Weekly Cryptocurrency Market Analysis: Altcoins Rise As They Move Out Of Their Range-Bound Region

The best performing altcoins are listed below. Since the cryptocurrency market reached an overbought resistance level, altcoins have been forced to resume a sideways trend.

While the bulls are rallying to continue the move, the cryptocurrencies are in their respective range-bound zones. Weekly price analysis by Coinidol.com.

Fantom

The price of Fantom (FTM) is moving upwards while remaining in a horizontal trend. The previous price activity saw the uptrend end at a high of $1.20 on March 22. The altcoin fell and started to trade sideways between $0.60 and $1.20. Buyers kept the price above the moving average lines to test the overhead resistance. The rally will continue if the bills break through the overhead resistance. The altcoin is currently worth $0.89. 

The altcoin is the best performing cryptocurrency. It has the following characteristics:

Current price: $0.8962

Market capitalization: $2,842,803,636

Trading volume: $469,626,513

7-day gain: 22.53%

Chainlink

The price of Chainlink (LINK) is recovering from its recent downturn. On May 15, LINK’s price rebounded and rose above the moving average lines. As long as the price bars remain above the moving average lines, the altcoin is likely to continue to rise. On the upside, the altcoin will test previous highs of $20 and $22, but it will encounter initial resistance at $18. LINK is the second best performing cryptocurrency. It has the following characteristics:

Current price: $16.42

Market capitalization: $16,414,952,699

Trading volume: $437,364,829

7-day gain: 21.26%

Arweave

Arweave (AR) is in a sideways trend, but the altcoin is moving higher as it retests the overhead resistance of $44. Since the end of the upswing, the bulls have tested the aforementioned barrier three times before breaking through it. The altcoin’s current price is hovering between $24.50 and $44. Today, the bulls broke through the upper resistance level. The uptrend will continue if the bulls maintain their bullish momentum above the resistance level. On the upside, the altcoin will rise to the next resistance at $70. 

Based on these characteristics, AR is the third best performing coin.

Current price: $46.73

Market capitalization: $3,083,993,090

Trading volume: $63,011,837

7–day gain: 18.85%

Core business

The Core (CORE) price falls below the moving average lines. In the previous price activity, the altcoin rose to a high of $4.18 on April 1, 2024. The cryptocurrency fell sharply to a low of $1.20, with the bulls buying the dips. The bulls pushed the cryptocurrency back above the moving average lines, but it was beaten back again. CORE is below the moving average lines but has consolidated above the $1.60 support level. The fourth best performing cryptocurrency is CORE. Here are some key characteristics.

The current price: $1.86

Market capitalization: $3,908,519,110

Trading volume: $71,828,163

7–day gain: 17.89%

THORChain

The price of THORChain (RUNE) has recovered from its dip with the bulls breaking above the moving average lines. The uptrend is currently encountering resistance near the $7.00 high. If buyers break above the $7.00 level, the market will rally and retest its previous highs of $9.00 and $11.00. In the meantime, the altcoin is trading below its previous high but above the moving average lines. RUNE is now worth $6.78. RUNE is the fifth best performing cryptocurrency. It has the following characteristics:

Current price: $6.77

Market capitalization: $2,795,817,638

Trading volume: $161,755,268

7–day gain: 16.70%

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/weekly-altcoins-rise-as-move/