Weekly Cryptocurrency Market Analysis: Altcoins Drift Sideways As Demand Weakens At Higher Prices

The best-performing cryptocurrencies are in a sideways trend as cryptocurrencies exhaust their bull rally. While altcoins hit new highs, buyers have been unable to sustain their upward momentum.

cat in a dog's world

cat in a dog's world (MEW) has been moving sideways since the rally on April 2. Previously, the cryptocurrency was in a vertical trend, rising to a high of $0.010 before quickly retreating. On April 2, the uptrend paused below the upper resistance of $0.008. Over the past three months, MEW has moved in a range of $0.003 to $0.008.

Today, the altcoin is bearish after retesting the resistance at $0.008. Should the bulls overcome the barrier at $0.008, the altcoin will regain its previous high of $0.10. 

MEW is the best performing altcoin. It has the following characteristics:

Current price: $0.007198

Market capitalization: $639,524,638

Trading volume: $252,950,070

7-day gain: 135.34%

dogwifhat

The price of dogfight (WIF) is increasing while moving sideways. Since March 14, rising moves have been stifled by overhead resistance at $3.00. WIF's price range is between $1.60 and $3.00. Every time buyers hold the price above the resistance, the altcoin falls below the resistance zone. Today, the altcoin has fallen to a low of $2.56 after being rejected at its last high. The rangebound movement will continue if the altcoin falls back above the moving average lines. 

WIF is the second highest performing cryptocurrency. It has the following characteristics:

Current price: $2.53

Market capitalization: $2,525,656,279

Trading volume: $387,290,461

7-day gain: 53.54%

Helium

The price of Helium (HNT) is in an uptrend after rising above the moving average lines. The cryptocurrency has recovered from its previous downturn. Since June 17, the altcoin has been trading above the support level of $3.00 at the bottom of the chart. On July 15, the altcoin rebounded and broke above the moving average lines to reach a high of $5.15. The current rally is expected to reach the previous high of $6.00, but selling pressure will occur at the recent high. The uptrend will continue as long as the price remains above the moving average line. 

HNT is the third best performing cryptocurrency according to these parameters.

Current price: $5.15

Market capitalization: $828,145,470

Trading volume: $15,904,042

7–day gain: 43.23%

Core

The Core (CORE) price has risen above its moving average lines. The altcoin is recovering from its previous decline. The bullish momentum surpassed the moving average lines and reached a high of $1.66. The altcoin is declining as buyers failed to sustain the upside momentum above the $1.60 high. The uptrend will continue if the retracement remains above the moving average lines. The current trend will end if the price falls below the 50-day SMA. CORE will rise to a high of $2.55 if the resistance level of $1.60 is broken. 

CORE is the fourth best performing cryptocurrency. Here are a few of its characteristics. 

The current price is $1.55.

Market capitalization: $3,255,715,246

Trading volume: $90,044,300

7–day gain: 36.68%

Arweave

The price of Arweave (AR) is currently in an upward correction and is trending sideways. The inability of buyers to sustain the price above the $48 overhead resistance level has stalled the uptrend. The price of the cryptocurrency is above the moving average lines but is rejected at the $34 high. The price of the cryptocurrency is moving above its moving average lines. The uptrend will continue if the price remains above the moving average lines. The price of the altcoin moved between $22 and $48. 

The cryptocurrency with the fifth best performance is AR. It has the following characteristics:

Current price: $30.91

Market capitalization: $2,040,425,302

Trading volume: $48,517,887

7–day gain: 27.02%

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.