Weekly Cryptocurrency Market Analysis: Altcoin Uptrend Continues As More Resistance Levels Are Broken

As more resistance levels have been broken, the rise of cryptocurrencies has resumed. Dogecoin, for example, saw significant growth and approached its April 7 high of $0.18. Let us take a quick look at the other cryptocurrencies that are on the uptrend.

Dogecoin

The price of Dogecoin (DOGE) is in an uptrend and has risen to a high of $0.15. After the rise, the cryptocurrency fell back because it was overbought. The price of the altcoin is expected to rise. A retraced candlestick tested the 61.8% Fibonacci retracement line on the October 29 upswing. The retracement suggests that DOGE will rise to $0.19 or the 1.618 Fibonacci extension level. 

As the market approaches the overbought area, the upside appears questionable. As the market is overbought above the 80% zone of the Stochastic on the daily chart, the current uptrend might not last. This coin has the following characteristics and has the best performance this week:

Current price: $0.1444

Market capitalization: $19.430.599.997

Trading volume: $6,966,420,184 

7-day gain/loss: 143.41%

Osmosis

Osmosis (OSMO) is in a sideways trend after rising to $1.88. The high of $1.80 marked the end of the short rally. The price of the cryptocurrency is fluctuating sideways between $1.40 and $1.80. Due to a small number of doji candlesticks, which are unresolved candlesticks, the altcoin is currently not trending. If the price recovers and breaks the barrier at $1.80, the uptrend will resume. 

Osmosis is moving in the right direction as it is at 55 on the Relative Strength Index for the 14 period. It is the second best performing cryptocurrency of the week. It has the following characteristics:

Current price: is $1.57

Market capitalization: $1,572,720,246

Trading volume: $28,061,748 

7-day gain/loss: 33.58%

Mina

Mina (MINA) is in an upward correction as it breaks above the moving average lines. As the market enters the overbought zone, the current bounce is expected to end soon. Meanwhile, a declining candlestick tested the 78.6% Fibonacci retracement line of the October 29 upswing. The Fibonacci extension level of 1.272 or $0.79 is where the retracement predicts MINA would rise before reversing. Below the 80% area of the Stochastic on the daily chart, MINA is in a negative momentum. It had the third best performance this week among all cryptocurrencies. It has these characteristics:

Current price: $0.6991

Market capitalization: $574,749,979

Trading volume: $32,814,497 

7-day gain/loss : 32.63%

Klaytn

Klaytn (KLAY) is in an uptrend and has risen to the high of $0.34. Bullish exhaustion has been reached in the current rally. Meanwhile, a candlestick has tested the 50% Fibonacci retracement level of the October 24 upswing. The retracement suggests that KLAY will rise to $0.32 or the 2.0 Fibonacci extension level. The market has reached the Fibonacci extension and the altcoin is retreating downwards. At the level 76 of the Relative Strength Index for period 14, the altcoin has reached the overbought zone. 

Now there are more sellers trying to lower the prices. The following are the characteristics of KLAY, the fourth best performing cryptocurrency this week:

Current price: $0.2631

Market capitalization: $2,904,621,762

Trading volume: $127,547,915 

7-day gain/loss: 32.13

Shiba Inu

The price of Shiba Inu (SHIB) is in an uptrend as it breaks above the moving average lines. The altcoin rose to a high of $0.00001500 before retreating. There is a chance that it will continue to move up. Meanwhile, a retreating candlestick tested the 50% Fibonacci retracement level of the October 30 upswing. The Fibonacci extension of the 2.0 level, or $0.00001830, is where the retracement suggests SHIB will rise. 

The altcoin started a new rally after retreating to a level of $0.00001200 based on price activity. Above the 50% range of the daily stochastic, SHIB is moving up. It has the fifth best weekly performance among all cryptocurrencies. It has the following characteristics:

Current price: $0.00001333

Market capitalization: $7,766,031,746

Trading volume: $994,311,907 

7-Day gain/loss: 29.21%

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 in funds.