Weekly Cryptocurrency Market Analysis: Altcoins Regroup In The Positive Trend Zone To Break The Overhead Resistance.

Bitcoin and other cryptocurrencies are regaining ground as they move up to retest the above resistance level.

The rising momentum of altcoins will begin once the overhead resistance level is broken. We will then discuss some of these cryptocurrencies.

Chiliz

The price of Chiliz (CHZ) is in a sideways trend as it breaks above the moving average lines. The cryptocurrency's value has been fluctuating within a small range since December 2022. The value of the altcoin often moved between $0.10 and $0.15. CHZ is now selling at $0.13 as this article is being written. The crypto price is rejected at the $0.14 high as it approaches the $0.15 barrier. If buyers manage to keep the price above the $0.15 high and the bullish momentum is maintained, the market will rise to highs of $0.20 and $0.25.The altcoin will continue to range if it is unable to rise above the $0.15 barrier. CHZ is above the 80 level of the daily stochastic. The market has moved into an overbought zone, although the altcoin is in danger of losing popularity. The CHZ coin has been the best performer. It has the following characteristics: 

Current price: $0.1371

Market capitalization: $1,218,454,824

Trading volume: $309,378,022 

7-day gain/loss: 14.52%

Curve DAO Token

Curve DAO Token (CRV) price is currently in an upward correction after rising above the moving average lines. After recovering from the previous downturn, CRV has started to rise again. Since March 1, the rally has been halted by resistance at $1.00. At the time of writing, CRV reached a high of $1.02. The altcoin will continue its upward trend once the resistance at $1.00 is overcome and the upward momentum is maintained. The market will rise to a high of $1.30. If the altcoin is not able to surpass the recent high, it will fall and enter a trading range. The relative strength index for CRV is 58 for the period 14. The altcoin can rise as it is in the uptrend zone. The cryptocurrency with the second best performance, CRV, has the following characteristics: 

Current price: $1.03 

Market capitalization: $3,397,525,616 

Trading volume: $52,540,550

7-day gain/loss: 11.84 % 

Enjin Coin

Even though the price of Enjin Coin (ENJ) is rising, the market is overbought. Before its decline, the uptrend reached a high of $0.47. At the time of writing, the price of ENJ is $0.44. The altcoin continues to trend lower after the rejection. The uptrend will continue if the price rises back above the moving average lines. The downtrend will continue if the price falls below the moving average lines. The altcoin will fall much further and reach a low of $0.36. Below the daily stochastic value of 80, ENJ is in negative momentum. For this week, it is now the third best cryptocurrency stock. The following characteristics apply to it. 

Current price: $0.4427

Market capitalization: $442,590,211

Trading volume: $115,819,983 

7-day gain/loss: 10.21%

THORChain

THORChain (RUNE) is in an uptrend as it breaks above the moving average lines. The rise is currently above the $1.60 barrier level. The rise of the altcoin and its entry into an overbought segment of the market are responsible for the decline. At $1.55, the altcoin is currently trading above the moving average lines. The current uptrend could continue if the price rises back above the moving average lines. The market will rise to a high of $1.80 or $2.00 if the current resistance is broken. On the other hand, the decline will continue if the price falls below the moving average lines. RUNE will then cost $1.20 less than before. A bearish momentum is present for RUNE below the daily stochastic threshold of 80. The characteristics of RUNE, the fourth best cryptocurrency, are as follows: 

Current price: $1.56

Market capitalization: $777,425,212

Trading volume: $18,610,864 

7-day gain/loss: 6.94%

Casper

Casper (CSPR) has been in a downtrend since February 7. The crypto stock is now trying to break the overhead barrier at $0.044 for a third time. Both the overhead resistance and the moving average lines are being tested again by the market. At the time of writing, the altcoin is currently trading at $0.042. The fluctuation is now below the resistance level. The price will move sideways if buyers are unable to keep it above the above resistance level. For the period 14, the CSPR is rising above the level of the Relative Strength Index 61. The altcoin is expected to rise in the bullish trend zone. The cryptocurrency with the fifth best performance is currently Casper and has the following values:

Current price: $0.04259 

Market capitalization: $494,915,796   

Trading volume:  $8,230,104         

7-day gain/loss: 6.58%

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.