Weekly Cryptocurrency Market Analysis: Altcoins Remain Bullish, despite Recent Downward Correction

With the largest cryptocurrency Bitcoin still in a downward correction, some of the selected altcoins are struggling. Of the best performing altcoins, Secret and Oasis Network are in a bull market.

However, if Bitcoin breaks out above the $45,000 resistance level, some of the selected altcoins will switch to the bullish trend zones.

Secret

Secret (SCRT) is in an uptrend as the price rises above the moving averages. The cryptocurrency has recovered more than 80% from the bear market. Today, the altcoin has risen to $8.76 as of press time.

On October 28, Secret rose to a high of $10.99, but was stopped by an overbought area of the market. The altcoin tested the overriding resistance three times before the downtrend resumed. The downtrend continued to the low of $3.80 as bulls bought the dips.

Today, SCRT/USD has recovered from the downtrend as price retests overhead resistance at $10. It is unlikely that the current upward movement will overcome the overhead resistance as the market is reaching the overbought zone.

Meanwhile, the December 27 uptrend has tested the 38.2% Fibonacci retracement level with a retreating candlestick. The retracement suggests that Secret will rise to the level of the 2.618 Fibonacci extension or $11.21. Secret is the best performing altcoin in the past week. The cryptocurrency has the following characteristics:

Price: $8.94

Market capitalization: $1,644,886,081

Trading volume: $59,399,130 

7-day gain: 53.24%

Oasis Network

Oasis Network (ROSE) is in an uptrend as the cryptocurrency is trading in the bullish trend zone. On January 12, the bulls broke through the upper resistance of $0.45, which has not been breached since November 21. ROSE rallied to a new high of $0.60, but the bulls could not sustain the upward momentum.

Today, the altcoin is falling back from its recent high. If ROSE pulls back and finds support above $0.45, the uptrend will resume. However, if it breaks below $0.45 support, the downtrend will continue. ROSE is the altcoin with the second best performance last week. ROSE has the following characteristics:

Price: $0.4876

Market capitalization: $4,875,871,316

Trading volume: $398,474,951 

7-day gain: 34.67%

Cardano

Cardano (ADA) is in a downtrend as the price falls below the moving averages. Cardano has fallen into the oversold zone of the market. The cryptocurrency has fallen to support above $1.00. As buyers appear in the oversold region, the upward movement has begun. The altcoin will rise to retest the overriding resistance at $2.50.

The overriding resistance has not been breached convincingly since May 2021. If the price breaks through the resistance and the bullish momentum continues, it will be a sign of resumption. On the other hand, if the altcoin is rejected at the recent high, the sideways trend will resume. ADA is the altcoin with the third best performance in the past week. The altcoin has the following characteristics:

Price: $1.53

Market capitalization: $69,056,656,928

Trading volume: $4,982,920,315 

7-day gain: 38.42%

Kava

Kava (KAVA) is in an uptrend as the price is moving above the moving averages. After reaching its high on April 5, 2021, the uptrend was terminated. The peak price level is an overbought region of the market.

The altcoin fell as buyers failed to sustain the bullish momentum above the overbought resistance. Kava fell to $2.90 as bulls bought the dips. The altcoin's price recovered and retested the overbought resistance, but failed to break it. Today, the altcoin is still trading below the overhead resistance. KAVA was the fourth best performing cryptocurrency last week. It has the following characteristics:

Price: $5.47

Market capitalization: $850,455,993

Trading volume: $149,061,008 

7-day gain: 27.63%

Decred

Decred (DCR) is in a downtrend. DCR/USD has fallen from its high of $255 since April 19, 2021. The cryptocurrency has reached the oversold zone of the market. The altcoin has fallen to the low of $53.70. DCR/USD is trading below the moving averages and can fall down. It is the cryptocurrency asset with the fifth best performance in the past week. It has the following characteristics:

Price: $67.49

Market capitalization: $1,417,258,700

Trading volume: $7,903,415 

7-day gain: 22.17%

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.