Weekly Cryptocurrency Market Analysis: Altcoins Risk Decline as They Challenge Overhead Resistance Levels

As altcoins enter bullish trend zones, cryptocurrencies are making a comeback. However, once the market enters the overbought zone, it is unlikely that prices will continue to rise. If the overbought region rejects cryptocurrencies, selling pressure could return.

Trust Wallet Token

The price of Trust Wallet Token (TWT) has been moving up since November 12. The climb was stopped after it reached a high of $2.74. The cryptocurrency is currently bouncing below the $2.50 resistance level. The initial resistance was broken by the cryptocurrency price after three retries. If the current resistance is overcome, TWT will rise to $3.50. The 61.8% Fibonacci retracement level was tested on November 14 during an uptrend with a retraced candlestick. The retracement predicts that TWT will rise to the 1.618 Fibonacci extension level, or $3.33. If buyers are unable to keep the price above the current resistance level, the altcoin could fall. TWT records positive momentum above the daily stochastic threshold of 70. TWT, which was the best performer this week, has the following characteristics:

Price: $2.29

Market capitalization: $2,275,807,167

Trading volume: $204,912,494 

7-day gain: 92.19%

Chiliz

Chiliz (CHZ), oscillating below the $0.28 overhead barrier, is in a sideways trend. CHZ has been trading above the moving average lines but below the overhead resistance area since August 23. The price of the cryptocurrency has tried four times to break the recent high but failed. CHZ has risen to a high of $0.27 today, but is currently rejected at the high. If it is turned down by the moving average lines, the cryptocurrency will decline and break below them. On the 14-period Relative Strength Index, the cryptocurrency is at level 60. CHZ is in an uptrend and could continue rising. It is the second best performing cryptocurrency this week. It has the following characteristics:

Price: $0.2665

Market capitalization: $2,410,956,163

Trading volume: $929,903,666 

7-day gain: 18.05% 

Toincoin

Toincoin (TON) is in a sideways trend facing the overriding resistance at $2.00. Buyers have struggled to break above this resistance since September 7. The price of the cryptocurrency frequently fluctuates between $1.20 and $2.00. If the price recovers and breaks through the $2.00 level, the uptrend will resume. It is above the stochastic level of 80 on the daily chart. TON has entered the overbought zone of the market. This week it is the third best performing cryptocurrency. It has the following characteristics:   

Price: $1.79

Market capitalization: $8,943,125,490

Trading volume: $9,528,742 

7-day gain: 16.32%  

GMX

The price of GMX (GMX) is trading above the 21-day line SMA and is in the uptrend zone. The altcoin was capped between the moving average lines during the last price action. On the upside, GMX will test or surpass resistance at $45 if buyers maintain bullish momentum above the moving average lines. However, GMX has faced resistance four times in the past price action. The altcoin is at level 51 in period 14 of the Relative Strength Index, indicating that supply and demand forces are in balance. The following are the characteristics of GMX, the cryptocurrency with the fourth best performance this week: 

Price: $40.61

Market capitalization: $351,470,839

Trading volume: $8,743,815 

7-day gain: 11.02%

UNUS SED LEO

UNUS SED LEO (LEO) is in a downtrend, but is correcting upwards. The price of the cryptocurrency has surpassed the moving average lines. Buyers have not managed to exceed the high of $5.00 since September 23. LEO was rejected on November 4 at the high of $4.78 and deviated below the moving average lines. The price of the cryptocurrency reached a high of $4.29 today. The altcoin is currently above the 80 level of the daily stochastic. The overbought zone of the cryptocurrency market has been reached. At the current high, it could face rejection. The fifth best cryptocurrency by performance is LEO. It has the following characteristics:

Price: $4.27

Market capitalization: $4,117,991,742

Trading volume: $1,660,419 

7-day gain: 7.49%

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. Readers should do their research before investing in funds.