Weekly Cryptocurrency Market Analysis: Altcoins Pull Back Sharply To Continue Their Upward Trend

The cryptocurrencies listed below share common characteristics this week as altcoins rally after a prolonged period of consolidation at the bottom of the chart.

The cryptocurrency market is still in an uptrend after a recovery from the overbought area. We will discuss some of these digital currencies.

Stacks

Stacks (STX) is recovering above the $0.30 support and is currently trading in the uptrend zone. The value of the cryptocurrency asset has risen to $0.88. The resistance point for the altcoin is at $0.9000, or the historical price level of May 5, 2022. If the current resistance at $0.90 is broken, the cryptocurrency will rise to a high of $1.20. However, the altcoin has reached the overbought zone of the market. As a result, the current uptrend has reached bullish exhaustion. The daily stochastic is currently below 20, and STX is above the level of 80. The cryptocurrency with the best performance is STX. It has the following characteristics: 

Current price: $0.8679

Market capitalization: $1,536,883,652

Trading volume: $524,629,005 

7-day gain/loss: 145.39%

Conflux

Conflux (CFX) has risen to a high of $0.36 despite trading in the uptrend zone. The early decline in the cryptocurrency asset was caused by its extreme overbought condition at 0.36. CFX has found support above the low of $0.26 after today’s retracement. If the current support holds, the altcoin will go even higher. CFX will rise to its previous high of $0.45, but it could also reject it. However, the altcoin will be in the overbought zone of the market if it rises above the high of $0.45. With a reading of 78 on the Relative Strength Index for the 14 period, CFX is currently overbought. It is the second best performer and has the following characteristics. 

Current price: $0.2829

Market capitalization: $1,491,810,915

Trading volume: $372,636,957 

7-day gain/loss: 110.04%

Ankr

Ankr (ANKR) is in the area of uptrend. From a low of $0.015 to a high of $0.055, the altcoin has recovered. The price of the cryptocurrency increased before stopping at the previous historical price of August 10, 2022. It retested the $0.055 resistance and fell back. Since August 10, 2022, the current resistance level has not been breached. However, the altcoin is also approaching the overbought zone of the market. However, it is likely that the altcoin will be rejected due to the overbought market at the recent high. ANKR is moving in a bullish direction and is above the daily stochastic value of 70. The altcoin posted the third best performance of all cryptocurrencies this week. The cryptocurrency’s characteristics include:

Current price: $0.04697

Market capitalization: $469,514,706

Trading volume: $465,474,799 

7-day gain/loss: 62.15%

Filecoin

The price of Filecoin (FIL) has increased and is currently trading in the bullish trend zone. The previous price movement of the altcoin was in a range between $3.00 and $6.00. The cryptocurrency price recovered and broke above the $6.00 resistance on February 17. FIL rose to a high of $9.50 today before falling back. The asset’s overbought condition led to a decline in the cryptocurrency. The altcoin resumed its uptrend after falling back above the support of $7.62. FIL is likely to continue its upward movement, but it could be rejected at $9.00. It is moving in a bullish direction above the stochastic daily value of 69. The fourth best cryptocurrency is FIL. It has the following characteristics:

Current price: $7.98

Market capitalization: $3,089,238,011

Trading volume: $3,089,238,011 

7-day gain/loss: 45.28%

Neo

Neo (NEO) has risen to a high of $15.70 and has renewed bullish momentum. The cryptocurrency asset has recently seen a rebound from its sideways trend. The altcoin has retreated to a low of $12.53 today. On the downside, a new uptrend could begin if the decline slows above the support at $12. If the current resistance at $16.00 is broken, NEO will rise to a new high of $23. On the other hand, if the cryptocurrency price breaks below the 21-day line SMA, the current uptrend could end. NEO has now retreated into the uptrend zone. For the period 14, it is at the 64 level of the Relative Strength Index. The fifth best performing cryptocurrency is NEO. It has the following characteristics:

Current price: $12.36

Market capitalization: $1,236,682,031

Trading volume: $107,558,420 

7-day gain/loss: 41.05%

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 research before investing in funds.

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