Weekly Cryptocurrency Market Analysis: Altcoins Pause above Current Support, Battle the Next Resistance Levels

Cryptocurrencies are taking an upward correction as altcoins break out above the 21-day line SMA. Since May 31, cryptocurrencies have failed to break above the 50-day line SMA, hence the current fluctuations. This week, cryptocurrencies will develop a trend if the moving average lines are broken.

eCash

eCash (XEC) is in a downtrend as the price has crossed the 21-day line SMA but is below the 50-day line SMA. A break above the 50-day line will push the altcoin to resume its upward momentum. The altcoin will regain the previous highs of $0.0001480. However, the altcoin will have to move between the moving average lines if the bulls fail to break out above the 50-day line SMA. 

On the downside, selling pressure will pick up again if the bears fall below the 21-day line SMA. The altcoin is at level 58 of the Relative Strength Index for the period 14, which indicates that the altcoin is in the uptrend zone and capable of further upward movement. XEC is the best performing cryptocurrency in the past week. It has the following characteristics:

Price: $0.00005694

Market capitalization: $1,195,667,083

Trading volume: $175,757,629 

7-day gain: 9.96% 

Helium

Helium (HNT) is in a downtrend but is making an upward correction as the price breaks above the 21-day line SMA. The cryptocurrency has been trading between the moving average lines since May 31. If the bulls break above the 50-day line SMA, HNT will resume its uptrend. However, if the bears fall below the 21-day line SMA, the market will face selling pressure again. Today, the upward correction meets the resistance of the $11 high. 

HNT will continue to fluctuate until the limits of the trading range are broken. HNT is the cryptocurrency with the second best performance last week. It has the following characteristics:

Price: $9.89

Market capitalization: $2,205,464,441

Trading volume: $32,937,076 

7-day gain: 6.49%

Tezos

Tezos (XTZ) is in an upward correction after a recent downtrend. The upward movement consists of a series of higher highs and higher lows. The altcoin is above the 21-day line SMA, but below the 50-day line SMA. If the bulls break the resistance line to the upside, the market will rise to the high of $3.00. The bullish momentum will extend to the high of $3.27. The cryptocurrency will continue a sideways movement between the moving averages if buyers fail to keep the price above the 50-day line SMA or the resistance line. Tezos is the cryptocurrency with the third best performance last week. It has the following characteristics:

Price: $2.13

Market capitalization: $1,960,960,559

Trading volume: $163,708,978 

7-day gain: 3.58%

Huobi Token

Huobi Token (HT) is in a downtrend, but selling pressure has eased after the May 12 price drop. The cryptocurrency made an upward correction when it broke out above the 21-day line SMA. HT fluctuates between moving averages as it fails to break out above the 50-day line SMA. 

Meanwhile, on May 13 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that HT will fall, but will reverse at the level of 1.272 Fibonacci extension or $5.96. The analysis of the Fibonacci tool will be confirmed if the bears fall below the $6 support. It is the cryptocurrency with the fourth best performance last week. It has the following characteristics: 

Price: $7.27 

Market capitalization: $3,636,342,135

Trading volume: $41,402,287 

7-day gain: 1.63%

Chainlink

Chainlink (LINK) is in a downward correction and has fallen to the low of $6.47 and has recovered. Selling pressure has eased as the cryptocurrency price has risen above the 21-day line SMA. The LINK price is above the 21-day line SMA, but below the 50-day line SMA. 

The upward correction is encountering resistance at $8. The altcoin will rally above the 50-day line SMA or to the high of $12 if $8.00 resistance is broken. Chainlink will fluctuate between $6.20 and $8 if it fails to overcome the recent high. It is the cryptocurrency stock with the fifth best performance in the past week. It has the following characteristics:

Current price: $7.57

Market capitalization: $7,573,584,975

Trading volume: $507,190,297 

7-day gain: 0.66%

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 funds.