Weekly Analysis Of The Cryptocurrency Market: Altcoins Rise After Cryptos Enter The Positive Trend Zone

The best performing cryptocurrencies are either above or below the moving average lines. Altcoins above the moving average lines tend to return to their previous highs.

However, altcoins trading below the moving average lines have the potential for a breakout in a strong momentum market.

Pepe 

Pepe (PEPE) is in an uptrend but has been repelled at the $0.00001700 resistance level. The altcoin fell below the moving average lines and reached the low of $0.000005856044. The bulls bought the dip as the altcoin recovered above the moving average lines. The altcoin corrected higher and reached the high of $0.000011544173. 

Today, the bullish momentum has stalled below the high of $0.00001200. Should the bulls break through the initial barrier, PEPE will rally to the upper resistance at $0.00001700. The altcoin will rise above the moving average lines. PEPE is the best performing cryptocurrency.

The current price:  $0.00001132

Market capitalization: $4.75B

Trading volume:  $1.27B

7-day gain: 42.88%

Shiba Inu

The price of Shiba Inu (SHIB) has recovered from its slump and has risen above the moving average lines. During the initial rally, the altcoin reached a high of $0.00004500 before being pushed back, as reported by Coinidol.com. SHIB dipped below the moving average lines before recovering. The bulls have broken through the moving average lines and reached a high of $0.00002169. If the uptrend continues, the market will return to its previous high of $0.00004500. The altcoin is trading in the uptrend zone as buyers push it above the overhead resistance at $0.00006000. 

SHIB is the cryptocurrency with the second-highest performance. It has the following characteristics:

The current price: $0.00001989

Market capitalization: $11.73B

Trading volume: $836.63M

7-day gain: 10.45%

dogfight

Dogwifhat (WIF) is currently in a downtrend, but after the decline was halted, it started to move in a range. The altcoin is in a rangebound movement, above the $1.40 support but below the $3.00 resistance. The altcoin is rising, reaching a high of $2.46. If the bulls break through the $3.00 resistance, the market will reach its previous high at $4.85. If the bulls break through the resistance at $5.00, it would mean the continuation of the positive trend. In the meantime, the cryptocurrency remains trapped within its trading range. 

WIF is the third best performing cryptocurrency based on these metrics.

The current price: $2.28

Market Capitalization: $2,281,510,706

Trading Volume: $380,831,066

7–day Gain: 37.9%

Bonk 

Bonk (BONK) has traded sideways since December 11, 2023. The altcoin has been trading between the support of $0.00001000 and the resistance of $0.00003500. Neither the bulls nor the bears have broken the boundaries of the trading range. BONK is rising, reaching a high of $0.0000235. The altcoin is reaching the initial resistance of $0.00003000. The cryptocurrency will resume its trend if buyers keep the price above the resistance levels of $0.00003000 and $0.00003500.

The current price: $0.00002354

Market Capitalization: $2.19B

Trading Volume:  $263.23M

7–day Gain: 35.46%

Wormhole 

Wormhole (W) is in a downtrend and has reached the bottom of the chart. The altcoin reached a low of $0.17 on August 5 and is now correcting upwards. The price of the cryptocurrency has risen above the moving average lines. The upward correction is hitting an initial resistance near the high of $0.35. If the bulls break through the resistance at $0.35, the altcoin will rise to the next resistance level at $0.75. If the altcoin fails to break through the $0.35 level, it will remain in the price range of $0.18 to $0.35.

The current price: $0.30

Market Capitalization: $3,000,080,335

Trading Volume: $51,027,498

7–day gain: 31.83%

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.