Weekly Cryptocurrency Market Analysis: Altcoins Recover From Slump But Await A Likely Rebound

The best-performing altcoins are recovering from their previous slump but remain in the downtrend zone. Others have exceeded their peak prices and have fallen into a sideways trend.

Notcoin

Notcoin (NOT) is in a horizontal trend that coincides with the bull market. The uptrend almost reached the high of $0.03 twice, but could not sustain it. The price of the cryptocurrency declined and began a sideways movement below the high of $0.022. The price range of the altcoin is between $0.009 and $0.022. Due to the doji candlestick candle, there was no price movement outside this range. The price of the cryptocurrency is in the middle of the range.

NOT will move when the limits of the range are exceeded. For example, the altcoin will rise above the previous high of $0.03 if it crosses the resistance level of $0.022.

The best performing altcoin is NOT. It has the following characteristics:

Current price: $0.01508

Market capitalization: $1,546,085,174

Trading Volume: $204,887,173

7-day Gain Percentage: 48.35%

Celestia

The price of Celestia (TIA) has recovered from its earlier dip and is now above the $4.14 support level. TIA was in an uptrend and reached a high of $20, but the altcoin faced a sharp rejection at the last high, which caused it to fall to a low of $4.14.

On July 5, the bulls bought on the dips as the altcoin climbed up between the moving average lines. The bullish momentum broke above the 21-day SMA and stopped at $7.50. The cryptocurrency is trading above the 21-day SMA but below the 50-day SMA. The cryptocurrency is stuck between two moving average lines. If the moving averages are broken, the altcoin will develop a trend. TIA is currently at $6.06 and is trading above the 21-day simple moving average.

TIA is the second best performing cryptocurrency. It has the following characteristics:

Current price: $6.07

Market capitalization: $6,410,375,762

Trading volume: $94,684,152

7-day gain: 35.75%

MANTRA

The price of MANTRA (OM) has recovered from its previous decline and is currently in an uptrend. The altcoin is trading sideways after reaching resistance at $1.00 on April 11. The rising momentum was halted by the resistance at $1.00. Buyers were unable to resume the uptrend due to resistance at the recent high. The price of the altcoin fluctuated between $0.65 and $1.00. Once the overhead resistance is broken, the cryptocurrency will resume its uptrend.
OM is the third best performing cryptocurrency based on these metrics.

Current price: $1.07

Market capitalization: $954,394,426

Trading volume: $25,891,981

7–day gain: 35.21%

Optimism

The price of Optimism (OP) has fallen since its rejection at $4.80. Today, the altcoin is recovering after falling to a low of $1.22. Bulls bought on dips as the altcoin rallied between the moving average lines. OP is trading above the 21-day SMA but below the 50-day SMA. The positive momentum will continue to the high of the 50-day SMA or $2.1 if the 21-day SMA holds. The altcoin will fluctuate between the moving average lines for a few more days.

OP is the fourth best performing cryptocurrency. Here are some of its characteristics.

The current price: $1.68

Market capitalization: $7,233,469,388

Trading volume: $163,547,564

7–day gain: 25.87%

Aave

The price of Aave (AAVE) has been in a sideways trend since the price drop on April 13. Since April 13, the cryptocurrency has been hovering between 80 and 100 dollars. Buyers have been working hard to keep the price above $100, but they have run into resistance. If the buyers break through the resistance at $100, the altcoin will rise to its previous high of $130.

The fifth best performing cryptocurrency is AAVE. It has the following characteristics:

Current price: $98.19

Market capitalization: $1,568,288,755

Trading volume: $89,225,087

7–day gain: 20.03%

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.