Weekly Cryptocurrency Market Analysis: Altcoins Hit Higher Highs and Higher Lows, While Reclaiming Supply Zones

Mar 15, 2022 at 09:21 // Price
Author
Coin Idol
The best performing altcoins have reached the overbought zone of the market

Altcoins RUNE, ZEC, WAVES and LUNA are marking higher highs and higher lows in the uptrend zone. This is an indication of a possible upward movement as the BTC price fluctuates in a narrow range.

However, the best performing altcoins have reached the overbought zone of the market, indicating a possible decline. Similarly, the largest cryptocurrency could fall further if it fails to rise above the moving averages.

THORChain

THORChain (RUNE) is in an uptrend after the price rose above the $4 support. In the last price action, the bulls broke out above the moving averages on March 1. The uptrend was stopped at the high of $6 when the altcoin fell to a low of $4. On March 9, the altcoin rallied and broke through resistance at $6. Today, the market has reached a high of $6.93 at press time. Meanwhile, on March 3, the uptrend retraced through a candlestick that tested the 38.2% Fibonacci retracement level. The retracement suggests that RUNE will rise to the 2.618 Fibonacci Extension level, or $10.46. The altcoin is the best performing cryptocurrency in the past week. It has the following characteristics: 

RUNEUSD(Daily_Chart)_-_March_14.png

Current price: $6.97

Market capitalization: $3,484,346,819

Trading volume: $370,465,720 

7-day gain %: 53.43%.

Zcash

Zcash (ZEC) is in an uptrend as the altcoin has risen back above $100 support. The market peaked at $160 but was rejected at the recent high. The price of the cryptocurrency has reached the overbought area of the market. The market is now fluctuating below the recent high. The uptrend will resume when the current resistance is broken. 

In the meantime, the March 3 uptrend has a candle body that tested the 38.2% Fibonacci retracement level. The retracement suggests that ZEC will rise to the 2,618 Fibonacci Extension level or $188.36. It is the cryptocurrency with the second best performance last week. It has the following characteristics:

ZECUSD(Daily_Chart)_-_March_14.png

Current Price: $152.87

Market capitalization: $3,210,274,034

Trading Volume: $502,690,580 

7-Day Gain %: 37,54% 

Waves

Waves (WAVES) continued its uptrend after the price increase on February 28. The cryptocurrency broke through the resistance at $21 and continued its uptrend. Currently, WAVES has reached the overbought zone at $28. The altcoin will continue to rise as long as it is above the bullish trend line. The altcoin will rise again if the price finds support above the trend line. 

However, if the bears break below the trend line, the uptrend is considered to be over. The cryptocurrency has retreated to a low of $26.21 at the time of writing. Today, WAVES /USD is trading at $26.50 as of press time. The altcoin is the third best performing altcoin over the past week. It has the following characteristics:

WAVESUSD(Daily_Chart_)_-_March_14.png

Current Price: $26.50

Market capitalization: $2,832,706,733

Trading Volume: $974,662,426 

7-Day Gain %: 34,40%

Stacks

Stacks (STX) is in a downward correction as the price has fallen below the 50-day line SMA. The cryptocurrency is likely to find support above the 21-day line SMA. STX/USD will move within a trading range if it finds support above the 21-day line SMA. The stacks will continue to fluctuate between the moving averages for a few more days. The altcoin will move when the moving average lines are broken. At the time of writing, it is trading at $1.22. STX is the fourth best performing altcoin over the past week. The cryptocurrency has the following characteristics:

STXUSD(Daily_Chart)_-_March_14.png

Current price: $1.23

Market capitalization: $2,236,502,369

Trading Volume: $74,522,561 

7-Day Gain %: 13.30%

Terra

Terra (LUNA) is in an uptrend as the altcoin struggles below $100 resistance. In the first uptrend, the altcoin fell to the low of $80 and resumed its upward movement on March 8. It is rising again after being rejected again on March 11. 

LUNA will continue to rise as long as the price stays above the moving averages. Meanwhile, a candlestick tested the 61.8% Fibonacci retracement level on March 2. The retracement suggests that LUNA will fall to the Fibonacci extension level of 1.618 or $127.32. It is the cryptocurrency with the fifth best performance in the past week. It has the following characteristics: 

LUNAUSD(Daily_Chart)_-_March_14.png

Current price: $93.50

Market capitalization: $71.609.182.762

Trading volume: $3,499,237,011 

7-day gain %: 11.18%

Disclaimer. This analysis and forecast are the personal opinions of the author 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.

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