Weekly Cryptocurrency Market Analysis: Altcoins Recover At The Bottom Of The Chart

Cryptocurrency values are rising from the bottom of the charts. CAKE and KAVA have overtaken the moving average lines.

Cryptocurrencies have a better chance of recovering when they are above the moving average lines. BONK, TON and HYPE are still in the downtrend zone. The latter are at risk of further deterioration. Let's take a closer look at some of these cryptocurrencies.

PancakeSwap

The price of PancakeSwap (CAKE), which was trending sideways, has corrected upwards. The altcoin was forced to make a sideways move below the $2.80 high after being rejected at the $4.58 overhead barrier. The altcoin is trading below the resistance at $2.80 but above the support at $1.40. The price of the cryptocurrency has been alternately trading above and below the moving average lines. The resistance at $2.80 has hindered the positive trend.

The strong selling pressure at the high of $2.80 is evident from the long candle wicks at the recent high. CAKE is the best performing coin. It has the following characteristics: 

The current price: $2.63

Market capitalization: $795,616,993.54

Trading volume: $419,802,571.54

7-day gain: 52.67% 

Toncoin

The price of Toncoin (TON) rallied after breaking above the moving average lines. The upward movement was stopped by the resistance level of $4.00. TON found support above the moving average lines after being rejected. The uptrend will start if the 50-day SMA support holds.

At the moment, the price of the cryptocurrency is bouncing above and below the $4.00 resistance level and the moving average lines. TON is the second best performing coin.

The current price: $3.60

Market Capitalization: $8,949,292,401.71

Trading Volume:  $132,240,471.39

7–day Gain: 22.81%

Kava

The price of Kava (KAVA) has broken above the moving average lines and is currently correcting upwards. When the downtrend reached the low of $0.30, it was halted. The uptrend was rejected when the high of $0.74 was reached. In anticipation of a further rise in the price of the cryptocurrency, the price is above the moving average line.

The strong selling pressure at the recent high is indicated by the long candlestick wicks above $1.10. KAVA is the third best performing coin. It has the following characteristics:

The current price: $0.5459

Market capitalization: $591,218,922.2

Trading volume:  $24,479,817.61

7-day gain: 19.22%

Bonk

The price of Bonk (BONK), which fell to the bottom of the chart, is now rising again. After falling to $0.00000995, the altcoin recovered. As it approaches the moving average lines, the cryptocurrency is gradually rising. If the buyers keep the price above the moving average lines, the cryptocurrency will regain its positive momentum. It is trading below the moving average lines but above the $0.00001000 support.

BONK is the fourth best performing cryptocurrency. 

The current price: $0.00001255

Market Capitalization: $977,703,168.83

Trading Volume: $149,260,987.27

7–day Gain: 21.814.60%

Hyperliquid

Hyperliquid (HYPE) has resumed its uptrend after falling to $12. The altcoin peaked at $35 and then started to fall again. The first hurdle for the uptrend will be $20. However, the altcoin will reach a high of $27 if the first barrier is breached. The altcoin is now trading at the bottom of the chart. These are some of its characteristics. 

The current price: $15.85

Market Capitalization: $5,292,995,020.09

Trading Volume: $112,180,943.87

7–day Gain: 14,05%

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.