Weekly Cryptocurrency Market Analysis: Short-Term Altcoin Support Intact As Recovery Begins

Cryptocurrencies have resumed their uptrend while altcoins are recovering from their critical support levels.

Altcoins are likely to continue rising as most altcoins have broken above the moving average lines.

Goatseus Maximus

Goatseus Maximusis (GOAT) is trading in a bull market and is on an uptrend. Previously, the altcoin was in a sideways trend, with prices ranging between $0.20 and $0.50. The bulls broke through the resistance at $0.50 and continued their uptrend. GOAT peaked at $0.91 before pulling back. The long candle wick points to resistance at $0.90. This suggests significant selling pressure at the recent high. If the buyers can break above the barrier at $0.90, the altcoin will continue its positive run.

In the meantime, GOAT is oscillating above the $0.60 support but below the $0.90 resistance level. GOAT is the best performing cryptocurrency.

The current price:  $0.6956

Market capitalization: $695,577,620.73

Trading volume:  $523,993,930.36

7-day gain: 94.29%

Safe

The price of Safe (SAFE) is rising after falling to a low of $0.61. The altcoin has risen to a high of $1.85. The cryptocurrency is expected to rise back to its previous high of $2.70. The rising trend is currently holding at $1.80. The price of the cryptocurrency is trading above the support of $1.60 but below the high of $1.80. 

The altcoin will perform if the support and resistance levels are broken. If the bulls break the barrier at $1.80, the market could reach a high of $2.40. SAFE is the second-highest performing cryptocurrency.

The current price: $1.63

Market capitalization:  756,491,663.21

Trading volume:  $289,988,312.78

7-day gain: 75.07%

ApeCoin

ApeCoin (APE) is recovering after falling to the bottom of the chart at $0.47. On October 19, the cryptocurrency rallied and crossed above the moving average lines. The uptrend reached a high of $1.70 but was rejected three times. The three long candlestick wicks indicate selling pressure at the recent high. The altcoin plunged to $0.117, but the bulls bought the dips. APE continues its positive price action and reached a high of $1.24.

If the positive momentum continues, the share will reach its previous high of $1.70 again. APE is the cryptocurrency with the third best performance.

It has the following features: 

The current price: $1.24

Market Capitalization: $931,727,508.66

Trading Volume: $311,894,034.15

7–day Gain: 51.91%

Raydium

The price of Raydium (RAY) is recovering from its decline. The barrier at $2.70 slowed the upward correction. The upward move was rejected three times. 

Today, the altcoin surpassed the resistance level and reached a high of $3.09. The uptrend is currently halted at the high of $3.20. The altcoin is trading above the support level of $2.80 but below $3.20. The upswing will begin once the current resistance is broken. The price has remained stable above the support level of $2.90. RAY is the fourth best performing cryptocurrency.

The current price: $2.99

Market Capitalization: $789,686,613.82 

Trading Volume:  $131,075,421.10

7–day Gain: 40.92%

cat in a dogs world 

cat in a dog's world (MEW) is in an uptrend after breaking through the resistance at $0.006. The altcoin's price movement was previously sideways. The cryptocurrency was trading above the $0.003 support but below the $0.006 resistance. The current uptrend has broken through the resistance and reached a high of $0.0116. 

The altcoin has declined and is trading below the high of $0.010. MEW will rise if it retraces and finds support above $0.006. MEW is the fifth best performing cryptocurrency. It has the following characteristics:

The current price:  $0.01084

Market Capitalization: $963,413,303.18

Trading Volume: $371,173,708.13

7–day Gain:  24.15%

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