Weekly Cryptocurrency Market Analysis: Altcoins Reach New Highs And Their Uptrend Continues

This week cryptocurrencies are on the rise as altcoin hit a new high. However, the majority of altcoins are in an overbought market environment.

Bitcoin Gold

The price of Bitcoin Gold (BTG) is rising after rising above the moving average lines. BTG rose to a high of $25.33 before falling again. The price rose into an overbought market zone, which led to the decline. The altcoin falls and reaches a low of $19. Meanwhile, BTG is at a Relative Strength Index of 67 for the period of 14. The altcoin has the potential to rise even further. BTG is the best performing cryptocurrency and has the following characteristics:

Current price: $18.47

Market capitalization: $387,771,218

Trading volume: $208,327,189

7–day gain: 38%

Bone ShibaSwap

Bone ShibaSwap (BONE) is in a rally and trading in the overbought zone of the market. The cryptocurrency has already surpassed the $1.59 level. The price indication suggests that the cryptocurrency will rise and then fall. A retraced candle body tested the 78.6% Fibonacci retracement line of the July 8 rally. The retracement suggests that BONE will rise but then fall at the Fibonacci extension of 1.272 or $1.71. Based on the price activity, the altcoin is approaching the high of $1.52 while targeting the Fibonacci extension of $1.71. BONE is in the overbought zone of the daily stochastic, above the level of 80. It is the second best performing cryptocurrency and has the following characteristics:

Current price: $1.51

Market capitalization: $384,747,297

Trading volume: $13,183,423

7–day gain: 23.00%

Maker

Maker (MKR) is on the rise and reached a high of $1,300 before falling back. The cryptocurrency is likely to rise much further to previous highs. At the time of writing, Maker is trading at $1,440. During the July 3 rise, a candlestick tested the 50% Fibonacci retracement level. The retracement suggests that MKR will rise to the 2.0 Fibonacci extension level or $1,469.94. MKR was rejected at the overbought level of the market. The altcoin is above the daily stochastic level of 80. MKR is the third most valuable cryptocurrency. Below are some of its characteristics:

Current price: $1,215.46

Market capitalization: $1,205,055,507

Trading volume: $106,127,467

7–day gain: 16%

Uniswap

The price of Uniswap (UNI) is on the rise, with the cryptocurrency hitting a series of higher highs and higher lows. The altcoin reached a high of $6.44 today. Price indications suggested that the cryptocurrency would continue to rise. A retraced candlestick tested the 50% Fibonacci retracement level of the June 26 upswing. The retracement means that UNI will rise to the Fibonacci extension level of $2.0 or $7.06. The altcoin has currently reached a high of $6.42. Meanwhile, UNI has a Relative Strength Index of 69. It is the fourth best performing cryptocurrency and has the following characteristics:

Current price: $6.42

Market capitalization: $6,425,144,208

Trading volume: $144,175,736

7–day gain: 13.69%

Immutable

The price of Immutable (IMX) is trending sideways as the price bars remain above the moving average lines. Since June 10, the cryptocurrency has been trading in a range between $0.60 and $0.80. On June 23, the altcoin corrected upwards and broke above the moving average lines. Resistance at $0.80 halted the upward movement. Long candles with wicks above the moving average lines indicate that there is strong selling pressure at higher price levels. Once the resistance level is broken, the altcoin will resume its uptrend. The altcoin is rising above the level 30 of the daily stochastic. IMX is the fifth most valuable cryptocurrency and has the following characteristics:

Current price: $0.7465

Market capitalization: $1,499,654,746

Trading volume: $23,680,874

7–day gain: 8.39%

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.