Weekly Cryptocurrency Market Analysis: Altcoins Sustain Recent Rallies, Continue Bullish Run

Almost all altcoins are trading in the bullish trend zone. This suggests that there is a tendency for further upward momentum.

While Bitcoin is still weakening in the downtrend zone, the market has failed to break into the uptrend zone. Bitcoin risks another drop below the psychological $50,000 price level. Below are some of the altcoins that have shown bullish performance in the last 7 days. 

Cosmos

Cosmos (ATOM) is in an uptrend and the altcoin is recovering from the previous downtrend. During the last price action, the cryptocurrency reached a high of $43. Buyers were unable to keep the price above the recent high. As a result, ATOM dropped to a low of $21. It is the best performing altcoin in the past week. 

Today, ATOM is recovering and reaching the high of $37. Meanwhile, the uptrend from December 27 has a candle body testing the 50% Fibonacci retracement level. The retracement suggests that Cosmos will rise to the 2.0 Fibonacci extension level, or $43.78. The cryptocurrency has the following characteristics:

Price: $37.64

Market capitalization: $10,692,317,221

Trading volume: $1,898,119,586 

7-day gain: 35.12%

Fantom

Fantom (FTM) is the second best performing altcoin over the past week. The cryptocurrency is in an uptrend and trying to regain the previous price level of $3.10. In the previous price action, the altcoin fell while trying to break the resistance at $3.10. A bearish double pattern formed, causing the cryptocurrency price to fall below the moving averages. 

Meanwhile, on December 28, a declining candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that Fantom will rise to the Fibonacci extension level of 1.618 or $3.20. The altcoin has the following characteristics:

Price: $2.91

Market capitalization: $9,224,088,014

Trading volume: $1,746,396,555 

7-day gain: 33.52% 

Velas

Velas (VLX) is in a sideways trend and is the third best performing altcoin over the past week. Since November 4, the cryptocurrency peaked at $0.63, but pulled back above the $0.50 price level. 

Over the past month, buyers have been unable to keep the price above the recent high. A break above $0.50 would signal the resumption of the uptrend. Velas is approaching the overbought area of the market at $0.44 as of press time, and further upside is doubtful. Velas has the following characteristics: 

Price: $0.4553

Market capitalization: $1,027,346,399

Trading volume: $32,876,150 

7-day gain: 30.55%

Oasis Network

Oasis Network (ROSE) has been in a sideways trend. The cryptocurrency was previously in an uptrend. On November 21, buyers were unable to keep the bullish momentum above the high of $0.45. 

Today, the overriding resistance will be tested again. The altcoin is likely to face another rejection as it is in the overbought zone of the market. ROSE is the fourth best performing cryptocurrency over the past week. Oasis Network has the following characteristics:

Price: $0.4374

Market capitalization: $4,374,259,374

Trading volume: $303,318,862'

7-day gain: 30.94% 

yearn. finance

yearn. finance (YFI) is in an uptrend. Buyers are struggling to break above the resistance zone at $39,500. The bulls have already been rejected twice at the resistance zone. The uptrend was halted at the recent high. If buyers overcome the resistance, a rally to the high at $60,000 is likely. 

Meanwhile, the December 20 uptrend has tested the 50% Fibonacci retracement level with a retreating candlestick. The retracement suggests that YFI will rise to the 2.0 Fibonacci extension level or $60,200.66. It is the fifth best performing cryptocurrency in the past week and has the following characteristics:

Price: $38,492.34

Market capitalization: $1,411,360,226

Trading volume: $533,350,046 

7-day gain: 28.68%

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.