Weekly Cryptocurrency Market Analysis: Altcoins Make Corrections To Start A New Rally

The best performing cryptocurrencies are coming back from the bottom of their charts.

When they break above the moving average lines, this indicates a positive trend.

Curve DAO Token

Curve DAO Token (CRV) prices recover and break above the moving average lines. Cryptocurrency value rises from the bottom of the chart. The bullish momentum peaked at $1.08 before retreating. The altcoin rises to reclaim its previous high of $1.33. CRV falls back after reaching the $1.10 level. On a positive note, the uptrend will continue as long as buyers keep the altcoin above the $1.10 level.

The altcoin will rise above its high of $1.33. CRV is the best performing cryptocurrency.

The current price: $0.9828

Market capitalization: $1,344,263,548.69

Trading volume: $660,996,931.05

7-day gain: 55.27% 

Bonk

The price of Bonk (BONK) is recovering from the bottom of its chart, reaching a high of $0.00004000. The price of the cryptocurrency has been in a sideways trend, with the altcoin fluctuating below and above the moving average lines.

BONK's current price range is between $0.00001000 and $0.0004000, with extended candle wicks signalling the presence of sellers at higher price points. The altcoin will continue to trend until the bulls break through $0.0004000 and maintain their upward momentum.

The current price: $0.00003384

Market capitalization: $2,739,285,281.84

Trading volume: $1,030,352,794.99

7-day gain: 43%

FLOKI

FLOKI (FLOKI) price are rising from the chart low of $0.00006322 to the high of $0.00014806. The altcoin is recovering while remaining in a sideways trend. The cryptocurrency is trading between the support of $0.00006000 and the high of $0.0002800. There are extended candlesticks above the resistance level of $0.0002800. The candlesticks show strong selling pressure at higher price levels and the presence of sellers at the recent high. Once buyers break the $0.00028000 level, the altcoin's uptrend will resume.

The current price: $0.0001374

Market capitalization: $1,305,346,971.05

Trading volume: $527,798,289.73

7–day gain: 37.69%

Pudgy Penguins

The price of Pudgy Penguins (PENGU) is on a steady uptrend and has moved significantly higher. The altcoin rose from a low of $0.013 to a high of $0.035. The upward momentum has stalled below the high of $0.035.

PENGU is in a modest retracement, trading above the support of $0.028 but below the high of $0.035. Once the altcoin breaks above the current resistance level, it is likely to continue its positive trajectory. A break above the current barrier will send the altcoin to a high of $0.039.

The current price: $0.03080

Market capitalization: $1,937,176,808.18

Trading volume: $1,070,526,848.69

7–day gain: 35.66% 

Algorand

Algorand (ALGO) has recovered from the low of its chart and is rising again. After breaking above the moving average lines, the altcoin reached a high of $0.34 before retreating. On the way to its recent high of $0.61, the altcoin is making progress. Sellers at higher price levels are hindering the upside momentum. The long candle wicks are signalling the presence of sellers.

ALGO is the fifth best performing altcoin. Here are some of its characteristics.

The current price: $0.2947

Market capitalization: $2,560,740,713.76

Trading volume: $250,769,672.71

7–day gain: 32.83%

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.