Weekly Cryptocurrency Market Analysis: Altcoins Retreat In Anticipation Of A Rise In Cryptocurrency Prices

Cryptocurrencies are slipping into a sideways trend after an earlier rise was halted.

When altcoins are overbought, they fall. Others retreat in anticipation of further cryptocurrency price rises. Analysis of XMR, ROSE, INJ, TRX and GNO in this analysis from Coinidol.com.

Monero

Monero (XMR) is in an uptrend, but it has recovered from its previous decline. The cryptocurrency reached a high of $180 on June 10, with the recent high serving as a respite in the upswing.

If buyers keep the price above the $180 resistance, XMR will rise to a high of $200.29. Currently, the altcoin is in a moderate pullback, fluctuating below its recent high in anticipation of a positive trend.

Should the bears fall below the 21-day SMA support, the bullish scenario would be invalidated. XMR is the best performing cryptocurrency, with the following characteristics: 

Current price: $178.02

Market capitalization: $3,283,939,075

Trading volume: $3,283,939,075

7-day gain: 10.43%

Oasis

The price of Oasis (ROSE) has almost recovered from its slump and is currently trending upwards. At the time of writing, ROSE has reached a high of $0.125. If the current resistance level is broken, the uptrend will most likely continue to a high of $0.20. The altcoin will be in a bullish market if it breaks above the $0.20 level. The altcoin's uptrend has paused and it is now trading below its recent high.

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

Current price: $0.1232

Market capitalization: $1,232,142,100

Trading volume: $81,708,814

7-day gain: 7.41%

Injective

Injective (INJ) price is currently in an uptrend due to the bull market. It is currently falling below the moving average lines after being rejected at the high of $52. The altcoin has regained its positive momentum and has risen above the moving average lines. At the time of writing, the altcoin has reached a high of $33.30. 

If the upward momentum continues, the cryptocurrency will return to its previous high of $52. The altcoin will remain in the uptrend zone as long as the price bars are above the moving average lines. It is the third highest performing cryptocurrency.

Current price: $32.29

Market capitalization: $3,229,328,498

Trading volume: $322,938,968

7–day gain: 27.28%

TRON

The price of TRON (TRX) has been in a sideways trend after the price slump on March 19. The cryptocurrency is in a sideways trend between the support at $0.110 and the resistance at $0.126. Currently, the uptrend is stuck between the moving average lines. TRON is worth $0.117 at the time of writing. The altcoin will move when the moving average lines are broken.

If the bulls break the 50-day SMA, the altcoin will rise to a high of $0.128. TRON is the fourth best performing cryptocurrency with the following characteristics:

Current price: $0.1174

Market capitalization: $10.247.945.926

Trading volume: $329,274,434

7–day gain: 1.53%

Gnosis

Gnosis (GNO) is in a sideways trend after the uptrend ended on March 11. On March 11, the altcoin rose to a high of $444 before being pushed back. The cryptocurrency value fell below the moving average lines and reached a low of $300. Currently, the price of the altcoin is hovering between $300 and $385. The current uptrend would continue if buyers keep the price above the resistance levels at $385 and $445. GNO is currently worth $334. 

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

Current price: $336.12

Market capitalization: $1,008,359,487

Trading volume: $13,320,243

7–day gain: 1.18%

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 their research before investing in funds.