Weekly Cryptocurrency Analysis: Altcoins Resume Bullish Trend; Cryptocurrencies Gain Traction
Several cryptocurrencies have broken through additional resistance levels and risen to previous highs.
The altcoins listed below have re-established a positive trend and continue to rise. The following altcoins in weekly cryptocurrency market analysis by Coinidol.com are:
Celestia (TIA) is in an uptrend after recovering and rising above moving average lines. Since November 2, the altcoin has been consolidating above the $2.00 support level and is preparing for a likely breakout. On November 10, the cryptocurrency recovered and climbed to a high of $7.50. On a positive note, the current uptrend is likely to continue beyond the recent peak. If buyers break through the resistance at $7.50, TIA will reach a high of $10.
Meanwhile, the altcoin has entered the overbought territory of the market. TIA is the best performing cryptocurrency, and some of its characteristics are:
Current price: $7.14
Market capitalization: $7,143,312,949
Trading volume: $462,466,244
7–day gain: 80.42%
Kaspa (KAS) is rising steadily. The price of the cryptocurrency is creating a series of higher highs and higher lows. The altcoin has reached the projected price of $0.12, which is the 1.618 Fibonacci extension. Further gains could be hindered if the cryptocurrency enters the overbought zone of the market.
Meanwhile, the uptrend has stalled at the high of $0.15. It is unclear whether the altcoin will rise in value. The advantages of KAS, the second best performing cryptocurrency, are as follows:
Current price: $0.1373
Market capitalization: $3,942,909,518
Trading volume: $144,217,669
7–day gain: 56.66%
Render (RNDR) is in an uptrend with a series of higher highs and higher lows. The altcoin is approaching the projected price of $3.52. RNDR has now surpassed the historical price level of June 4. On June 4, the market reached a high of $2.80 before dropping lower due to overbought conditions. If the altcoin breaks above the current barrier, it could rise above the $3.60 mark. If the price falls below the 21-day moving average, selling pressure will increase again. The third most valuable coin, RNDR, has the following characteristics:
Current price: $3.34
Market capitalization: $1,794,932,807
Trading volume: $280,152,165
7–day gain: 35.40%
Avalanche (AVAX) is currently experiencing an upswing as it overcomes its previous decline. The altcoin hit a high of $24 on Nov. 16, and the bulls are breaking through more resistance as the altcoin gains value. On the upside, the bulls are approaching the historical price level of August 10 at $30. A retraced candlestick body tested the 61.8% Fibonacci retracement level on the upswing on November 12. The retracement suggests that AVAX will rise to the 1.618 Fibonacci extension or the $26.74 level.
Meanwhile, the altcoin is trading at around $21 at the time of writing. It is the fourth most valuable coin and has the following characteristics:
Current price: $21.27
Market capitalization: $15,312,914,482
Trading volume: $769,704,080
7–day gain: 33.44%
THORChain (RUNE) is on the upswing as it recovers from its previous downturn. Since October 19, the altcoin has been steadily rising. The altcoin is about to reach its peak price of $22.50 again. Today, the altcoin reached a high of $6.51 before falling back. It is in overbought territory, with a rejection at the high of $6.50. RUNE is losing value after being rejected twice at its recent high. RUNE is the fifth most profitable cryptocurrency. RUNE is characterised by the following features:
Current price: $5.27
Market capitalization: $2,549,688,636
Trading volume: $342,050,215
7–day gain: 30.08%
A week ago the altcoins such as FTT, LUNA, KAS, IMX and RPL were the best performing cryptocurrencies, as reported on November 13 by Coinidol.com.
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.