Weekly Cryptocurrency Market Analysis: Altcoins Rally to Overbought Region, Show no Strength Above the Recent Highs

Cryptocurrencies have moved positively into the overbought region of the market. The overbought regions held as sellers emerged and pushed prices lower. However, in a market that is trending strongly, the overbought conditions may not hold.

IoTeX 

On November 4, IoTeX (IOTX) posted a positive performance as the altcoin rose from a low of $0.05 to a high of $0.49. It is the best performing cryptocurrency over the past seven days. The cryptocurrency's price bars are above the moving averages, which suggests that the altcoin will continue to move higher. The cryptocurrency has the following characteristics:

Price: $0.2131
Market capitalization: $2,131,301,361
Trading volume: $437,806,383 
7-day gain: 102.27% 

After the recent rally, IoTeX fell back to a low of $0.15 as the bulls bought the dips. The cryptocurrency asset corrected to a high of $0.44. Last week, the altcoin moved below the current resistance. Meanwhile, a candlestick in the uptrend from November 10 tested the 38.2% Fibonacci retracement level. The retracement suggests that IoTeX will rise to the 2.618 Fibonacci Extension level or $0.92.

Loopring 

Loopring (LRC) is the second best performing altcoin, but the cryptocurrency has reached the overbought region of the market. The cryptocurrency reached the high of $3.73, retreated and retested this level before going down again. Some of its characteristics are as follows:

Price: $3.00
Market capitalization: $4,083,456,950
Trading volume: $1,403,490,021 
7-day gain: 82.77%

The cryptocurrency has fallen and broken below the 21-day moving average line. A complete break of the moving averages will accelerate the downtrend. Meanwhile, a candlestick tested the 38.2% Fibonacci retracement level on November 10. The retracement suggests that LRC will fall to the 2.618 Fibonacci Extension level or $1.31. 

Livepeer 

On the daily chart, Livepeer (LPT) is trading in the overbought zone of the market. This means that the cryptocurrency has reached bullish exhaustion. At one point in time, the Relative Strength Index was at 85. When sellers showed up and pushed prices down, the RSI dropped to the 70 level. There is a probability of further downward movement of the coin as the market is in the overbought zone. The cryptocurrency has the following characteristics:

Price: $71.77
Market capitalization: $1,643,973,515
Trading volume: $128,042,228 
7-day gain: 75.09%

However, as the third best-performing cryptocurrency, it is vulnerable to price declines when the price falls below the moving averages. That said, on the Nov. 10 downtrend, a retracement candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that Livepeer will fall to the 1.618 Fibonacci Extension level or $37.57. 

WAX 

WAX (WAXP) is the fourth best performing cryptocurrency. The altcoin has risen as high as $0.89 today, but is being rejected. The cryptocurrency has reached the 83 level of the Relative Strength Index for the 14 period. WAXP/USD has reached the overbought zone of the market. Currently, the cryptocurrency is falling downwards as sellers have appeared in the overbought region. The current downtrend could extend to the low above $0.62. WAX has the following characteristics:

Price: $0.7541
Market capitalization: $2,928,132,588
Trading volume: $1,557,615,964 
7-day gain: 52.97%

The cryptocurrency is falling and approaching the previous low at $0.73. A long candlestick tail indicates support above $0.73. The long tail indicates that support at $0.73 is a strong buying pressure. It is likely that the downtrend will continue above the support level. However, the uptrend will continue if the price finds support above this level.

Litecoin 

Litecoin (LTC) is the fifth best performing cryptocurrency over the past week. The cryptocurrency climbed to a high of 281.32, failing to sustain bullish momentum as the market reaches overbought territory. The Relative Strength Index indicates that the market is overbought at level 75. Sellers have already emerged and are pushing prices lower. Litecoin has the following characteristics: 

Current Price: $267.56
Market capitalization: $22,475,190,648
Trading volume: $3,357,709,479 
7-day gain: 21.89%.

Meanwhile, the November 15 downtrend has a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that LTC will fall to the Fibonacci extension level of $1.618 or $261.56. 

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.