WeeklyAnalysis of the Cryptocurrency Market: Altcoins Bounce as Underlying Strength Grows
Kadena
Kadena( (KDA/USD) was the best performing cryptocurrency last week. The altcoin has been in a bull market for three months. On November 7, the uptrend was halted when the altcoin reached an overbought area at $24.87. If the price retraces and finds support above $16, a new uptrend will begin. The altcoin could fall back to $10.50 if the previous low is broken.
The cryptocurrency has the following characteristics:
Current Price: $18.16
Market Capitalization: $18,156,266,279
Trading volume: $379,977,872 7-day gain %: 163.42%.
Nevertheless, KDA/USD is likely to decline in the coming trading days. In the meantime, the November 8 downtrend has a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that Kadena will fall to the Fibonacci extension level of 1.618 or $8.85.
Loopring
Loopring (LRC/USD) is the second-best performing altcoin, although it has been range-bound for the past two months. The cryptocurrency consolidated above $0.35 support before rebounding. On November 2, Loopring rose to a high of $1.72, but then retreated to resume its upward movement. There is a possibility of further upward movement if the price breaks the current resistance at $1.72.
The altcoin has the following characteristics:
Current Price: $1.56
Market capitalization: $2,145,597,061
Trading Volume: $1,107,201,647 7-Day Gain %: 122.53%.
These characteristics are likely to improve as the altcoin enters a new uptrend this week. In the meantime, the uptrend from November 3 has shown a candlestick testing the 50% Fibonacci retracement level. The retracement suggests that LRC will rise to the 2.0 Fibonacci extension level, or $3.13.
Crypto.com Coin
Crypto (CRO /USD) is the third best performing altcoin over the past week. The cryptocurrency has resumed a new uptrend after a small retracement. Crypto.com has been in an uptrend since June 21. In the last four months, the altcoin has risen back above the $0.09 support and has recovered to the $0.499 high. The bullish momentum is likely to extend to $0.80 if the current resistance at $0.50 is broken.
Crypto.com has the following characteristics:
Current Price: $0.4009
Market Capitalization: $12.131.631.891
Trading Volume: $844,099,128 7-Day Gain %: 88.02%
Nonetheless, the bulls are retesting the resistance at $0.50 to resume the uptrend. Meanwhile, the uptrend from November 6 has a candlestick body testing the 50% Fibonacci retracement level. The retracement suggests that CRO will rise to the 2.0 Fibonacci extension level, or $0.81.
The Sandbox
The Sandbox (SAND/USD) is in a small retracement after making a new high at $3.47. The uptrend should continue if the price finds support above the low at $2.51. The uptrend will continue if the price breaks above the resistance at $3.50.
The cryptocurrency has the following characteristics:
Current Price: $2.52
Market capitalization: $7,547,227,208
Trading Volume: $561,648,158 7-Day Gain %: 47.85%
The sandbox is expected to start a new upward movement after the small retracement. In the meantime, the October 31 uptrend has a candlestick body testing the 50% Fibonacci retracement level. The retracement suggests that SAND will rise to the 2.0 Fibonacci extension level, or $4.17.
Avalanche
Avalanche (AVAX/USD) is the fifth best performing cryptocurrency over the past week. The cryptocurrency has been steadily rising since October 31. It has risen from a low of $61 to a high of $95. Further upside is possible as the altcoin approaches overbought region.
Avalanche has the following characteristics:
Current Price: $95.21
Market Capitalization: $68.553.385.052
Trading Volume: $2,020,252,881 7-Day Gain %: 42.94%
Meanwhile, the uptrend from November 4 has formed a candlestick that tested the 61.8% Fibonacci retracement level. The retracement suggests that AVAX will rise to the Fibonacci extension level of 1.618 or $94.14.
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing