Weekly Cryptocurrency Market Analysis: Altcoins Trend Upwards But Face Overhead Resistance In Crossing Over

Weekly Cryptocurrency Market Analysis: Altcoins Trend Upwards But Face Overhead Resistance In Crossing Over

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Feb 02, 2024 at 07:17 // Price

This week’s trending cryptocurrencies saw uneven gains, with cryptocurrencies either maintaining their upward momentum or suffering a slight setback.

Altcoins in the bullish trend zone have resumed their upward movement, while others are trapped between moving average lines. Conidol.com bringing the analysis of the top-5 performing altcoins of the previous week.

Conflux

Conflux (CFX) is in an uptrend, with the price of the cryptocurrency making a series of higher highs and higher lows. The altcoin peaked at $0.24 before retreating. Since December 4, 2023, the uptrend has remained at a high of $0.22. Buyers have tried unsuccessfully to hold the price above $0.22 four times. Each attempt to hold the price above resistance has been unsuccessful and the cryptocurrency has fallen below the moving average lines. CFX is currently trading at $0.21. The uptrend will resume once the current resistance is broken. It has the following characteristics and is the best performing coin.

Current price: $0.213

Market capitalization: $1,057,645,135

Trading volume: $72,534,145

 7–day gain: 28.50%

CFXUSD_(Daily Chart) – JAN. 31.jpg

Ronin

Ronin (RON) has resumed its positive trend after breaking above the historic price of $2.40. The currency has reached a high of $2.75 at the time of writing. The coin has recovered from its previous decline. Doji candlesticks were used to indicate an uptrend. The upward movement has been gradual due to the presence of doji candlesticks.

In the meantime, the uptrend has remained above the moving average lines. RON, the second best performing cryptocurrency, has the following advantages:

Current price: $2.76

Market capitalization: $2,767,076,863

Trading volume: $29,202,676 

7–day gain: 23.23%

RONUSD_2024-01-31_11-01-52.jpg

SATS

The price of SATS (1000SATS) is falling below the moving average lines. The altcoin fell from a high of $0.0009000 to a low of $0.0005245. The downtrend is likely to continue as the 21-day SMA is resisting the uptrend. SATS is at risk of falling to its previous low of $0.0003590 if the altcoin fails to rise above the moving average lines.

It has the following characteristics and is the third best performing coin.

Current price: $0.0005237

Market capitalization: $1.1B

Trading volume: $88.97M

 7–day gain: 22.80%

1000SATSUSD_(Daily Chart) – JAN. 31.jpg

Sui

The price of Sui (SUI) has resumed its positive trend and has risen above the historical price level of $1.10. The uptrend continues and reached a high of $1.65 before falling back. SUI has a pattern of higher highs and higher lows. Doji candlesticks have influenced the price action. The uptrend continues to hold above the 21-day SMA, with the moving average line being tested on every upward swing. SUI is now worth $1.46.

The coin with the fourth highest value, SUI, has the following characteristics:

Current price: $1.47

Marktkapitalisierung: $14.630.676.228

Trading volume: $762,171,667 

7–day gain: 21.44%

SUIUSD_(Daily Chart) – JAN. 31.jpg

THORChain

THORChain (RUNE) is in the process of reversing its previous downtrend. It is currently falling again after reaching a high of $7.00. The negative momentum has eased as the altcoin has broken above the 21-day SMA but remains below the 50-day SMA. The price of the cryptocurrency has been caught between the moving average lines. It is likely to fluctuate as long as it is bound by the moving average lines. RUNE’s uptrend will resume when it breaks above the 50-day SMA.

However, it could break down if it loses the support of the 21-day SMA. At the time of writing, the price was at $4.45. RUNE, the fifth best performing cryptocurrency, has the following characteristics:

Current price: $12.28

Market capitalization: $2,174,178,451

Trading volume: $239,495,805

7–day gain: 19.15%

RUNEUSD_(Daily Chart) – JAN. 31.jpg

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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