Weekly Analysis of the Cryptocurrency Market: Altcoins Continue to Recover Strongly Short Consolidation

Bitcoin has held above the $45,400 level since April 1. This has supported Moonbeam, SKALE Network, and Aave to advance to their previous highs.

The other altcoins are in a downward correction as the market faces rejection in an overbought condition. Further upward movement in altcoins prices is likely if Bitcoin maintains its current price level.

STEPH

STEPN (GMT) is in a downtrend as the price has fallen below the 21-day line SMA. In previous price movements, the cryptocurrency was in an uptrend since March 9. The altcoin rose from the low of $0.010 to a high of $3.13. The current uptrend is rejected at the recent high. Since April 1, the altcoin has been in a downtrend. 

Meanwhile, on April 3, the downtrend, a declining candlestick, tested the 61.8% Fibonacci retracement level. The retracement suggests that GMT will fall to the 1.618 Fibonacci Extension level, or $1.79. At the 1.618 Fibonacci Extension level, the altcoin is in an oversold region. It is likely that buyers will emerge to push the altcoin higher. STEPN is the best performing cryptocurrency in the past week. It has the following characteristics: 

Current price: $2.32

Market Capitalization: $13,911,408,299

Trading Volume: $1,638,081,566 

7-Day Gain %: 127.38%

Moonbeam

Moonbeam (GLMR) is in an uptrend. The altcoin was previously in a sideways trend, but has resumed its uptrend. The cryptocurrency has consolidated above the $2.90 price level. On April 1, altcoin rallied and reached a high of $5.69. The uptrend was completed when the altcoin reached a high of $5.69. Further upward movement is likely. 

On April 2, a bearish candlestick tested the 50% Fibonacci retracement level. The retracement suggests that GLMR will rise to the 2.0 Fibonacci extension level, or $8.38. It is the cryptocurrency with the second best performance last week. It has the following characteristics: 

Current price: $5.57

Market capitalization: $5,565,368,735

Trading volume: $527,312,612 

7-day gain: 73.59%.

SKALE Network

SKALE Network (SKL) has resumed its uptrend after the downtrend above the $0.09 support has eased. The cryptocurrency has recovered and reached the high of $0.35. The altcoin is retreating as the market reaches the overbought zone. Further upward movement of the altcoin is likely if the SKL holds above the $0.25 support. Meanwhile, the March 31 uptrend has a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that SKL will rise to the 1.618 Fibonacci Extension level or $0.47. SKL is the third best performing altcoin in the past week. The cryptocurrency has the following characteristics:

Current price: $0.2584

Market capitalization: $1,808,138,366

Trading Volume: $77,477,826 

7-Day Gain %: 46.78%

Waves

Waves (WAVES) is in a downtrend after reaching the high of $60. Buyers failed to overcome the overriding resistance at $60. The altcoin is falling after forming a bearish double top. The bears have crossed below the moving averages, indicating a downward movement of the cryptocurrency. 

WAVES is at level 31 of the Relative Strength Index for the period 14, which means that the market has reached the oversold zone. Further downward movement is unlikely. Meanwhile, a downtrend started on April 4; a retracement candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that WAVES will fall, but will reverse at the 1.272 Fibonacci extension level, or $41.89. It is the cryptocurrency with the fourth best performance last week. It has the following characteristics:

Current price: $42.74

Market capitalization: $4,628,599,701

Trading volume: $1,334,649,580 

7-day gain %: 28.89

Aave

Aave (AAVE) has regained bullish momentum after the downtrend eased above support at $111.50. The altcoin has recovered and reached the high of $261. Further upside is likely as the altcoin remains above the moving averages. However, the altcoin is at level 70 of the Relative Strength Index for period 14, indicating that the market is in the overbought region of the market. AAVE will rise if the current resistance is broken. 

Meanwhile, the March 30 uptrend has a candle body that tested the 50% Fibonacci retracement level. The retracement suggests that AAVE will rise to the 2.0 level of the Fibonacci extension or $315.77. AAVE is the cryptocurrency with the fifth best performance last week. It has the following characteristics:

Current Price: $234.36

Market capitalization: $3,749,684,277

Trading Volume: $356,278,293 

7-Day Gain %: 37,48%

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.