Weekly Cryptocurrency Analysis: Altcoins Face Further Rallies As An Extension Of The Uptrend

Over the past week, cryptocurrencies have continued to soar as they have broken through all resistance levels. Altcoin price analysis by Coinidol.com.

Altcoins are expected to continue rising as Bitcoin attempts to break above the $45,000 resistance level.

Sei

The price of Sei (SEI) is rising as it recovers above the moving average lines. The cryptocurrency was previously trading above the moving average lines before falling below them. Today, it resumed its bullish momentum by crossing above the 21-day simple moving average. The altcoin reached a high of $0.41 before stalling. SEI is currently trading below the $0.40 mark. The altcoin is fluctuating ahead of an uptrend. If investors keep the price above the $0.40 resistance, SEI will revisit its previous high of $1.00. 

At the time of writing, SEI/USD is valued at $0.36. SEI is the best performing cryptocurrency and has the following characteristics:

Market capitalization: $3,643,617,322

Trading volume: $838,033,561

7–day gain: 51.26%

Optimism

Optimism (OP) is rising as it recovers from the previous dip and subsequent sideways pattern. The altcoin is approaching its recent high price of $4.14. On December 22, OP rose to a high of $3.54 before hitting resistance. The altcoin has been trading below the high of $3.60 for the past 48 hours. If the altcoin breaks above the $3.60 level, it will resume its uptrend. The market will rise above its recent high of $4.14. OP, the second best performing cryptocurrency, has the following advantages:

Market capitalization:  $14.841.117.516

Trading volume: $729,487,345 

7–day gain: 48.73%

NEAR Protocol

NEAR Protocol (NEAR) is on an upswing after recovering from a previous downturn. The price of the cryptocurrency is creating a series of higher highs and higher lows. At the time of writing, the market had reached a high of $4.00. The price indicated that the cryptocurrency would continue to rise. NEAR made an upward correction during the rally on December 22, and a candlestick body tested the 61.8% Fibonacci retracement line. The correction suggests that NEAR will rise to the Fibonacci extension of $1.618 or $4.92. 

The third most valuable coin, NEAR, has the following characteristics:

Market capitalization: $3,940,772,033

Trading volume: $538,737,452 

7–day gain: 43.70%

Stacks

The price of Stacks (STX) is recovering from its previous downturn and the current sideways trend. STX had risen to a high of $1.63 before falling again. The altcoin is rising towards its previous high of $2.49. The uptrend has come to an end at the resistance level of $2.60. Since December 20, the altcoin has been oscillating below the current high, indicating the beginning of a positive trend. If buyers keep the price above the recent high, the market will return to its high of $2.49. 

At the time of writing, STX is trading at $1.49. It is the fourth best performing coin with the following characteristics:

Market capitalization: $2,674,949,324

Trading volume: $282,507,171

7–day gain: 64.64%

Oasis Network

Following its recovery from the downturn, the price of Oasis Network (ROSE) has resumed a sideways movement. The altcoin has risen to a high of $0.125 before falling again. The most recent high is the historical price level of August 9, 2022. Since December 22, the cryptocurrency has remained below its most recent high. ROSE will rise to its all-time high price of $0.238 if it breaks above the resistance at $0.13. 

At the time of writing, the altcoin has declined and is trading at $0.114. ROSE is the fifth most lucrative cryptocurrency. ROSE is defined by the following criteria:

Market capitalization: $1,148,204,802

Trading volume: $62,614,815

7–day gain: 31.20%

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 the research before investing in funds.