Weekly Cryptocurrency Market Analysis: Altcoins See Modest Pullback After Overbought Conditions

This week, altcoins are moving towards the uptrend.

Nevertheless, cryptocurrencies have reached the overbought areas of the market. For the cryptocurrency market to recover, it needs to stay above the moving average lines to continue the rise. Next, we will go over some of these cryptocurrencies.

Mask Network

The uptrend of Mask Network (MASK) crosses the moving average lines. The $6.50 barrier has effectively stopped the positive trend. As a result, the altcoin has resumed its sideways trend. At the time of writing, MASK is currently trading at $5.86. The altcoin will reach a high of $10 if the current resistance level is broken. Two tests of the resistance level resulted in a bearish double top. MASK is currently trading between $5.00 and $6.50. Selling pressure will increase once again if the price breaks the $5.00 support level. The altcoin could drop as low as $2.65. MASK is trading in the overbought zone of the market. The daily stochastic is currently below the level of 80. MASK is the best performing cryptocurrency. It has the following characteristics:

Current price: $5.89

Market capitalization: $589,188,281

Trading volume: $291,646,813 

7-day gain/loss: 48.90%

XRP

The price of Ripple (XRP) is in an uptrend but sporadically crosses the moving average lines. On March 2, XRP crossed the moving average lines before recovering and reaching a high of $0.49. The recovery reached an overbought level in the market, which led to a decline. The altcoin is currently trading at $0.43 after declining. The uptrend was stopped by the high of $0.48. Currently, the altcoin’s price fluctuates between $0.40 and $0.48. Ripple will reach a high of $0.62 if the resistance of $0.48 is broken. However, if XRP declines and falls below the $0.40 support, the current rally might end. The price of the cryptocurrency will reach a low of $0.37. XRP is in an uptrend at level 59 of the Relative Strength Index for period 14. The second best cryptocurrency has the characteristics listed below. 

Current price: $0.4261

Market capitalization: $42.566.878.473

Trading volume: $1,303,683,832 

7-day gain/loss: 18.50%

XDC Network

Although XDC Network (XDC) is currently in an uptrend, there has been a slight retracement of the price above the moving average lines. The current setback is expected to reach its low of $0.035 before the uptrend resumes. The market is in the overbought zone, which is why the value of the cryptocurrency is falling. The price signal has indicated that there is a possibility that the cryptocurrency will rise much further. During the March 21 upswing, a retraced candlestick tested the 61.8% Fibonacci retracement line. XDC will rise to the 1.618 level of the Fibonacci extension or $0.053 through the retracement. The value of the Relative Strength Index of period 14 for XDC is 70. The cryptocurrency remains overbought despite the correction. This proves the following characteristics of the altcoin, which is currently the third best performing cryptocurrency:

Current price: $0.03813 

Market capitalization: $1,437,753,143 

Trading volume: $4,889,559 

7-day gain/loss: 18.43%

Dash

Dash (DASH) has seen a price increase after a decline. The cryptocurrency’s price crossed the moving average lines but remained above the 50-day line SMA. DASH is trading at $61.66 at the time of writing. The upward momentum was stopped by the overbought area of the market. The current upward momentum should continue if the price crosses the $65 level or the 50-day line SMA. According to the price indication, DASH will rise to $83.89 or the 2.618 Fibonacci extension. The upside is questionable as the cryptocurrency is trapped between the moving average lines. DASH could also decline as it is currently trading in an overbought area. It exceeds the stochastic level of 80 on a daily basis. The value of the altcoin will go down in the near future. The fourth best cryptocurrency is DASH. It has the following characteristics.

Current price: $61.46

Market capitalization: $1,161,516,794

Trading volume: $129,682,350 

7-day gain/loss: 17.8%

Conflux

Conflux (CFX) is getting more and more expensive. The cryptocurrency’s price is showing a series of higher highs and higher lows. The altcoin is currently rising again and is trading at $0.34. During the March 19 upward movement, a retraced candlestick tested the 61.8% Fibonacci retracement line. After the retracement, CFX rises to the level 1.618 of the Fibonacci extension or $0.68. CFX is in the positive trend zone at level 56 of the Relative Strength Index for the period 14. Thanks to these features, CFX is the fifth best cryptocurrency. 

Current price: $0.3423

Market capitalization: $1,806,812,057

Trading volume: $385,582,529 

7-day gain/loss: 17.45%

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 own research before investing in funds.

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