Weekly Cryptocurrency Market Analysis: Altcoins Hit Crucial Resistance Levels In Their Retreat

Cryptocurrencies have had the lowest performance among altcoins this week.

While altcoins are recovering from the previous decline, CHZ, TRX and PAXG are in the positive trend zone. QNT and LEO, on the other hand, are in danger of falling further as the cryptocurrencies trade within the downtrend line.

Chiliz

The price of Chiliz (CHZ) has risen above the moving average lines, indicating an uptrend. From its previous low of $0.10, the cryptocurrency asset has now risen to a high of $0.13. According to the price indicator, the altcoin will continue to rise to its previous highs. A retraced candlestick on the March 14 upswing tested the 50% Fibonacci retracement level. According to the retracement, CHZ will rise to the 2.0 Fibonacci extension level or $0.15. If the price breaks below the moving average lines, the altcoin will fall. At the 59 level of the Relative Strength Index for the 14 period, the altcoin is in a bullish momentum, and CHZ is in the upward zone. The coin that is performing the worst is CHZ. It has the following characteristics:

Current price: $0.134

Market capitalization: $1,191,325,821

Trading volume: $46,300,568 

7-day gain/loss: 1.87%

Quant

The price of Quant (QNT) is falling below the moving average lines. The value of the cryptocurrency has corrected upwards, but was not able to overcome the resistance at $130. The altcoin fell to a low of $118 today and may fall further to its previous low of $106 in the future. However, the barrier at $130 will be broken if the cryptocurrency rises back above the $118 support level. QNT is currently in a downtrend due to the recent rejection of the high. If the selling pressure continues, the decline will accelerate to a low of $106. QNT has negative momentum below the daily stochastic threshold of 50. The altcoin with the second worst performance among cryptocurrencies has the following characteristics:

Current price: $118.35

Market capitalization: $1,761,195,914

Trading volume: $21,444,851 

7-day gain/loss: 1.21%

UNUS SED LEO

The price of UNUS SED LEO (LEO) is falling below the moving average lines. The cryptocurrency asset is currently trading in a small range between $3.35 and $3.50. LEO is currently trying to break the moving average lines while trading at $3.39. If the resistance is overcome, the price will go back to its previous high of $3.70. The current support on the downside has held since February 1 as the altcoin continues to trade in a narrow range. The bullish momentum has stalled at level 25 of the daily stochastic. The third worst cryptocurrency is LEO. It has these characteristics: 

Current price: $3.39 

Market capitalization: $3,338,677,293 

Trading volume: $1,201,752 

7-day gain/loss: $0.32%

TRON

The price of TRON (TRX) fluctuates despite trading above the moving average lines. The price of the altcoin fluctuates between $0.064 and $0.068. At the time of writing, TRX is currently trading for $0.065. If the current resistance level is broken, the market will rise to $0.072. However, TRON the price of TRX will fall below its previous low of $0.062. The cryptocurrency has resumed an uptrend above the moving average lines. If the rangebound levels are broken, the altcoin will develop a trend. The Relative Strength Index for period 14 is at 51 on TRON. With supply and demand in equilibrium, the price of the altcoin has reached its equilibrium level. This week, it is currently the fourth worst cryptocurrency. It has these characteristics:

Current price: $0.06615

Market capitalization: $6,007,426,475

Trading volume: $137,387,181 

7-day gain/loss: 0.28%

PAX Gold

The price of PAX Gold (PAXG) is rising as it records higher highs and higher lows. It rose to a high of $2,080 yesterday, but then pulled back above the moving average lines. With a current price of $2,031, PAXG has resumed its uptrend. The market will rise to its previous high of $2,080. If the price breaks the 21-day line SMA to the downside, the downtrend will resume. The price of PAXG will fall to its previous low of $1,920. The altcoin is consolidating above the moving average lines in the meantime. The altcoin is in a positive trend at level 59 of the Relative Strength Index for period 14. This week it ranks as the fifth worst cryptocurrency. It has these characteristics:

Current price: $2,019.97

Market capitalization: $547,856,980

Trading volume: $547,831,862 

7-day gain/loss: 0.18%

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.