Weekly Cryptocurrency Market Analysis: Altcoins Trend Upwards As Further Overhead Resistance Is Overcome

The best-performing cryptocurrencies are trading in a positive trend zone.

Altcoins are trending strongly upwards as they reach the overbought area of the market. The overbought areas will hinder the uptrend of cryptocurrencies. We will look at a handful of these cryptocurrencies.

Dymension

Dymension (DYM) is in an uptrend. On February 6, 2024, the altcoin experienced a vertical spike as it rose to a high of $8.40. The cryptocurrency approached the $9.00 barrier zone before pulling back. Buyers were unable to sustain the bullish momentum above the $9.00 resistance level, which is why the altcoin started a sideways trend. Over the past week, the altcoin has been trading below the resistance level. Price activity includes doji candlesticks, which indicate that buyers and sellers are undecided about the direction of the market. The altcoin is currently worth $7.28. It has the following characteristics and is the best performing coin.

Current price: 7.37 $

Market capitalization: $7,373,691,618

Trading volume: $110,713,924

7–day gain/loss: 79.71%

Kaspa

Kaspa (KAS) is in a sideways trend and is fluctuating below the $0.15 resistance level. KAS used to be in an uptrend but it was broken on November 19, 2023 at a high of $0.155. The altcoin has retraced above the $0.13 support and moving average lines, indicating a sideways trend. On the upside, buyers have not been able to sustain the price above the $0.15 barrier. Over the past two months, the price of the altcoin has fluctuated between $0.10 and $0.15. The uptrend will resume if buyers break through the $0.15 resistance. KAS will continue to rise and reach a high of $0.23. On the other hand, KAS will fall if the bears break the support at $0.10 and maintain their bearish momentum. KAS, the second best performing cryptocurrency, offers the following advantages:

Current price: $0.1414

Market capitalization: $4,048,981,012

Trading volume: $57,291,529 

7–day gain/loss: 40.14%

Stacks

The price of Stacks (STX) is trending sideways and is below the $2.20 threshold. On January 8, 2024, the altcoin recorded a rise and reached a high of $2.05. However, the positive momentum ended when the altcoin dipped below the moving average lines. Today, the altcoin is again testing the resistance level and trying to resume its positive trend. If the current resistance is broken, STX will rise to a high of $3.50. Nevertheless, the sideways trend between $1.40 and $2.00 will continue if buyers fail to keep the price above the resistance line above. It has the following characteristics and is the third best performing coin.

Current price: $1.99

Market capitalization: $3,624,751,225

Trading volume: $219,346,414

7–day gain/loss: 33.48%

Immutable

Immutable (IMX) is in a new uptrend as it breaks through the $2.06 barrier. The cryptocurrency was previously on an upswing before it was halted at a high of $2.60 on December 23, 2023. On December 27, 2023, the price of the cryptocurrency retested the resistance level and fell below the moving averages. The bulls recovered above the support level of $1.70 and continued to rise. The altcoin recovered and broke through the resistance at $2.60. The bullish momentum reached a high of $3.14 before retreating. At this point, the altcoin is trading at $2.93. The uptrend is expected to continue beyond the $3.00 peak. The fourth highest valued coin, IMX, has the following characteristics:

Current price: $2.93

Market capitalization: $5,863,094,711

Trading volume: $238,459,392 

7–day gain/loss: 29.58%

ORDI

ORDI (ORDI) is in an uptrend but has entered a horizontal trend after reaching a high of $91 on January 2, 2024. After the end of the rise, the altcoin is currently trading sideways between $48.50 and $80. Today, the altcoin is rising as it approaches the $80 barrier. If the bulls break through the resistance above $80, the market will rise to a high of $101.48. The current uptrend will end if the price of the cryptocurrency falls below the moving average lines and the bearish momentum continues below these lines. ORDI, the fifth best performing cryptocurrency, has the following characteristics:

Current price: $70.73

Market capitalization: $1,484,136,156

Trading volume: $382,850,538

7–day gain/loss: 28.14%

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.