Weekly Cryptocurrency Market Analysis: Altcoins Hold Their Recent Levels And Continue Their Upward Trend

Five best performing according to the price rise cryptocurrencies of the week are THORChain, Arweave, Gala, Pepe, Solana. Cryptocurrency analysis by Coinidol.com.

The recent Bitcoin rally has created new buying opportunities for cryptocurrencies. In the recent price activity, altcoins have maintained their strong increases. 

THORChain

THORchain (RUNE) is in an uptrend after breaking above the $2.00 resistance level. After reaching a high of $2.00 on August 19, the cryptocurrency asset was in an uptrend. Since then, buyers failed to maintain their bullish momentum above the $2.00 level. The bulls broke through the resistance level three times, but were beaten back and forced to fall below the moving average lines. On October 23, the altcoin began to rise and broke through the resistance level. At the time of writing, RUNE was trading at $2.96. The cryptocurrency is approaching the overbought area of $3.00. RUNE is the most highly valued cryptocurrency. Attributes include:

Current price: $2.96

Market capitalization: $1,477,950,151

Trading volume: $214,655,726 

7–day gain: 37.18%

Arweave

The price of Arweave (AR) is rising as it breaks above the moving average lines. The cryptocurrency was previously in a downturn with a low of $3.82 on September 11. The altcoin recovered after retesting the $3.80 support level three times. At the time of writing, AR has reached a high of $6.10. Bullish momentum is currently testing the $6.20 barrier. The bulls have not broken the recent high since July 24. If the current resistance is broken, the altcoin will rise to the next high at $7.00. A sideways trend, on the other hand, will start below the resistance if it is rejected. The price of the cryptocurrency will range between $4.60 and $6.20. The advantages of AR, the cryptocurrency with the second best performance, are as follows:

Current price: $6.10

Market capitalization: $402,470,634

Trading volume: $22,289,981 

7–day gain: 28.62%

Gala

Gala (GALA) is in an uptrend after rising above the moving average lines. The altcoin was previously in a downtrend, with a low of $0.012 on October 19. After breaking above the moving average lines, the cryptocurrency rose to a high of $0.022. GALA retraced after reaching a new high. The current upswing will be maintained if the retracement remains above the $0.016 level. However, if the price breaks the $0.016 support level, the altcoin will fall back to the range of the previous trading range between $0.012 and $0.016. At the time of writing, GALA is trading at $0.018. GALA, the third most valuable coin, has the following characteristics:

Current price: is $0.01893

Market capitalization: $946,441,634

Trading volume: $113,430,470 

7–day gain: 28.36%

Pepe

Pepe (PEPE) is rising but stalled at the $0.0000014000 resistance level. The cryptocurrency asset has been hovering below the resistance zone since October 26. If the current uptrend continues, PEPE is expected to reach a high of $0.0000016000. Nevertheless, the cryptocurrency will continue to trade in a narrow range between $0.0000009000 and $0.0000014000. If the range is broken, PEPE will continue its trend. The altcoin is currently trading at $0.0000011560, which is below its recent high. It is the fourth best performing coin and has the following characteristics:

Current price: is $0.000001155

Market capitalization: $485.6M

Trading volume: $118.78M 

7–day gain: 26.76%

Solana

Solana (SOL) is on the rise as the market is overbought. Buyers pushed the altcoin to its target price of $33.51. Today, altcoin surpassed the previous high and reached a high of $38.54. As the altcoin faces rejection at the current high, it has reached the overbought area.

If sellers show up in the overbought area of the market, the altcoin will pull back above $32. SOL will fall to the $26 breakout level if the bears break the $32 support level. On the upside, further price appreciation is unlikely. SOL is the fifth most profitable cryptocurrency. Solana is characterised by the following features:

Current price: $38.13

Market capitalization: $21.413.109.009

Trading volume: $1,492,516,590 

7–day gain: 53.25%

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 research before investing in funds.