Weekly Cryptocurrency Analysis: Altcoins Recover And Consolidate

Below are some of the cryptocurrencies that are currently in their respective bull markets. The best-performing altcoins are making gains, but they face significant resistance at a recent high.

Cryptocurrencies will retrace above the moving average, indicating further upside. Others are falling within the moving average lines, allowing for further volatility in cryptocurrencies.

Bonk

The price of Bonk (BONK) is in a sideways trend. Since December 14, 2023, the cryptocurrency value has risen from a low to a high price and vice versa. In other words, the price of the altcoin has been hovering between $0.00001000 and $0.00003500. Today, the rising trend is reversing after hitting resistance at $0.00002700.

Should the bears drop below the 50-day SMA, selling pressure will approach the previous low of $0.00001500 or $0.00001300. Meanwhile, the value of BONK stands at $0.00002371. It has the following characteristics and is the best performing coin.

Current price: $0.00002379

Market capitalization: $2.23B

Trading volume: $421.31M

7–day gain: 60.39%

Pepe

The price of Pepe (PEPE) has recovered from its previous decline and is now in a bull market. The altcoin rallied to the $0.00001100 resistance zone but was pushed back. Buyers were unable to sustain the positive momentum above the current high as the altcoin fell back to the low of $0.000005819 and entered a sideways trend. PEPE is now trading in the price range of $0.000004500 to $0.000009000.

If the range is broken, the cryptocurrency will develop a trend. The price action is currently dominated by doji candlesticks. The cryptocurrency is currently valued at $0.000007054. PEPE has the following characteristics and is the second best performing altcoin.

Current price: $0.000007057

Market capitalization: $2.97B

Trading volume: $763.16M

7–day gain: 56.88%

Hedera

The price of Hedera (HBAR) has recovered from its previous downturn. HBAR price is moving in a series of higher highs and higher lows. The upward movement is resisted at the high of $0.1821. The price of the cryptocurrency has fallen above the moving average lines. The uptrend will resume if the altcoin stays above the moving average lines.

However, the downtrend will resume if the moving average lines are broken. HBAR will continue to fall and reach a low of $0.080. It is currently trading at $0.107. The third most valued coin, HBAR, has the following characteristics:

Current price: $0.1085

Market capitalization: $5,427,010,352

Trading volume: $236,550,154

7–day gain: 32.95%

NEAR Protocol

NEAR Protocol (NEAR) has recovered from the bear market and resumed its uptrend. The upswing was short-lived as it encountered resistance at $9.00. The price of the cryptocurrency broke below the moving average lines and retested the breakout level of $5.28. The breakout level was held. The breakout level was held as the cryptocurrency began its upward move.

On April 13, 2024, the long candlestick tail indicates significant buying pressure at the $5.28 support level. The uptrend will continue if the price of the cryptocurrency remains above the moving average lines. The altcoin is currently worth $6.92. NEAR is the fourth best performing cryptocurrency. It has the following characteristics:

Current price: $6.92

Market capitalization: $8,213,697,986

Trading volume: $8,231,991,553

7–day gain: 27.12%

FLOKI

The price of FLOKI (FLOKI) is in a bull market with an upward trend. The cryptocurrency has risen to a high of $0.313. After two rejections of the recent high, FLOKI fell and continued its sideways trend. The price of the cryptocurrency is hovering between $0.00014 and $0.00030. 

The altcoin has retreated between the moving average lines and may still fluctuate until they are broken. For example, the altcoin has retraced above the 21-day SMA and will fall if this support level is breached. FLOKI, the fifth best performing cryptocurrency, offers the following advantages:

Current price: $0.0001726

Market capitalization: $1.68B

Trading volume: $175.96M

7–day gain: 22.91%

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.