Weekly Cryptocurrency Market Analysis: Altcoins Continue To Rise As They Take Constructive Action

This week, the price of cryptocurrencies has risen above moving average lines.

For example, WOO Network broke through overhead resistance to surpass previous highs. To overcome their obstacles, the other cryptocurrencies are advancing on the right path. Each of these cryptocurrencies is carefully studied.

Render Token

The price of Render Token (RNDR) is moving sideways but rising as it prepares to retest overhead resistance at $2.00. The altcoin has reached a high of $1.74 today while maintaining an uptrend. This is the uptrend of the price since February 7. During the February rise, the market reached a high of $2.19, but the bulls were not able to keep their momentum above the $2.00 resistance. This barrier subsequently prevented the price from rising further, resulting in a sideways movement. If the buyers fail to keep the price above the barrier, the RNDR will fall on the upside and resume its sideways movement. With a value of 80 on the daily stochastic, the altcoin is trading in the overbought zone. If the buyers enter the overbought area of the market, the crypto will fall. RNDR showed the best performance. It has the following characteristics:

Current price: $1.69

Market capitalization: $939,651,362

Trading volume: $162,768,854 

7-day gain/loss: 32.82

Arbitrum

The price of Arbitrum (ARB) has increased after rising above the moving average lines. Cryptocurrency prices have seen a series of higher highs and higher lows. At the time of writing, the altcoin has reached a high of $1.64. There is a chance that the cryptocurrency value will go even higher. A retraced candlestick on the April 14 upswing tested the 61.8% Fibonacci retracement level. According to the retracement, ARB will rise to the Fibonacci extension level of $1.618 and $1.88. ARB has entered the overbought zone of the market due to the price activity. For the period 14, it is at the 72 level of the Relative Strength Index. When sellers appear in the overbought area of the market, the altcoin will fall. The characteristics of ARB, the cryptocurrency with the second best performance, are as follows: 

Current price: $1.67 

Market capitalization: $16,682,866,648 

Trading volume: $2,505,840,214

 7-day gain/loss: 28.02%

WOO Network

The price of WOO Network (WOO) is rising as it breaks through the overhead resistance at $0.26 and reclaims its previous highs. After a surge, the crypto is currently trading at $0.31. Prior to the recent breakout, the altcoin had been moving in a sideways pattern. As the cryptocurrency value approaches the overbought area of the market, the positive trend has returned. The uptrend could continue, but it could also turn down in the overbought area. In other words: If WOO falls back above the breakout level of $0.26, a new uptrend will begin. Above level 80 of the daily stochastic, the altcoin is in the overbought zone. It is currently the third best performing cryptocurrency of the week.

Current price: $0.297

Market capitalization: $667,929,584

Trading volume: $85,364,860 

7-day gain/loss: 27.99% 

Convex Finance

Convex Finance (CVX) has been moving sideways after encountering resistance at $7.00. When the altcoin fell to a low of $5.00, the rise stalled. The asset's breakout above the moving average line signals that the cryptocurrency has regained its upside momentum. After a breakout above the moving average lines, CVX is currently trading at $5.98. The overbought area of the market is the reason why the altcoin is pulling back. If the price goes back above the moving average lines, the uptrend may continue. On the good side, the altcoin will return to its previous high of $7.00. If the price falls below the moving average lines, selling pressure may return. Below the daily stochastic threshold of 80, the altcoin experiences bearish momentum. The fourth best performing cryptocurrency, CVX, has the following characteristics: 

Current price: $5.98

Market capitalization: $597,727,945

Trading volume: $10,530,249 

7-day gain/loss: 15.06%

Optimism

Optimism (OP) is moving sideways below the resistance level of $3.00. Buyers have failed to keep the price above $3.00 three times since February 3. At $2.69, OP is trading above the moving average lines today. To retest the $3.00 resistance, the market is rising. If the current resistance is broken, the altcoin will surpass its previous high of $4.00. The cryptocurrency value will continue to move in a range as long as the resistance level is intact. Above the Relative Strength Index of 63, OP is in an upward momentum. Optimism, the fifth best performing cryptocurrency, has the following characteristics: 

Current price: $2.69

Market capitalization: $11.533.180.437 

Trading volume: $263,018,269 

7-day gain/loss: 13.81%

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 own research before investing in funds.