Weekly Cryptocurrency Market Analysis: Altcoins Retreat As They Hit Initial Roadblocks At Recent Highs

Despite being on the rise, cryptocurrencies are struggling to break through recent highs.

Altcoins are in danger of falling from their current highs. We will take a closer look at some of these virtual currencies.

Manta Network

The price of Manta Network (MANTA) is moving vertically. The cryptocurrency value rose to a high of $6.29 before falling back. The altcoin has started an upward movement as it continues its uptrend. At this point, the cryptocurrency is trading at $2.85. The positive momentum is expected to continue until it reaches a high of $6.29. Nonetheless, the presence of doji candlesticks has delayed the price movement. The best performing cryptocurrency, MANTA, has the following advantages:

Current price: $2.93

Market capitalization: $2,934,012,612

Trading volume: $526,538,290 

7–day gain/loss: 27.48%

Ronin

The price of Ronin (RON) is on an upswing after recovering from its previous downturn. On January 21, 2024, the altcoin rose to a high of $2.53 before falling again. The cryptocurrency retested the overhead resistance level of $2.40. The altcoin declined and found support above the 21-day moving average. The price is rising to test the overhead resistance. Should the bulls break through the overhead barrier, RON will rise to a high of $3.05. At the time of writing, the altcoin is still selling at $2.29. It has the following characteristics and is the second best performing cryptocurrency.

Current price: $2.29

Market capitalization: $2,287,448,414

Trading volume: $17,289,938

7–day gain/loss: 19.50%

Siacoin

The price of Siacoin (SC) is rising as it recovers from its recent decline. The cryptocurrency is pulling back after hitting a high of $0.013. The uptrend will continue if the price retraces above the 21-day SMA. The uptrend is expected to peak at $0.040. On the upside, the market will peak at $0.018 if the current resistance is broken. The current retracement has ended and the price reached a low of $0.11. The upward movement is resumed above the moving average lines. It has the following characteristics and is the third best performing cryptocurrency.

Current price: $0.01126

Market capitalization: $633,659,135

Trading volume: $58,703,567

7–day gain/loss: 41.95%

Frax Share 

After an earlier rise, the price of Frax Share (FXS) has moved sideways. After an earlier rise, the cryptocurrency is now trapped in a horizontal movement. Since December 4, the altcoin has struggled to break through the $10 price barrier. The extended candlestick wicks indicate significant selling pressure at higher price levels. The altcoin is currently trading between $8 and $10. The fourth highest valued coin, FXS, has the following characteristics:

Current price: $10.04

Market capitalization: $1,002,860,998

Trading volume: $92,597,506 

7–day gain/loss: 12.68%

Maker

Maker (MKR) is in an uptrend and reached a high of $2,200 on January 11, 2024. The altcoin was pushed back when it fell back above the 21-day simple moving average. Today, the uptrend has resumed as it has regained the previous high. The recovery was halted last week when the altcoin entered the overbought territory. On the upside, MKR will rise to a high of $2,372 if the current resistance of $2,200 is overcome. Currently, a first barrier is located at its recent high. The maker will be forced to trade sideways between $2,000 and $2,200 if it fails to overcome the current resistance. MKR, the fifth best performing cryptocurrency, offers the following characteristics:

Current price: $2,098.27

Market capitalization: $2,113,583,518

Trading volume: $83,924,905

7–day gain/loss: 3.94%

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.