Weekly Cryptocurrency Market Analysis: Altcoins Break Above Overhead Resistance And Continue Their Uptrend

Cryptocurrency analysts of Coinidol.com report, the cryptocurrencies listed below have risen to new highs.

Altcoins have left the zone of downtrend and resumed their uptrend. Let us take a closer look at some of these cryptocurrencies.

Compound

The price of Compound (COMP) is rising as it breaks above the moving average lines. The cryptocurrency reached a high of $60 but failed to maintain its positive trend. The recent high represents an overbought market zone. It is also the previous high of the cryptocurrency. At the recent high, the altcoin is likely to be rejected. COMP has exited the downtrend zone. At the time of writing, it was trading at $57.68. It has now entered the overbought zone of the market. It is above the stochastic level of 80 on the daily basis. Sellers are expected to emerge in the overbought area. The top cryptocurrency this week is COMP, which has the following characteristics:

Current price: $55.09

Market capitalization: $550,887,639

Trading volume: $237M

7–day gain/loss: 85.07%

Bitcoin Cash

The price of Bitcoin Cash (BCH) is rising and has entered an uptrend again. The cryptocurrency rallied above the $100 support level and reached a high of $329.71. BCH was in a range below the overriding resistance of $130 until the recent rise. The recent rise has reached the overbought area of the market. Further gains are unlikely in the overbought area. It is above the stochastic level of 80 on the daily basis. In the overbought area, sellers will show up and drive prices down. It is the second best performing cryptocurrency and has the following characteristics: 

Current price: $305.03

Market capitalization: $6,465,044,208

Trading volume: $6B

7–day gain/loss: 63.50%

eCash

The price of eCash (XEC) is rising as it breaks above the moving average lines. The cryptocurrency asset was in a downturn and fell to a low above $0.00002000. The cryptocurrency recovered but was trapped between the moving average lines. On June 30, altcoin broke through the 50-day simple moving average and rallied to a high of $0.00004397. The altcoin has surpassed the previous high of $0.00004297 set on January 26. XEC is clearly in the overbought zone of the market. Further gains are unlikely as the cryptocurrency is facing rejection at the current high. Meanwhile, the altcoin is at a Relative Strength Index of 83 for the 14 period, indicating that it has reached an overbought condition. It is the third best performing cryptocurrency and has the following characteristics:

Current price: $0.00004051

Market capitalization: $929,646,862

Trading volume: $985M

7–day gain/loss: 46.34%

Stellar

Stellar (XLM) has been trading sideways since November 2022. While the altcoin continues its sideways trend, buyers have failed to keep the price above the overriding resistance of $0.11. Today, XLM rose to retest the overriding resistance, but then fell again. At the time of writing, it was trading at $0.109. The overriding resistance at $0.11 was an overbought market zone. Buyers have yet to keep the bullish momentum going above this zone. For the period 14, the cryptocurrency is trading above the Relative Strength Index level 76. The fourth most valuable cryptocurrency is XLM. Some of the characteristics are as follows:

Current price: $0.1097

Market capitalization: $5,471,337.26

Trading volume: $224M 

7–day gain/loss: 23.94%

Aave

Aave (AAVE) is on the upswing after rising above the moving average lines. The cryptocurrency rose to a high of $76.85 before falling below the $70 level. Expecting a bullish momentum, the altcoin oscillates below the resistance level. A bearish candlestick tested the 50% Fibonacci retracement level of the June 26 upswing. The retracement means that AAVE will rise to the Fibonacci extension level 2.0 or the high of $93.87. The altcoin is currently above level 70 of the daily stochastic uptrend. It is the fifth best performing cryptocurrency and has the following characteristics:

Current price: $68.63

Market capitalization: $1,100,262,775

Trading volume: $229M 

7-day gain/loss: 20.54%

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 own research before investing in funds.