Weekly Cryptocurrency Analysis: Altcoins Continue Their Uptrend

All cryptocurrencies listed here have recovered from their previous decline and are now starting a new positive trend. Weekly analysis by Coinidol.com.

Blur, STEPN, Mina, Klaytn and ApeCoin have recovered as the bulls have broken through further resistance levels.

Blur

Blur (BLUR) has resumed its upward movement above the $0.16 support and is in an uptrend. Currently, BLUR has reached a high of $0.59. The uptrend continues and the altcoin could rise to a high of $0.80.

Meanwhile, a candlestick body of the November 11 rally tested the 50% Fibonacci retracement level. The retracement suggests that BLUR will rise to the 2.0 Fibonacci extension level or $0.79. The target price level is the historical price level of April 23. However, the historical record has never been broken to the upside. Furthermore, the continued upward movement of BLUR is speculative.

BLUR is the best performing cryptocurrency and has the following characteristics:

Current price: $0.5898

Market capitalization: $1,768,958,881

Trading volume: $479,336,240

7–day gain: 76.22%

STEPN

The price of STEPN (GMT) is rising as it resumes its uptrend. The bullish momentum has broken through the historical price levels of July 17 and June 4 respectively. At the time of writing, GMT is trading at $0.33. The altcoin is moving back above the June 4 price level. If it holds above the current support level of $0.32, the uptrend will resume.

If the altcoin retraces and stays above the $0.28 support, a range-bound rise will begin. The market price will move between $0.28 and $0.33. GMT, the second best performing cryptocurrency, has the following advantages:

Current price: $0.3468

Market capitalization: $1,862,276,402

Trading volume: $421,448,376 

7–day gain: 36.77%

Mina

Mina (MINA) is in a horizontal trend but is correcting upwards. The altcoin is trading above the moving average lines but still above the support level of $0.60. MINA was forced into a horizontal trend when the rally failed on October 24. On October 24, the altcoin rose to a high of $0.97 before falling sharply. However, further gains in the cryptocurrency are capped at $0.75. Today, the bulls broke through the $0.75 resistance level. At the time of writing, MINA was trading at $0.87.

Having recently peaked, the altcoin is now on the retreat. If the altcoin pulls back and holds above the $0.75 mark, the uptrend will resume. MINA, the coin with the third highest value, has the following characteristics:

Current price: $0.7823

Market capitalization: $859,374,848

Trading volume: $206,110,348

7–day gain: 31.04%

Klaytn

Klaytn (KLAY) is in an uptrend and has surpassed the historical price level of July 14. The altcoin rose to a high of $0.22 before falling back. The current rally is below the historical price level of May 5. Since November 23, buyers have been working feverishly to keep the positive momentum above the $0.23 resistance level. If the buyers are successful, the altcoin will rise to the next resistance level of $0.28. It is the fourth best performing coin with the following characteristics:

Current price: $0.2201

Market capitalization: $1,288,217,856

Trading volume: $41,459,850

7–day gain: 30.76%

ApeCoin

ApeCoin (APE) is trading above the moving average lines, but is trending sideways. APE has traded between $1.30 and $1.55 since October 25. On November 25, the altcoin rallied and broke through the initial barrier of $1.55. APE reached a high of $1.70 before declining. The altcoin will continue to rise if it retraces and stays above the $1.55 support level. On the upside, the cryptocurrency is likely to rise further. If the resistance levels of $2.00 and $2.20 are broken, APE will rise to a high of $3.50. The fifth most profitable cryptocurrency is APE. The following characteristics characterise APE:

Current price: $1.69

Market capitalization: $1,687,908,870

Trading volume: $213,448,652

7–day gain: 28.60%

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.