since April 7. The bearish momentum subsides when the price moves above the moving average lines. If the cryptocurrency price stays above the moving average lines, the market will rise. The TON will reach a high of $1.30 or $2.00. However, if the price falls below the moving average lines, the selling pressure will increase again.
Meanwhile, TON is trading above the moving average lines, indicating an uptrend. For the period 14, TON is above the Relative Strength Index of 58. The altcoin is in an uptrend and could continue to rise. It is the second best performing cryptocurrency and has the following characteristics:
Current Price: $1.39
Market capitalization: $7,042,917,017
Trading volume: $37,197,620
7–day gain: 15.38%
Pepe
Pepe (PEPE) is down but correcting upwards. The cryptocurrency has broken the 21-day simple moving average and is now trapped between the moving average lines. Buyers have been working hard to keep the price above the $0.0000018000 overhead barrier since May 13. Buyers have been rebuffed three times as the altcoin continues to drift sideways below the resistance level. PEPE will develop a trend if the moving average lines are broken. PEPE has bullish momentum above the stochastic threshold of 80. PEPE is the third most valuable cryptocurrency and has the following characteristics:
Current Price: $0.000001354
Market capitalization: $570.31M
Trading volume: $118.11M
7–day gain: 14.94%
Hedera
The price of Hedera (HBAR) is rising as it breaks above the moving average lines. The price of the cryptocurrency is creating a series of higher highs and higher lows. At the time of writing, the market has reached a high of $0.0065. The altcoin is retesting the $0.065 resistance level in an overbought market region. On the upside, the market will rise to a high of $0.070 or $0.075. HBAR was dumped in the last market action on May 1 at a high of $0.065. The altcoin is gaining traction. The cryptocurrency is at a Relative Strength Index level of 68.
HBAR is the fourth most valuable cryptocurrency. Some of the characteristics are as follows:
Current Price: $0.06393
Market capitalization: $3,196,722,615
Trading volume: $115,365,600
7–day gain: 11.10%
ApeCoin
ApeCoin (APE) is in decline but has resumed its upward trend. The price of the cryptocurrency has risen above the moving average lines, indicating that the market is overbought. At the time of writing, the altcoin is worth $2.07. The current rally has reached the overbought zone of the market. At the recent high, the altcoin may face rejection. APE is above the Stochastic daily value of 80. The bullish momentum has reached its peak. It is the fifth best performing cryptocurrency and has the following characteristics:
Current Price: $2.08
Market capitalization: $2,108,796,167
Trading volume: $113,367,615
7–day gain: 9.10%
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 own research before investing in funds.
Source: Read Full Article
