Weekly Cryptocurrency Market Analysis: Altcoins Rebound as Bulls Breach More Resistance Levels

Aug 31, 2022 at 11:11 // Price

Altcoins rally as they break out above the moving average lines. Cryptocurrencies have returned to their overbought regions after the rally. Further upside is likely as cryptocurrencies hold above the moving average lines.

eCash

eCash (XEC) is in an upward correction as the price breaks above the moving average lines. On August 28, the cryptocurrency rallied to the high of $0.00006290 and moved above the moving average lines. XEC will continue to rise as long as the price bars above the moving average lines. 

Meanwhile, on August 29 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the altcoin will rise to the 2.0 Fibonacci Extension level or $0.00007735. Altcoin is below the 40% area of the daily stochastic. This indicates that the market is in a bearish momentum. XEC is the best performing cryptocurrency asset this week. It has the following characteristics:

Price: $0.00004723

Market capitalization: $991,927,566

Trading volume: $137,532,768 

7-day gain: 21.52%

Huobi Token

Huobi Token (HT) price is in an upward correction as the price breaks above the moving average lines. The uptrend is about to reject the resistance level of $5.50. The cryptocurrency has already been rejected three times at the resistance level. The altcoin is moving above the moving average lines. 

A beak above $5.50 will drive the altcoin to the high of $7.50. Meanwhile, HT is at level 55 of the Relative Strength Index for period 14, indicating that the market is in the uptrend zone and could rise. HT is the cryptocurrency asset with the second best performance this week. It has the following characteristics:

Price: $4.89

Market capitalization: $2,447,485,889

Trading volume: $26,577,518 

7-day gain: 8.81%

Nexo

The price of NEXO (NEXO) is in an uptrend as the altcoin has risen to a high of $1.10. Buyers have been struggling to break through resistance at $5.50 since August 13. NEXO has pulled back above the moving average lines. The altcoin resumes its uptrend and tests the overriding resistance. 

Selling pressure will resume if the price falls below the moving average lines. The altcoin is above the 60% area of the daily stochastic. This indicates that the market is in a bullish momentum. NEXO is the cryptocurrency with the third best performance this week. It has the following characteristics:

Price: $1.01

Market capitalization: $1,008,997,756

Trading volume: $41,108,478 

7-day gain: 8.59%

PancakeSwap

The price of PancakeSwap (CAKE) is in an upward correction as the altcoin rose to a high of $4.30 and then retreated. The altcoin is moving above the moving average lines. It will resume its uptrend as it pulls back above the moving average lines. However, selling pressure will resume when the price breaks below the moving average lines. 

In the meantime, the altcoin has fallen above the moving average lines. Above the moving average lines, there are bullish candlesticks that indicate further upward price movement. Meanwhile, CAKE is at level 55 of the Relative Strength Index for period 14, which means that the altcoin is in an uptrend. It is the cryptocurrency asset with the fourth best performance this week. It has the following characteristics:

Price: $4.02

Market capitalization: $3,012,112,336

Trading volume: $105,953,922 

7-day gain: 5.37%

UNUS SED LEO

UNUS SED LEO (LEO) is in an upward correction as the price breaks above the moving average line. The cryptocurrency is likely to rise if the price stays above the moving average lines. The uptrend is encountering resistance at the high of $5.40. LEO will continue to rise to $6 if it breaks the current resistance. 

Meanwhile, the altcoin is at level 60 on the Relative Strength Index for period 14, indicating that it is in an uptrend and could continue to rise. However, it is the cryptocurrency with the fifth best performance this week. It has the following characteristics: 

Price: $5.39

Market capitalization: $5,313,175,394

Trading volume: $3,207,867 

7-day gain: 5.10%

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 own research before investing in funds.

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