Weekly Analysis Of The Cryptocurrency Market: Altcoins In A Broad Correction Range, Selling Pressure May Persist
It has been difficult to identify the best performing altcoins. This is because cryptocurrency markets are under heavy selling pressure. Cryptocurrency markets are experiencing various degrees of correction.
Nonetheless, the altcoins listed below have performed minimally. So, when can we expect a recovery of these altcoins? Perhaps we will have to wait and see when altcoins are trading in the oversold regions of the market.
Internet Computer (ICP/USD) is in a sideways trend. The cryptocurrency has been in a downtrend for a month. The altcoin fell to $21.80 and recovered. The upward movement was consistent and the price reached the high of $37.44. The upward trend was stopped at the resistance zone at $38. The cryptocurrency price reached an overbought zone. Today, the price is retesting the resistance zone of $38. The uptrend will resume when the current resistance is broken. It is the best performing altcoin in the past week.
The cryptocurrency has the following characteristics:
Current price: $35.71
Market capitalization: $17,322,599,183
Trading volume: $1,026,561,103 7-day gain %: 25.44%
Chainlink (LINK /USD) is in an uptrend. On December 23, the bears broke out above the moving averages, retested them and continued their uptrend. The uptrend is encountering initial resistance at $28. A break above this resistance will catapult the altcoin to the previous high of $34. Meanwhile, on December 27, the uptrend; a retracement candlestick tested the 38.2% Fibonacci retracement level. The retracement suggests that LINK will rise to the 2.618 Fibonacci Extension level or $35.66. LINK is the altcoin with the second best performance in the past week.
Chainlink has the following characteristics:
Current Price: $27.55
Market capitalization: $27,546,919,576
Trading Volume: $3,368,230,557 7-Day Gain %: 17.72%
Dash (DASH /USD) is in a downtrend. The cryptocurrency had previously risen to a high of $238 before being rejected at the recent high. Nevertheless, the altcoin plunged to a low of $110 on December 4 as bulls bought the dips. Dash’s price corrected to $148 and started to move within a certain range. Last month, the price of DASH fluctuated between $120 and $160. The cryptocurrency will continue its trend if the fluctuation range is broken. It is the altcoin with the third best performance in the past week. Meanwhile, the downtrend from November 19 has shown a candle body testing the 50% Fibonacci retracement level. The retracement suggests that DASH will fall to the 2.0 Fibonacci extension level or $100.23.
The altcoin has the following characteristics:
Current price: $153.46
Market capitalization: $2,900,363,882
Trading volume: $377,446,757 7-day gain %: 12.61%
Perpetual Protocol (PERP /USD) is in a sideways trend. The cryptocurrency was previously in a downtrend. From its high of $18, the altcoin fell to a low of $8.20 and started moving within a certain range. The altcoin is moving in a narrow range between $8.20 and $10. The price action is characterized by small candles called doji and spinning tops. The rangebound movement will continue as long as small candlesticks dominate the price action. Altcoin is the fourth best performing cryptocurrency last week.
It has the following characteristics:
Current price: $9.32
Market capitalization: $1,399,340,593
Trading volume: $34,273,047 7-day gain %: 2.12%
TrueUSD (TUSD/USD) is in a sideways trend. The cryptocurrency shows a choppy price movement. The support and resistance levels are not easy to determine. For this reason, the price has remained stable. It is the cryptocurrency with the fifth best performance in the past week. It has the following characteristics:
Current price: $1.00
Market capitalization: $1,412,759,116
Trading volume: $111,909,530 7-day gain %: 0.16%
Disclaimer. This analysis and forecast are the personal opinions of the author 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
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