Weekly Analysis Of The Cryptocurrency Market: Altcoins Rise Sharply While Cryptocurrencies End Their Bear Market

This week, altcoins resume their uptrend and try to build upward momentum.

The positive trend zone is traded by TON, BSV, and DASH. The resistance levels above are hindering the upside moves. If the current resistance levels are broken, further gains are likely. XDC and LDO are still in a downward correction at the moment. Let us take a look at the best performing cryptos.

Toncoin

The price of Toncoin (TON) was in an uptrend and rose to a high of $2.90 on the daily chart. However, the quick crash below the $2.50 support stopped the positive momentum. The $2.50 resistance level has been a barrier to the upside since November 14. The bears' downward trend will continue. On December 14, TON took an upward correction on the 1-hour chart, and a candlestick tested the 50% Fibonacci retracement level. After the correction, TON will fall to the 2.0 Fibonacci extension level or $2.02. TON is now trading in the oversold zone of the market. The stochastic of the daily chart is currently below level 20. The downtrend of the cryptocurrency has run its course. Toncoin is the best performing cryptocurrency this week with the following characteristics: 

Current price: $2.45 

Market capitalization: $12,247,175,875 

Trading volume: $99,380,369 

7-day gain: 34.78%

XDC Network 

XDC Network (XDC)'s share price fell, but has started to rise again. As the bulls bought the dips, the altcoin fell to a low of $0.018. On December 13, the price of XDC climbed back above the support level of $0.020 and surpassed the moving average lines. The 50-day line SMA has yet to be breached by the upside. If the 50-day line SMA is broken, the altcoin price will rise even further and reach $0.030. However, if the 50-day line SMA remains intact, the cryptocurrency will be trapped between the moving average lines. XDC is above the 61 level of the Relative Strength Index for the 14 period and is in a bullish momentum. This shows that the altcoin has the following qualities and is the second best performing cryptocurrency:

Current price: $0.02524

Market capitalization: $953,483,463

Trading volume: $3,352,106 

7-day gain: 20.15%

Lido DAO 

Lido DAO (LDO) is in a bearish trend having dropped from a high of $5.20 to a low of $1.03. The cryptocurrency price crossed the 21-day line SMA on December 13. Currently, the altcoin barely fluctuates between the moving average lines. When the moving average lines are crossed, the altcoin will show a trend. On November 9, the altcoin started to rise amid the decline, and a candlestick tested the 78.6% Fibonacci retracement level. After the correction, LDO will decline but reverse at $0.65 or the 1.272 Fibonacci extension level. LDO is below the level of 75 and stochastic on the daily chart is in negative momentum. It is the third best performing cryptocurrency this week. It has the following characteristics:

Current price: $1.12

Market capitalization: $1,119,333,743

Trading volume: $17,973,469 

7-day gain: 12.59%

Bitcoin SV

The price of Bitcoin SV (BSV) is crossing above the moving average lines, indicating the resumption of an uptrend. The cryptocurrency has reached a high of $48. The altcoin retested the resistance at $48 since November 28 to break it. A retracement candlestick tested the 61.8% Fibonacci retracement line of the November 28 rise. According to the retracement, BSV will rise to the level of 1.618 Fibonacci extension or $50.38. BSV is moving up above the 63 level of the Relative Strength Index for the period 14. This indicates that the altcoin can rise even further. The cryptocurrency with the fourth best performance this week, BSV, has the following characteristics.

Current price: $47.25

Market capitalization: $992,278,333

Trading volume: $47,476,298 

7-day gain: 11.47%

Dash

The price of Dash (DASH) is currently trading in the bullish trend zone as the uptrend resumes. The cryptocurrency has reached a high of $49.85. The uptrend was halted at the last high since December 12. As the market has reached the overbought zone, further upward movement is unlikely. If the current resistance is overcome, DASH will rise to $56. On the other hand, if the cryptocurrency is rejected, it will fall below the moving average lines. If the price slips below the moving average lines, the selling pressure will increase again. DASH is above the daily stochastic value of 80, which shows that the overbought area of the market has been reached. The fifth-best cryptocurrency is DASH. It has the following characteristics: 

Current price: $48.33

Market capitalization: $913,425,359

Trading volume: $80,409,288

7–day gain: 10.17%

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 in funds.