Weekly Cryptocurrency Market Analysis: Altcoins Attract Buying Pressure as Bulls Buy the Dips

The best performing altcoins are all in bullish momentum as they recover from oversold regions. As bulls buy the dips, the altcoins are attracting buying pressure on the downside of the charts. The uptrend will continue as the altcoins break through their respective current resistance levels.

Render Token 

Render Token (RNDR) has recovered from an earlier downtrend when the altcoin peaked at $3.19. In the previous downtrend, the cryptocurrency fell from a high of $6.00 to a low of $1.83. Today, the cryptocurrency resumed a new uptrend after rejecting the first uptrend at a high of $3.75. If buyers break the recent high, the market will go up to $6. 

Meanwhile, the January 30 uptrend tested the 38.2% Fibonacci retracement level with a retreating candlestick. The retracement suggests that Render Token will rise to the 2.618 Fibonacci Extension level or $5.90. Render Token is the best performing altcoin in the past week. The cryptocurrency has the following characteristics:

Price: $3.28
Market capitalization: $1,762,036,186
Trading volume: $76,096,914 
7-day gain: 53.08% 

Theta Fuel 

Theta Fuel (TFUEL) has been in a sideways trend before the recent downtrend. The cryptocurrency asset was rejected at the $0.40 resistance and resumed the downtrend. From the high at $0.40, the altcoin reached the low of $0.11 and recovered. The current uptrend is stuck below the high at $0.20. However, if buyers break the recent high, the market will rise to the high at $0.26. 

Meanwhile, the uptrend from January 26 has tested the 50% Fibonacci retracement level with a retreating candlestick. The retracement suggests that TFUEL will rise to the 2.0 Fibonacci extension level or $0.26.Theta Fuel is the second best performing altcoin in the past week. The altcoin has the following characteristics:

Price: $0.177
Market capitalization: $935,821,235
Trading volume: $47,785,004 
7-day gain: 46.74% 

Flow 

Flow (FLOW) is just recovering from a previous downtrend. In the previous downtrend, the altcoin fell after retesting the overriding resistance of $28. The cryptocurrency asset fell to a low of $4.50 and then resumed its upward movement. The uptrend reached an overbought region at $7.29 but retraced to support at $6.20. 

Flow is consolidating above the 78.6% Fibonacci retracement level for a possible upside move. At press time, the altcoin is trading at $6.70. Flow is the third best performing altcoin in the past week. It has the following characteristics:

Price: $6.69

Market capitalization: $9,216,668,859
Trading volume: $409,710,755 
7-day gain: 44.63% 

The Sandbox 

The Sand (SAND) is in a sideways trend. Since November 24, 2021, the bulls have failed to keep the price above the upper resistance level of $7.50. As a result, the altcoin fell to the low of $2.50 and resumed an uptrend. In the uptrend, the altcoin will retest the overhead resistance when the price breaks above the moving averages. 

Today, The Sand is trading at $3.89 at the time of writing. It is the cryptocurrency asset with the fourth best performance in the past week. It has the following characteristics:

Price: $3.89
Market capitalization: $11,676,273,507
Trading volume: $1,208,920,761 
7-day gain: 41.92% 

Decentraland 

Decentraland (MANA) is in a sideways trend. After rejecting the overhead resistance at $5.00, the price of the crypto failed to break above the moving averages. If the bulls break out above the moving averages and the overhead resistance, the altcoin will see an accelerated move to the high of $11. 

Meanwhile, the December 30 uptrend has tested the 38.2% Fibonacci retracement level with a retreating candlestick. The retracement suggests that MANA will rise to the 2.618 Fibonacci Extension level or $11.82. It is the cryptocurrency with the fifth best performance last week. It has the following characteristics:

Price: $2.54

Market capitalization: $5,660,646,690
Trading volume: $916,353,894 
7-day gain: 38.20%

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 funds.

Source: https://coinidol.com/altcoins-attract-buying-pressure/