Weekly Cryptocurrency Market Analysis: Altcoins Maintain Uptrend While Cryptos Overcome Selling Pressure

Altcoins have resumed their uptrend against previously downtrending cryptocurrencies. Other cryptocurrency assets have maintained their uptrend by staying above the moving average lines.

Dogecoin 

Dogecoin (DOGE) is now in an uptrend but has pulled back above the 21-day SMA. DOGE reached a high of $0.1797 on October 29. The bulls have not been able to sustain their bullish momentum above the $0.18 high. The altcoin has been in a downtrend for the past three days after rejecting the recent high. The decline has continued above the 21-day SMA. Bottom line, DOGE's uptrend will resume if the 21-day SMA holds. The altcoin will hit another high of $0.18. Selling pressure will resume if the price falls below the 21-day SMA. DOGE will break above the 50-day SMA or the $0.12 support. DOGE is the best performing cryptocurrency.

The current price:  $0.1519

Market capitalization:  $22,266,928,888.19

Trading volume:  $1,561,788,416.17

7-day gain: 9.56%

MANTRA 

MANTRA (OM) is also in an uptrend but was rejected twice at its high of $1.40 as buyers failed to continue the uptrend. OM has pulled back between the moving average lines and stuck to them. The altcoin will be restricted for a few days. Once the price falls below the 50-day SMA support, the selling pressure will return. Similarly, if the price stays above the 21-day SMA, the uptrend will kick in. The altcoin will test its previous highs of $1.40 and $1.60.

The current price: $1.36

Market capitalization:  $1,163,865,775.98

Trading volume:  $27,370,517.89

7-day gain: 6.61%

Maker 

Maker (MKR) is on a downtrend. MKR is crashing and approaching the bottom of the chart. The altcoin was in an upward correction after breaking above the 21-day SMA. The price action was resisted at the high of $1,300, indicating selling pressure. The MKR price is falling as it approaches the current support of $1,000. If the current support is broken, the altcoin will fall much further to $835.

Maker is the third highest-performing cryptocurrency. It includes the following features:

The current price: is $1,179.04

Market Capitalization: $1,026,781,536.99

Trading Volume: $115,316,610.97

7–day Gain: 5.93%

THORChain 

THORChain (RUNE) corrects upwards from the bottom of the chart. On the upside, the price rise was halted twice at the $5.50 mark. RUNE has returned above the moving average lines. On the downside, RUNE will return to the bottom of the chart if the bears violate the moving averages. The uptrend will resume once the price stays above the moving average lines. In the meantime, the altcoin is holding around the 21-day SMA support. RUNE is the fourth best performing cryptocurrency.

The current price: $5.34

Market Capitalization:$1,804,306,052.71

Trading Volume: $107,669,990.45

7–day Gain: 5.56%

Raydium 

The price of Raydium (RAY) has recovered from a downtrend at the bottom of the chart. RAY rose to a high of $3.64, but then fell again. The cryptocurrency was denied twice at the $3.60 mark. Today, the altcoin continues to trade below its recent high. RAY is trading above the 21-day SMA support but below the $3.60 resistance level. RAY is the fifth best-performing cryptocurrency. Here are some of its characteristics.

The current price: $3.48

Market Capitalization: $917,781,147.28

Trading Volume:  $92,969,860.41

7–day Gain: 4.90%

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.