Weekly Cryptocurrency Market Analysis: Altcoins Pull Back In Anticipation Of An UptrendMarch 31, 2023
All cryptocurrency assets are currently trading in the uptrend zone.
The uptrend of cryptocurrencies has slowed down at the higher resistance levels. Currently, the altcoins are oscillating around below the resistance levels. We will discuss some of these cryptocurrencies next.
The price of Ripple (XRP) has risen above the moving average lines, indicating an uptrend. The historical price of Ripple has been rising since October 10, 2022. After the recent uptrend, XRP is trading at $0.53 today. The altcoin is expected to rise even further and surpass its previous highs. On March 21, a candlestick that had reversed its uptrend tested the 50% Fibonacci retracement level. The retracement predicts that XRP will rise to the 2.0 Fibonacci extension level, or $0.62. The price action suggests that the uptrend has been resisted as the market is moving into the overbought zone. After reaching a high of $0.52, XRP is currently bearish. The bearish momentum for Ripple is below the daily stochastic level of 80. It is the best cryptocurrency due to these characteristics.
Current price: $0.5311
Market capitalization: $53,074,323,579
Trading volume: $2,412,828,150
7-day gain/loss: 21.27%
Stellar (XLM) is currently in an uptrend after exiting its previous downtrend. The cost of the cryptocurrency has increased and is nearing its previous high of $0.12, and the price indicator suggests that prices will continue to rise. A retraced candlestick on the March 21 uptrend tested the 38.2% Fibonacci retracement level. According to the retracement, XLM will rise to the 2.618 Fibonacci extension level or $0.12. XLM has reached a high of $0.109 at the time of writing, based on price action. As the market enters the overbought zone, it is uncertain whether the price will continue to rise. On the Relative Strength Index for the 14 period, the altcoin is at the 72 level, and the market is overbought where XLM is currently trading. This indicates that the uptrend has run its course. The second best performing cryptocurrency, Stellar, has the following characteristics:
Current price: $0.1089
Market capitalization: $5,446,889,397
Trading volume: $197,559,957
7-day gain/loss: 17.56%
The price of Hedera (HBAR) has resumed its uptrend as it surpasses the moving average lines. The altcoin is currently trading at a high of $0.071, above the moving average lines. The uptrend was expected to continue to the high of $0.076, but it has faced resistance. If the price goes back above the moving average lines, the uptrend will continue. However, if the price drops below the 50-day line SMA, the uptrend could come to an end. The altcoin will lose value and stay in a fixed price range between $0.06 and $0.071. For the period 14, HBAR is at the 58 level of the Relative Strength Index, which is in the range of the uptrend. The altcoin has room to go even higher. For this week, it is the third best cryptocurrency. It has the following characteristics.
Current price: $0. 07166
Market capitalization: $3,584,954,309
Trading volume: $163,825,719
Conflux (CFX) reached a high of $0.50 and is in an uptrend. Since March 19, the current uptrend has been stagnant at a high of $0.50. CFX is currently trading at $0.42. On the plus side, the market will rise to a high of $0.83 if the price of the cryptocurrency breaks above the resistance at $0.50. If the price falls below the moving average lines, the downtrend will resume. The altcoin will fall to a low of $0.13. The altcoin is currently fluctuating below the resistance level of $0.50. Above the daily stochastic value of 50, CFX has a bullish momentum. The following characteristics describe CFX, which is the fourth best cryptocurrency:
Current price: $0.4113
Market capitalization: $2,172,390,291
Trading volume: $508,858,063
7-day gain/loss: 14.49%
The price of Rocket Pool (RPL) has risen above the moving average lines, indicating an uptrend. At the high of $48, the bullish momentum was pushed back. The altcoin is currently stuck between the moving average lines, trading at $43. If the price moves above the 50-day line SMA, the cryptocurrency asset will move back towards the uptrend. The RPL will rise to a high of $54. However, the cryptocurrency will fall to a low of $32 if the bears fall below the 21-day line SMA. With a Relative Strength Index score of 53 for the 14 period, RPL is still in the uptrend zone. The fifth ranked cryptocurrency is RPL. It has the following characteristics:
Current price: $43.65
Market capitalization: $834,844,698
Trading volume: $38,784,099
7-day gain/loss: 9.97%
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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