Weekly Cryptocurrency Market Analysis: Altcoins Gain Momentum And Approach Next Resistance Levels

This week cryptocurrencies and tokens are gaining popularity.

The uptrend was attributed to Bitcoin, which rallied and tested the overriding resistance of $25,000. Similar to how cryptocurrencies are performing, they are exploring the limits of overhead resistance. We will discuss some of these alternative coins below.

Stacks

The price of Stacks (STX) will begin to rise when it crosses the 21-day line SMA. At the time of writing, the altcoin is selling for $1.09. To reach the recent high, the price of the cryptocurrency exceeded the previous ceiling of $0.90. The positive momentum will carry the market, which is firmly on the move, to the high at $1.20. However, further rise is unlikely as the altcoin is trading in the overbought region of the market. On the other hand, if buyers are unable to maintain the uptrend, STX will fall. In the last price action, STX hit a low of $0.54, and the bulls bought the dip. The market is currently overbought where STX is trading. It is above the 80 level of the daily stochastic. It seems that sellers are pushing prices down in the overbought zone. The cryptocurrency that is performing the best is STX. It has the following characteristics: 

Current price: $1.02

Market capitalization: $1,864,084,310

Trading volume: $760,124,706 

7-day gain/loss: 61.42% 

Conflux

Conflux (CFX) rose to a high of $0.35 today before falling to a low of $0.31. The price rally showed an upward movement above the moving average lines. On March 15, the cryptocurrency’s price reached its previous price level on February 21; however, the uptrend has stopped since then. The altcoin is currently trading in an overbought zone while retesting resistance at $0.35. The cryptocurrency was beaten back on February 21 when the market entered an overbought zone. The bottom line is that CFX will fall if buyers fail to keep the price above the overriding resistance. In anticipation of a likely breakout, the altcoin is currently bouncing below resistance. The cryptocurrency is moving up at level 67 on the Relative Strength Index for the 14 period, and CFX is currently overbought. It is the second best performing cryptocurrency and has the following characteristics. 

Current price: $0.3178

Market capitalization: $1,677,447,999

Trading volume: $1,495,131,496 

7-day gain/loss: 61.42%

Kava

Kava (KAVA) is in an uptrend as it breaks above the moving average lines. After a price spike today, the altcoin is now trading at $1.13. The current price level is retesting the historical price level from January 24. The overbought condition of the cryptocurrency has prevented an uptrend since January 24. On the downside, KAVA will fall back to the $1.00 support if it is rejected at the current high. The cryptocurrency is in a positive trend when the daily stochastic reading is above 70. The altcoin, which is currently the third best performing cryptocurrency, has the following characteristics:

Current price: $1.15

Market capitalization: $434,008,023

Trading volume: $66,621,019 

7-day gain/loss: 43.99%

SingularityNET

SingularityNet (AGIX) has been lurching sideways since February 7. The value of AGIX increased on February 7. The uptrend stalled after failing to break the resistance level at $0.60. Over the past two months, AGIX has been trading in a range between $0.40 and $0.60. The altcoin was rejected at the recent high and is now trading at $0.50. The cryptocurrency will resume a strong uptrend if the price breaks the resistance at $0.60. AGIX is set to rise to $1.03. It is currently in the uptrend zone and trades at level 59 on the Relative Strength Index for the period 14. The following characteristics apply to the fourth best performing altcoin:

Current price: $0.5015

Market capitalization: $1,002,394,245

Trading volume: $806,468,669 

7-day gain/loss: 33.88%

Aptos

Although Aptos (APT) stock price is currently falling, it is currently rising. At the time of writing, the altcoin is currently trading at $13. Moving average lines are currently holding APT in check. The upward correction ended when the moving average lines were crossed at the high of $14. Aptos will resume its uptrend when the price crosses either the $14 resistance level or the 50-day line SMA. The cryptocurrency’s value will peak at $18. On the other hand, the altcoin would fall to its current support level at $10 if it breaks below the 21-day line SMA APT is moving below the daily stochastic barrier of 80, which is bearish. APT following is the fifth best performance of the cryptocurrency.

Current price: $12.30

Market capitalization: $12,587,690,382

Trading volume: $963,128,191 

7-day gain/loss: 25.98%

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. Readers should do their research before investing in funds. 

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• Source: https://coinidol.com/altcoins-gain-momentum/