Weekly Cryptocurrency Market Analysis: Altcoins Resume Uptrend And Overcome Resistances

Five best performing according to the price rise cryptocurrencies of the week are Pepe, Mina, Injectables, Conflux, FLOKI. Cryptocurrency analysis by Coinidol.com.

This week crypto assets resumed their uptrend. Altcoins are trading within a positive trend zone, while cryptocurrencies continue to break new barriers. 

Pepe

The price of Pepe (PEPE) has recovered from its previous trend after rising above the moving average lines. The price of the cryptocurrency surpassed the moving average lines. It shows a pattern of higher highs and higher lows. PEPE rose to a high of $0.000003557 before falling back.

According to the price indication, PEPE will rise but will be rejected in the overbought region of the market. That is, PEPE may rise but then reverse at the level of 1.272 Fibonacci extension or $0.000001556. Meanwhile, the altcoin is trading below $0.0000013557. It is the best performing coin and has the following characteristics:

Current price: $0.000001145

Market capitalization: $481.65M

Trading volume: $125.18 

7–day gain: 64.18%

Mina

Mina (MINA) is on the rise. MINA price made a significant movement to a high of $0.97. But the vertical trend fell abruptly and ended below the resistance level of $0.75. Although the rise has ended, the altcoin is steadily going down. 

On the downside, the uptrend will resume if it goes back above the breakout level of $0.50. If the bears break below the $0.50 support, the downtrend will resume. The market may fall back to $0.38. 

At the time of writing, the altcoin was trading at $0.60. It is the second most profitable cryptocurrency after PEPE. MINA is characterised by the following features:

Current price: $0.6064

Market capitalization: $660,411,084

Trading volume: $59,111,614 

7–day gain: 53.25%

Injectables

The price of Injectables (INJ) moved sideways earlier. Resistance at $10 has hindered the uptrend since April 17. On October 23, the altcoin rallied by breaking through the overriding $10 resistance. At the time of writing, INJ is trading at $13.52. 

The bounce ended in the last 48 hours as the altcoin fluctuated below the $14 resistance level. Meanwhile, INJ has entered the overbought zone of the market. It seems unlikely that the altcoin will continue to rise. Below are the advantages of INJ, the third best performing cryptocurrency:

Current price: $13.54

Market capitalization: $1,353,959,925

Trading volume: $75,589,429 

7–day gain: 51.22%

Conflux

Conflux (CFX) was previously in a downtrend. But now the cryptocurrency is correcting higher after breaking above the moving average lines. The price of CFX rose to a high of $0.166 before falling back below the $0.16 resistance. 

Since October 24, the altcoin has been trading below the resistance level in anticipation of a bullish rise. However, if CFX declines and finds support above the breakout level of $0.14, the market will continue to rise. If it loses the $0.14 support, the altcoin will come under selling pressure again. The fourth most valuable cryptocurrency is CFX. Features include:

Current price: $0.155

Market capitalization: $818,077,820

Trading volume: $68,092,166 

7–day gain: 44.91%

FLOKI

FLOKI (FLOKI) is in an uptrend after rising above the 21-day SMA support. The price of the altcoin is rising in a series of higher highs and higher lows. The altcoin climbed to the $0.0000400000 resistance zone before falling back. At the time of writing, it is trading at $0.0000362308. 

If resistance is broken at the recent high, the altcoin will resume its climb. According to the price indicator, FLOKI will rise but reverse at the 1.272 Fibonacci extension or the $0.0000493173 level. In the meantime, FLOKI is trading below the resistance zone and is preparing to rise. FLOKI, the coin with the fifth highest value, has the following characteristics:

Current price: $0.00003631

Market capitalization: $360,910,453

Trading volume: $113,151,987 

7–day gain: 48.91%

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.com. Readers should do their research before investing in funds.