Weekly Cryptocurrency Market Analysis: Altcoins Resume Upside Momentum As Bulls Break Through More Resistance Levels

Huobi Token is the best altcoin with its superior uptrend. Nevertheless, the altcoin has reached the overbought region of the market. HT could face rejection. The other cryptocurrencies are trading in the uptrend zone and are capable of further upward movement. Let us discuss some of these altcoins in detail.

Huobi Token

The price of Huobi Token (HT) is in an uptrend as it has risen above the $4.12 support. The altcoin rose to the high of $7.56, but was resisted. HT rose to a historical price level of June 5. The current uptrend has reached an overbought area of the market. Further upward movement of the altcoin is unlikely. Sellers have appeared in the overbought region, pushing prices down. The altcoin may decline and find support above the $5.50 breakout level. HT has reached the overbought region and is above the 80% area of the daily stochastic. The market has reached bullish exhaustion. HT is the best performing cryptocurrency and has the following characteristics:

Current price: is $7.31

Market capitalization: $3,588,889,329

Trading volume: $90,307,853 

7-day gain: 72.33%

Maker

Maker (MKR) is in an uptrend as it breaks above the moving average lines. The cryptocurrency asset rose to a high of $1,162 but fell back below the $1,100 resistance area. The uptrend will continue if the price breaks the recent high. On October 10, the uptrend was retraced by a candlestick that tested the 50% Fibonacci retracement level. The retracement suggests that MKR will rise to the 2.0 Fibonacci extension level, or $1,395.28. The cryptocurrency is at level 65 of the Relative Strength Index for the period 14. The altcoin used to be in the overbought zone, but has retreated to the bullish trend zone. MKR is the cryptocurrency with the second best performance this week. It has the following characteristics:

Current price: $934.79

Market capitalization: $933,527,925

Trading volume: $72,023,027 

7-day gain: 11.02%

Quant

The price of Quant (QNT) is in an uptrend. The price of the cryptocurrency has a series of higher highs and higher lows. The altcoin is trading in the overbought region of the market. QNT is reaching bullish exhaustion. On September 30, the uptrend retraced through a candlestick that tested the 61.8% Fibonacci retracement level. The retracement suggests that QNT will fall to the 1.618 Fibonacci Extension level or $171.91. The price action shows that QNT/USD is trading at $161.47 at the time of writing. Quant is in the overbought zone above the 80% area of the daily stochastic. It is likely to fall to the breakout level above $130. The cryptocurrency is the third best performing cryptocurrency and has the following characteristics: 

Current price: $161.38

Market capitalization: $2,329,581,311

Trading volume: $92,151,752 

7-Day gain: 11.02%

OKB

The price of OKB (OKB) is in an upward correction as the price moves above the moving average lines. The upward movement is stuck at the price level of $17.28. It is difficult for buyers to advance to the recent high. On September 8, buyers were also pushed back at the same resistance level. OKB dropped to the low of $14 and took an upward correction. The sideways movement will continue if buyers fail to break the recent high. The altcoin is in a bullish momentum at level 62 of the Relative Strength Index of period 14. It has the following characteristics:

Current price: $16.64

Market capitalization: $4,997,041,803

Trading volume: $38,032,155 

7-Day gain: 4.02%

XDC Network

The price of XDC (XDC) is in an upward correction as the price breaks above the moving average lines. The altcoin rose twice to the high of $0.0327 but retraced above the moving average lines. In the previous price action, the altcoin faced a similar rejection at the same high of $0.0327. It fell below the moving average lines to the low of $0.026. The altcoin is in the uptrend zone and is capable of further upward movement. It is at level 57 of the Relative Strength Index for the period 14. XDC is the fifth best performing cryptocurrency and has the following characteristics:

Current price: $0.03167

Market capitalization: $1,193,954,235

Trading volume: $4,386,323 

7-Day gain: 2.04%

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.