Weekly Cryptocurrency Market Analysis: Strong Buying at a Lower Level Propels Altcoins to Rally on the Upside
The best performing cryptocurrencies are all trading in bull markets. Gala has rallied from a low of $0.08 to a high of $0.49, up 314.72% in the past week. The other altcoins have also performed well in the order listed below.
The price of Gala (GALA) broke through $0.12 resistance and reached a high of $0.49 before falling back. The cryptocurrency is the best performing cryptocurrency over the past seven days. As the altcoin pulls back to support above the moving averages, further upside is likely. GALA has the following characteristics:
Market capitalization: $13,260,017,222
Trading volume: $2,294,562,728
7-day gain: 314.72%
The cryptocurrency is consolidating above support at $0.37 and above the moving averages for another uptrend. Meanwhile, the uptrend from November 21 has a candlestick body testing the 50% Fibonacci retracement level. The retracement suggests that Gala will rise to the 2.0 Fibonacci extension level or $0.76.
Voyager Token (VGX) is in an uptrend. The cryptocurrency’s price has been posting a series of higher highs and higher lows. From its previous low of $2.50, the cryptocurrency has risen to $5.81, but it is facing resistance as the market reaches the overbought zone. It is the second best performing cryptocurrency. It has the following characteristics:
Market capitalization: $1,490,814,223
Trading volume: $192,072,089
7-day gain: 72.73%
The cryptocurrency is on the retreat as the Relative Strength Index reaches 74. Meanwhile, the uptrend tested the 50% Fibonacci retracement level with a retracement candlestick on November 18. The retracement suggests that VGX will rise to the 2.0 Fibonacci extension level or $6.94.
Crypto.com (CRO) is the third best performing cryptocurrency. Its price has recorded a series of higher highs and higher lows. On November 3, the cryptocurrency’s price rose from a low of $0.25 to $0.73 today. Further upside is possible as the cryptocurrency is trading in overbought territory. Meanwhile, a candlestick tested the 38.2% Fibonacci retracement level on November 17. The retracement suggests that Crypto.com will rise to the 2.618 Fibonacci Extension level or $1.19. The cryptocurrency has the following characteristics:
Market capitalization: $22.539.278.923
Trading volume: $2,458,900,306
7-day gain: 65.47%
Oasis Network (ROSE) rallied from support at $0.21 but struggled to overcome resistance at $0.32. Oasis rose to a high of $0.46, which is an overbought area of the market. The altcoin drops back to a low of $0.33 before rebounding. ROSE/USD is the fourth best performing cryptocurrency and has the following characteristics:
Market capitalization: $3,612,553,614
Trading volume: $689,379,154
7-day gain: 56.25%
The altcoin is on the retreat as it has reached the overbought zone. The uptrend will continue as long as the price bars above the moving averages. Meanwhile, the uptrend from November 18 has a candlestick body testing the 38.2% Fibonacci retracement level. The retracement suggests that Oasis will rise to the Fibonacci extension level of 2.618 or $0.54.
Elrond (EGLD) is the fifth best performing cryptocurrency over the past week. The cryptocurrency has been in an uptrend since July. The current uptrend has reached an overbought region of the market. EGLD is at level 85 on the Relative Strength Index for period 14, suggesting that sellers will emerge and push prices lower. After that, the market could resume its upward momentum. Elrond has the following characteristics:
Market capitalization: $15,144,942,389
Trading volume: $1,330,101,241
7-day gain: 50.72%
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.
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