Weekly Cryptocurrency Market Analysis: Altcoins Continue Their Bullish Rise As They Maintain Current Support Levels

Altcoins are likely to return to their previous highs.

The cryptocurrencies listed below are trading in the bullish trend zone. We will take a look at a few of these virtual currencies.

Manta Network

Manta Network (MANTA) is in an uptrend. The bullish momentum is on the rise. Buyers are driving the altcoin to retest its previous high of $6.29. Today, the altcoin is rising, reaching a high of $3.52 at the time of writing. Doji candlesticks are now limiting the price movement. However, the altcoin will face further rejection as it approaches its previous high of $6.29. The best performing cryptocurrency, MANTA, has the following advantages: 

Current price: $3.52

Market capitalization: $3,514,942,318

Trading volume: $421,066,064 

7–day gain: 34.08%

Sui

The price of Sui (SUI) has returned as an uptrend begins. The price of the cryptocurrency surpassed the previous high of $1.10 and retested it before rising further. Today, the bullish momentum reached a high of $1.50 for the second time before retracing. The altcoin has been stuck at the $1.50 resistance level since January 15. SUI is currently reaching the overbought zone of the market. The market will reach a high of $2.54 if the resistance level is broken. It has the following characteristics and is the second best performing cryptocurrency.

Current price: $1.41

Market capitalization: $14.067.746.772

Trading volume: $471,323,963

7–day gain: 33.55%

Conflux

Conflux (CFX) is in an uptrend and is approaching its previous high of $0.48. The current rise had previously stalled at $0.22 on December 4. Today, the resistance level was broken and the altcoin rose to a high of $0.24. CFX is likely to encounter resistance at $0.26 and $0.32 if the market continues to rise. CFX is likely to hit resistance between $0.26 and $0.32 if the market continues to rise. It has the following characteristics and is the third best performing coin.

Current price: $0.2427

Market capitalization: $1,198,821,784

Trading volume: $121,686,157

7–day gain: 30.03

Helium

The price of helium (HNT) is rising but remains stuck at the 10 dollar mark. On December 19, 2023, the altcoin rose to a high of $9.63 before being pushed back. Nonetheless, HNT is trading sideways below the $10 barrier. Every time the resistance level is retried, the cryptocurrency falls below the moving average lines. Today, the altcoin is rallying to retest the resistance level. If the current resistance is broken, the altcoin will rise much higher to $17.87. HNT is now worth $7.98. The fourth most valuable coin, HNT, has the following characteristics:

Current price: $7.99

Market capitalization: $1,783,498,550

Trading volume: $13,794,664 

7–day gain: 17.49%

Internet Computer

The price of Internet Computer (ICP) is rising as it recovers from a previous downtrend. During the last rally, the altcoin reached a high of $16 on January 3, 2024. Buyers were unable to sustain the uptrend as the altcoin pushed back. Buyers are pushing the altcoin above the moving average lines after it had previously fallen below them. ICP is trading at $12.31 at the time of writing. Meanwhile, ICP/USD is trading at prices between $10 and $16. Currently, the altcoin will rise if it retraces above the 21-day simple moving average. ICP, the fifth best performing cryptocurrency, offers the following characteristics:

Current price: $12.28

Market capitalization: $6,304,211,735

Trading volume: $97,734,742

7–day gain: 11.07%

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.

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