Weekly Cryptocurrency Market Analysis: Altcoins Move Sideways As They Try To Start An Uptrend

This week, cryptocurrencies are struggling to recover from the previous decline, but selling pressure is still present at higher levels.

Altcoins RNDR, INJ, EGLD, CRO, and CSPR are among the best performing cryptocurrencies. However, RNDR stands out because it broke through previous resistance. I will examine each of these cryptocurrencies.

Render Token

Render Token (RNDR) is getting more and more expensive. The value of the cryptocurrency is rising to new highs. The price of the altcoin had risen to a high of $2.42 at the time of writing. The price signal suggests that the uptrend of the coin is likely to continue. At the April 20 uptrend, a retraced candlestick tested the 38.2% Fibonacci retracement line. The retracement suggests that the altcoin will rise to the 2.618 Fibonacci extension level of $3.82. The price trend suggests that RNDR will rise when reaching the high of $3.42. RNDR is the leading cryptocurrency. It has the following characteristics:

Current price: $2.42

Market capitalization: $1,300,189,529

Trading volume: $285,433,936 

7-day gain/loss: 38.96%

Injective

The price of Injective (INJ) is rising but struggling with the $10 resistance level. On April 17, when the bulls bought the dips, the uptrend ended at the $10 high and fell to a low of $6.47. The altcoin started a new rise today and is testing the recent high. While the altcoin resumes a new uptrend, INJ found support above the 21-day line SMA during the previous decline. If the cryptocurrency breaks the $10 high, the uptrend will return. It could reach another high of S16. On the downside, selling pressure will resume if the price falls below the moving average line. INJ's price will fall to a low of $5.00. At a Relative Strength Index level of 63 for the 14 period, INJ is now trading in the upside zone. The second best performing cryptocurrency by performance is INJ. It has the following characteristics:

Current price: $8.37

Market capitalization: $837,051,706

Trading volume: $127,067,383 

7-day gain/loss: 12.54%

MultiverseX

MultiverseX (EGLD) is currently moving sideways after ending the downtrend. The cryptocurrency's price fluctuates between $37 and $45. At the time of writing, the altcoin is currently trading at $42. In the last two months, the cryptocurrency value has been moving between the moving average lines. EGLD will rise again if the resistance at $45 is broken and the momentum continues. The altcoin will rise and reach its previous high of $52.50 again. On the other hand, if the bears break the support at $37, the market would fall to a low of $32. With a Relative Strength Index reading of 58 for the 14 period, the alternative currency is trading in the uptrend zone. The third best performing cryptocurrency, EGLD, has the following characteristics:

Current price: $42.43

Market capitalization: $1,336,584,300

Trading volume: $45,623,228

7-day gain/loss: 14.18 %

Cronos

Cronos (CRO) is currently in a sideways movement after the downtrend ended on November 13, 2022. The altcoin rose to a high of $0.0850 in the correction before being rejected. The bulls have not yet broken the recent high since January 16. The cryptocurrency's price is currently hovering between $0.0650 and $0.0850. CRO is currently trading for $0.076. CRO will resume its uptrend once the overriding resistance at $0.0850 is overcome. The market price will reach a high of $0.12. The altcoin is at level 66 of period 14 of the Relative Strength Index. The fourth best cryptocurrency is CRO. These are its characteristics.

Current price: $0.07701

Market capitalization: $2,330,650,746

Trading volume: $75,009,343 

7-day gain/loss: 13.10

Casper

The price of Casper (CSPR) is rising but has paused around its recent high of $0.060. The cryptocurrency asset is likely to resume its uptrend once it pulls back above the moving average lines. At the time of writing, the altcoin is selling at $0.054. CPSR is retesting resistance at $0.060, with a retraced candle testing the 50% Fibonacci retracement level on April 16. CSPR will rise after the retracement to the 2.0 Fibonacci extension level, i.e. $0.085. The characteristics of CSPR, the fifth best performing cryptocurrency, are as follows:

Current price: $0.05445

Market capitalization: $638,358,224 

Trading volume: $10,777,582

7-day gain/loss: 12.25%

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 own research before investing in funds.