Weekly Cryptocurrency Market Analysis: Altcoins in Sharp Recovery as Bulls Resume Relief Rallies
Gala
Gala (GALA) has recovered from the previous downtrend. In the previous price action, Gala fell from the high of $0.80 to the low of $0.15. Today, the altcoin has a bullish momentum again, reaching the high of $0.37. On the daily chart, the cryptocurrency has risen above the moving averages, signaling the resumption of the upward momentum. Nevertheless, the current uptrend might be short-lived as the altcoin is trading in the overbought zone of the market.
Meanwhile, the uptrend from February 6 tested the 78.6% Fibonacci retracement level with a retreating candlestick. The retracement suggests that GALA will rise but reverse at the 1.272 Fibonacci extension level or $0.40. The altcoin was the best performing coin last week. The cryptocurrency has the following characteristics:
Price: $0.3678
Market capitalization: $12,887,884,062
Trading volume: $2,129,483,661
7-day gain: 97.74%
Quant
Quant (QNT) has regained its bullish momentum after the price rose above the moving averages. The downtrend from January 22 subsided as the altcoin fell to a low of $83. Today, QNT has risen to $153 at the time of writing. Further upside is doubtful as the altcoin is trading in the overbought region of the market.
Meanwhile, the uptrend from February 3 has a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that QNT will rise to the 1.618 Fibonacci Extension level or $184. The altcoin is the second best performing altcoin in the past week. It has the following characteristics:
Price: $154.76
Market capitalization: $2,261,375,300
Trading volume: $82,245,584
7-day gain: 67.69%
UNUS SED LEO
UNUS SED LEO (LEO) has resumed its uptrend. The cryptocurrency has been in a sideways trend since October 2021. Last week, buyers continued to push the cryptocurrency to the previous highs. Today, the altcoin is trading at $5.19 as of press time. Further upside is doubtful as the altcoin is reaching the overbought region of the market.
Meanwhile, the February 5 uptrend tested the 61.8% Fibonacci retracement level with a retracement candlestick. The retracement suggests that LEO will rise to the Fibonacci extension level of 1.618 or $6.69. LEO is the altcoin with the third best performance in the past week. It has the following characteristics:
Price: $5.16
Market capitalization: $5,131,601,578
Trading volume: $6,526,963
7-day gain: 51.43%
eCash
eCash (XEC) is recovering after a long downtrend. The cryptocurrency has been in a downtrend since September 2021. The downtrend eased on January 22, when the altcoin fell to a low of $0.00006472. Today, eCash is trading at $0.00008798 at press time. The altcoin has risen above the 21-day moving average line, but is below the 50-day moving average line.
However, a break above the 50-day moving average line signals the resumption of upward momentum. It is the fourth best performing cryptocurrency in the past week. It has the following characteristics:
Price: $0.00008873
Market capitalization: $1,863,387.781
Trading volume: $35,852,42
7-day gain: 20.08%
Axie Infinity
Axie Infinity (AXS) is in an upward movement. The cryptocurrency is recovering from the previous downtrend on January 22, when the altcoin fell to a low of $47. Today, AXS is trading at $68 at press time.
The altcoin has risen above the 21-day moving average line, but is below the 50-day moving average line. The upward momentum will continue if the price rises above the 50-day moving average line. AXS is capable of reaching a high of $120. It is the cryptocurrency with the fifth best performance last week. It has the following characteristics:
Price: $68.51
Market capitalization: $18,496,442,494
Trading volume: $1,238,417,614
7-day gain: 34.32%
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.