Weekly cryptocurrency market analysis from Coinidol.com. XRP, Stellar, Synthetix, BitDAO and Solana in the top 5 gainers of the week.
This week several cryptocurrencies broke above moving average lines and overhead resistance levels. Altcoins are gaining upward momentum again.
However, the uptrend is limited by the overbought condition of crypto assets. Let us take a closer look at some of these cryptocurrencies on Coinidol.com.
The price of Ripple (XRP) has been rising since its recent surge on July 13. The upward momentum peaked at $0.94. When the market reached its last high, the positive momentum was caught. The cryptocurrency has declined and is now trading between $0.70 and $0.80.
Over the past five days, XRP has been trading within a narrow range. XRP is currently rising to retest recent highs. If the price breaks the initial resistance at $0.80, the uptrend will resume. The market will rise to a high of $1.42. XRP will decline and find support above the breakout level of $0.55 if the bears break below the existing support.
For the period 14, XRP is at a Relative Strength Index level of 71. XRP has reached the overbought zone of the market. Further price gains are unlikely.
The best performing cryptocurrency is XRP, which has the following characteristics:
Current price: $0.7834
Market Capitalization: $78.306.277.295
Trading volume: $2,758,495,187
7-day gain: 61.41%
Stellar (XLM) is in an uptrend after rising above the $0.095 support level. The bullish momentum broke above resistance at $0.11 and rose to a high of $0.1995, but the cryptocurrency asset has retraced to a low of $0.016 before falling to a low of $0.12.
Over the past five days, XLM has fluctuated between $0.12 and $0.16. At the time of writing, XLM is trading at $0.135.
If buyers break the initial barrier at $0.16, the uptrend will resume and retest the previous high of $0.19. If resistance at $0.19 is broken, XLM's upside momentum will reach a high at $0.36. XLM is poised for further gains as the Relative Strength Index for the 14 period stands at 63. The second most valuable cryptocurrency is XLM.
Some of its characteristics are as follows:
Current price: $0.1359
Market capitalization: $6,752,573,229
Trading volume: $196,539,309
7-day gain: 30.22%
Synthetix (SNX) falls, but corrects upward. On July 13, SNX recaptured the $2.00 support level and broke above the moving average lines. Bullish momentum reached a high of $3.29 before reversing.
At the time of writing, SNX is trading at $2.78. After falling back to a low of $2.53, the altcoin is resuming its uptrend. A retraced candlestick tested the 50% Fibonacci retracement level of the July 14 rally. The retracement means SNX will rise to the Fibonacci extension level of $2.0 or $4.61. SNX can rise even further as the Relative Strength Index for the 14 period is currently at 64.
It is the third best performing cryptocurrency and has the following characteristics:
The current price: of $2.77
Market capitalization: $853,004,988
Trading volume: $74,925,512
7-day gain: 28.37%
The price of BitDAO (BIT) resumed its uptrend after rising above the moving average line. The price of the cryptocurrency is forming a series of higher highs and higher lows. The bullish momentum is again testing the $0.55 resistance level to overcome it. At the time of writing, the altcoin is trading at $0.54.
The price suggests that the cryptocurrency will continue to rise. A retraced candlestick tested the 38.2% Fibonacci retracement level of the July 4 upswing. The retracement suggests that BIT will rise to the 2.618 Fibonacci extension level, or $0.81. The cryptocurrency value rises above the 80 level of the daily stochastic. The altcoin reaches the overbought area of the market.
It is the fourth best performing cryptocurrency and has the following characteristics:
Current Price: $0.5426
Market Capitalization: $5,434,373,548
Trading Volume: $304,834
7-Day Gain: 18.13%
Solana (SOL) is in an uptrend but is unable to sustain upward momentum above $26. Earlier, the price of the cryptocurrency broke through a barrier and climbed to a high of $32.50. The altcoin fell back below the level of resistance.
On the upside, the high of $28 represents a resistance to the upward movement. If the current resistance level is broken, the market will rise above its previous high of $32.50.
On the downside, the altcoin will be forced to move sideways as it failed to break the $28 high. The bearish momentum has slowed down below the daily Stochastic level of 80. The cryptocurrency resumed its positive momentum and reached a high of $26.36.
Solana is the fifth best performing cryptocurrency and has the following characteristics:
Current Price: $26.29
Market capitalization: $14.530.877.580
Trading volume: $706,525,538
7-day gain: 15.59%
Disclaimer. This analysis and forecast is the personal opinions of the author and does not constitute a recommendation to buy or sell cryptocurrencies and should not be considered an endorsement by CoinIdol.com. Readers should do their own research before investing in funds.