Weekly Cryptocurrency Market Analysis: Altcoins Retreat While Cryptocurrencies Hit Superior Resistance Levels

Five best performing according to the price rise cryptocurrencies of the week are Bitcoin SV, MX TOKEN, Solana, Stacks, Mantle. Cryptocurrency analysis by Coinidol.com.

The cryptocurrencies listed below have regained their bullish momentum. Buyers are struggling to regain their bullish momentum as bulls struggle with overriding resistance levels. 

Bitcoin SV

Bitcoin SV (BSV) is in a sideways trend. Since July 1, overhead resistance at $56 has forced the altcoin to resume its sideways trend. Buyers have failed to break the $56 resistance level. Every time the resistance level is tested, the BSV falls below the moving average lines. Buyers pushed the altcoin to the resistance level on October 20, but were rebuffed. If the resistance is overcome, the altcoin will resume its positive path. In the meantime, the altcoin has fallen back from its previous high. It has the following characteristics and is the best performing coin:

Current price: $53.72

Market capitalization: $1,128,211,280

Trading volume: $425,104,123

 7–day gain: 66.56%

MX TOKEN

The price of MX TOKEN (MX) has recovered from its downtrend after rising above the moving average lines. At the time of writing, the cryptocurrency had reached a high of $2.87. Buyers are planning to push the altcoin to its previous high of $3.50. However, the current bullish momentum is likely to face resistance above the $3.00 high. If the altcoin breaks above the $3.00 resistance, it will reach its previous high. On the other hand, a sideways trend will emerge if the recent high is not reached. It is the second most profitable cryptocurrency. MX has the following characteristics:

Current price: $2.86

Market capitalization: $2,872,542,734

Trading volume: $6,335,382 

7–day gain: 22.3%

Solana

Solana (SOL) price is moving sideways. The crypto asset has risen to the overhead resistance level from July 15. Buyers are trying to break the overhead resistance level. If the buyers break the barrier level, the altcoin will rise to its previous high of $32.40. Solana will be forced to trade sideways if the recent high is rejected. At the time of writing, it is currently selling for $26.87. Solana, the third best performing cryptocurrency, has the following upside:

Current price: $26.86

Market capitalization: $15.048.920.029

Trading volume: $833,170,158 

7–day gain: 21.93%

Stacks

The price of Stacks (STX) started to rise again on June 10. The cryptocurrency market is currently in a sideways trend. Its price fluctuates between $0.48 and $0.85. Today, the altcoin is in an uptrend, reaching a high of $0.67. If the barrier around $0.85 is broken, STX will continue to rise to a high of $1.30. The current range will be maintained if the $0.85 barrier is not broken. Meanwhile, STX returns to its previous high. STX is the fourth most valuable cryptocurrency. Attributes include:

Current price: $0.6254

Market capitalization: $1,136,813,925

Trading volume: $170,781,668 

7–day gain: 21.00%

Mantle

The price of Mantle (MNT) has risen after falling to a low of $0.32. The altcoin rose above the current support level and reached a high of $0.37. The price of the cryptocurrency is trapped between the moving average lines. The moving average lines are expected to dampen the uptrend. If the bulls break the 50-day line SMA, the bullish momentum will extend to a high of $0.46. On the other hand, if the altcoin loses the support of the 21-day line SMA, it will move into the area of the downtrend. MNT, the fifth most valuable coin, has the following characteristics:

Current price: $0.3713

Market capitalization: $2,309,599,689

Trading volume: $40,428,039 

7–day gain: 12.58%

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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• Source: https://coinidol.com/cryptocurrencies-hit-superior-resistanc/