Weekly Cryptocurrency Market Analysis: Altcoins May Attract More Buyers While Recovering From the Downtrend

If Bitcoin rises back above $54,000 support, it will have a positive impact on altcoins recovering from the November 26 breakdown. Below are the best performing cryptocurrencies.

The Sandbox

The Sandbox (SAND) is in an uptrend. On November 24, the cryptocurrency peaked at $8.13, but encountered resistance. Over the past week, bulls have maintained recent rallies as SAND trades below the $8 resistance zone. The price level was stable for the past week. If the price declines, it will find support above the 21-day line SMA. SAND/USD is trading above the moving averages, which are causing the altcoin to continue moving higher. It is the best performing cryptocurrency over the last seven days. SAND/USD has the following characteristics:

Price: $7.36

Market capitalization: $22,092,693,303

Trading volume: $6,456,646,981 

7-day gain: 85.06%

Gala

Gala (GALA) has been trending upwards since November 17. The cryptocurrency price recorded a series of higher highs and higher lows. The altcoin started resuming the uptrend at the low of $0.11 and has risen to the high of $0.79. The uptrend is encountering resistance at a high of $0.80. A break above the current resistance will propel the altcoin to the high of $1.14. The cryptocurrency price is above the moving averages, which indicates further upside. It is the second best performing cryptocurrency. It has the following characteristics:

Price: $0.6926

Market capitalization: $24,416,622,462

Trading volume: $2,206,915,969 

7-day gain: 83.01%

Basic Attention Token

Basic Attention Token (BAT) is in an uptrend. Since November 26, the price has been below the $1.90 resistance level. On November 26 and 28, buyers were pushed back as they failed to hold BAT above the overhead resistance. The price fell to $1.35 and rose back above the moving averages. BAT/USD will initiate the resumption of the uptrend if the overhead resistance is broken. Also, the market will make a high at $3.24. However, if the bulls fail to hold BAT above the recent high, the current range bound move will continue. Meanwhile, the uptrend tested the 38.2% Fibonacci retracement level on November 26 with a retraced candlestick. The retracement suggests that BAT will rise to the Fibonacci extension level of 2.618 or $3.24. BAT has the following characteristics:

Price: $1.58

Market capitalization: $2,377,033,355

Trading volume: $1,300,701,390 

7-day gain: 48.6%

Amp

Amp (AMP) has been in a sideways trend since June. The cryptocurrency is hovering between the $0.03 and $0.07 levels. In the last five months, the bulls have tested resistance five times but have been unable to break above it. A break above resistance will push the altcoin to reach the previous high of $0.11. If the resistance remains unbroken, the movement will continue within a certain range. Amp has the following characteristics:

Price: $0.06538

Market capitalization: $6,051,119,408

Trading volume: $154,332,747

7-day gain: 30%

Decentraland

Decentraland (MANA) is in an uptrend. In the first uptrend, the cryptocurrency got stuck at the $5 resistance zone on October 30. MANA fell to a low of $2.50 and resumed a new uptrend. Today, buyers are still struggling to break above the resistance. A break above resistance will propel the altcoin to a high of $12. Meanwhile, on November 30, a retreating candlestick tested the 38.2% Fibonacci retracement level. The retracement suggests that MANA will rise to the Fibonacci extension level of 2.618 or $11.82. MANA has the following characteristics:

Price: $4.92

Market capitalization: $10,808,181,965

Trading volume: $2,907,255,263 

7-day gain: 24.40%

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.