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