The cryptocurrency market is in an uptrend, while others are recovering above the moving average lines. Weekly price analysis by Coinidol.com.
The existence of doji candlesticks has slowed down the price movement to a certain extent. Let us take a look at some of these cryptocurrencies.
Ethereum Name Service
The price of Ethereum Name Service (ENS) is recovering and has resumed its uptrend. The cryptocurrency is showing a pattern of higher highs and higher lows. Today, the altcoin has reached a high of $26.12 as we write this article.
The altcoin is expected to reach the previous high of $84. ENS is currently rising as it approaches the 2.618 Fibonacci extension or $29.86. The cryptocurrency is in the overbought area of the market. The best performing cryptocurrency, ENS, offers the following advantages:
Current price: stands at $25.60
Market capitalization: $2,551,257,104
Trading volume: $347,786,685
7–day gain: 105.93%
Sui
The price of Sui (SUI) has ended its recovery phase and has risen to its previous high of $1.23. The recent high corresponds to the historical price level of May 14. If buyers keep the price above the recent high, the altcoin will start to rise. Currently, the altcoin is falling back to its previous high.
On the positive side, if SUI rises again, it will break through the current resistance level. If the current high is broken, the price of the cryptocurrency will reach a new high. However, if the bulls fail to break the current high, the altcoin will be forced to trade between $0.90 and $1.20. The altcoin has the following characteristics and is the second best performing coin.
The current price: $1.26
Market capitalization $12.593.772.229
Trading volume: $610,540,544
7–day gain: 54.66%
Ethereum Classic
The price of Ethereum Classic (ETC) rises when it breaks above the moving average lines. The bullish momentum reached a high of $32.00 before easing again. The altcoin has retraced after rejecting the recent high. The current uptrend will resume if the price retraces and stays above $24 or the 21-day moving average line.
ETC is recovering and the altcoin is expected to reach a high of $42. In the meantime, the cryptocurrency falls as it approaches the moving average lines. It has the following characteristics and is the third best performing coin.
Current price: $27.74
Market capitalization: $5,838,482,398
Trading volume: $489,949,898
7–day gain: 41.95%
Helium
The price of Helium (HNT) has started a new uptrend after the last one ended at a high of $9.00. Today, the price of the cryptocurrency has risen above the moving average lines. The altcoin is approaching its previous high of $9.00. However, the price movement was slowed down by the doji candlesticks. HNT will rise to a high of $14.75 if the current resistance level is broken.
On the other hand, HNT will fluctuate above the 21-day SMA and resistance at $9.00, invalidating the bullish scenario. The fourth most valued coin, HNT, has the following characteristics:
Current price: $7.57
Market capitalization: $1,689,956,983
Trading volume: $15,753,893
7–day gain: 26.39%
Bonk
Bonk (BONK) is in an upward correction after its previous dip. The upside correction has ended and the altcoin rose to a high of $0.00001799. BONK has pulled back above the 21-day SMA, indicating that an uptrend could resume. If the uptrend continues, the market could reach a high of $0.00002700.
On the other hand, the altcoin will fall if the bears drop below the 21-day SMA. The cryptocurrency will then drop to as low as $0.00001050. At the time of writing, the altcoin is trading at $0.00001437. The fifth best performing cryptocurrency, BONK, has the following characteristics:
Current price: $0.00001443
Market capitalization: $1.44B
Trading volume: $206.52M
7–day gain: 37.24%
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.com. Readers should do the research before investing in funds.
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- Source: https://coinidol.com/weekly-altcoins-return-to-expected-level/
