Weekly Cryptocurrency Market Analysis: Altcoins in Short Rallies as Bulls Breach More Resistance Levels

Recently, Bitcoin surged to $51,413 after breaking through $50,000 resistance. The upward movement could not continue as the market reached the overbought zone.

The bitcoin rally pushed up the price of SushiSwap, NEAR Protocol, Fantom, ICON, and Aave. The upside moves were made possible by cryptocurrencies breaking through immediate resistance levels.

SushiSwap

SushiSwap (SUSHI) is in an uptrend as the cryptocurrency is trading in the bullish trend zone. In its uptrend, it encountered initial resistance at a high of $8.16. The altcoin fell back to support at $7.50 and rallied above the current support. Today, the cryptocurrency has overcome the initial resistance and is approaching the next high at $10.

Meanwhile, a candlestick tested the 61.8% Fibonacci retracement level on December 25. The retracement suggests that SUSHI will rise to the Fibonacci extension level of 1.618 or $9.80. SUSHI is the best performing cryptocurrency over the last seven days. It has the following characteristics:

Price: $9.27

Market capitalization: $2,316,893,244

Trading volume: $876,081,452 

7-day gain: 72.20%

NEAR Protocol

NEAR Protocol (NEAR) has been in a sideways trend since October 25. Buyers have failed to keep the price above overhead resistance. Instead, the cryptocurrency is moving below the overhead resistance at $13.

However, on December 23, altcoin rallied and broke through the overhead resistance of $13. The market rose to a high of $16.45. The altcoin is moving lower after reaching an overbought zone. NEAR Protocol is the second best performing cryptocurrency and has the following characteristics:

Price: $13.86

Market capitalization: $13,856,346,839

Trading volume: $783,159,408 

7-day gain: 59.23%

Fantom

Fantom (FTM) has been in a sideways trend since October 26. Buyers failed to sustain the bullish momentum above the $3.00 resistance. The cryptocurrency fell after forming a bearish double top pattern.

Today, buyers are trying to push the altcoin to the overhead resistance. Fantom is the third best performing altcoin. It has the following characteristics:

Price: $2.17

Market capitalization: $6,885,267,403

Trading volume: $782,535,093 

7-day gain: 55.05%

ICON

ICON (ICX) is in a sideways trend. The cryptocurrency is fluctuating below the overriding resistance of $2.50. Buyers have failed to keep the price above the overhead resistance.

ICON will resume its uptrend if the $2.50 resistance is broken. It is the fourth best performing cryptocurrency. ICON has the following characteristics:

Price: $1.90

Market capitalization: $1,551,557,127

Trading volume: $458,771,159 

7-day gain: 51.61%

Aave

Aave (AAVE) is in a range-bound move. The cryptocurrency asset has been in a range-bound move since February. The altcoin has fluctuated between $190 and $550. It has been relatively stable in a limited range.

Buyers have twice failed to keep the price above the $550 high. Similarly, sellers have failed to push the altcoin below the $190 support while the cryptocurrency value continues to fluctuate in a narrow range. It is the fifth best performing cryptocurrency. It has the following characteristics:

Price: $271.70

Market capitalization: $4,347,164,040

Trading volume: $691,921,832 

7-day gain: 45.68%

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.