Weekly Cryptocurrency Analysis: Altcoins Attempt A Recovery Rally In Anticipation Of A Bull Market

The bear market is not over yet, but some cryptocurrencies remain positive despite the current downtrend. Altcoins are attempting a recovery rally but are coming under selling pressure at resistance levels. Let us discuss some of the cryptocurrencies that have performed the best.

Maker

Maker (MKR) is in a downward correction, while the altcoin is resuming an upward correction. The bulls have broken above the 21-day line SMA. A break above the 50-day line SMA would signal the resumption of an uptrend. The altcoin will have to move within a certain range for a few more days. MKR will move when the moving average lines are broken. For example, if the bulls break the 50-day line SMA, the altcoin will resume its uptrend. The maker will rise and regain the previous highs of $2000 and $2,400. On the other hand, if the bears break the 21-day line SMA, the downtrend will resume. The market will fall back to the previous low of $1,026. In the meantime, Maker is trapped between the moving averages. Maker is the best performing cryptocurrency in the past week. It has the following characteristics:

Current price: $1,565.70

Market capitalization: $1,591,402,366

Trading volume: $192,430,043 

7-day gain: 36.32%.

PAX Gold

PAX Gold (PAXG) is in a downtrend as the price falls below the moving averages. PAX Gold has fallen to the low of $1,802 as part of an upward correction. The altcoin has fallen into oversold territory in the market. Meanwhile, on March 16, the downtrend; a retraced candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that PAXG will fall to the Fibonacci extension level of 1.618 or $1,817.02. The price action shows that the altcoin has retested the level of the 1.618 Fibonacci extension and is trending upwards again. The altcoin is below the 20% range of the stochastic on the daily chart. This means that PAX Gold has reached bearish exhaustion. It is the cryptocurrency asset with the second best performance in the past week. It has the following characteristics: 

Current price: $1,825.74

Market capitalization: $602,231,063

Trading volume: $28,315,658 

7-day gain: 2.5%

Kadena

Kadena (KDA) is in a downward correction in a higher time frame. Buyers are not yet able to hold the price above the moving averages. On the 4-hour chart, Kadena has resumed the uptrend as the price has risen above the moving averages. In the May 13 uptrend, a retreating candlestick tested the 50% Fibonacci retracement level. The retracement suggests that KDA will rise to the 2.0 Fibonacci extension level, or $3.79. The price action shows that the altcoin has not reached the targeted price level. There is a probability of further upward movement if the price goes back above the moving averages. It is the cryptocurrency asset with the third best performance in the past week. It has the following characteristics:

Current price: $2.97 

Market capitalization: $2,968,697,131

Trading volume: $72,850,714 

7-day gain: 2.4%

Decentraland

Decentraland (MANA) is in a downtrend. The altcoin has fallen and is retesting the historical price level of May 10, 2021. The current downtrend has reached the oversold region of the market. In other words, MANA is below the 20% area of the daily stochastic. That is, the downtrend has reached its bearish exhaustion. Buyers will emerge in the oversold region when the market resumes its uptrend. MANA is trading at $1.20 as of press time. It is the fourth best performing cryptocurrency in the past week. It has the following characteristics:

Current Price: $1.21

Market capitalization: $2,629,928,790

Trading volume: $483,234,052 

7-day gain: 0.96%

Zcash

Zcash (ZEC) is in a downtrend, but the altcoin will likely continue to fall as it faces rejection at the 21-day line SMA. A breakout above the moving averages will signal the resumption of the uptrend. Meanwhile, a candlestick tested the 61.8% Fibonacci retracement level on April 30. The retracement suggests that ZEC will fall to the level of the 1.618 Fibonacci extension, or $73.05. The price action shows that the altcoin retested the level of the 1.618 Fibonacci extension but went back up. Zcash is the cryptocurrency asset with the fifth best performance last week. It has the following characteristics:

Current price: $104.37

Market capitalization: $2,190,592,934

Trading Volume: $144, 998.22 

7-Day gain: 0.05%.

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 research before investing funds.