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Weekly Cryptocurrency Market Analysis: Altcoins Face Selling On Every Rally, While Bulls Maintain Recent Uptrend

Date:

Mar 08, 2022 at 09:15 // Price

Some altcoins have resumed a new uptrend

Bitcoin is struggling above $38,000 support in the downtrend zone, while some of the best performing altcoins are trading in the uptrend zone. A few altcoins face the challenge of bears selling on every rally. These altcoins have resumed a new uptrend while others are struggling above the moving averages.

Waves

Waves (WAVES) is in an uptrend. The cryptocurrency has recovered from the earlier downtrend. The bears tested the resistance at $8.50 three times before recovering above the current support. After the rally, the upward momentum broke through the moving averages as the altcoin reached the high of $19.65. 

WAVES will continue to rise as long as the price bars are above the moving averages. Meanwhile, the March 4 uptrend has shown a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that WAVES will rise to the Fibonacci extension level of 1.618 or $27.27. 

Today, WAVES /USD is trading at $19.17 as of press time. The altcoin is the best performing altcoin in the past week. 

It has the following characteristics:

WAVESUSD(Daily_Chart)_-_March_7.png

Current Price: $18.42

Market capitalization: $1,984,289,376

Trading Volume: $711,550,042 

7-Day Gain %: 50.82%

THORChain

THORChain (RUNE) is in an uptrend. The uptrend is threatened by the resistance at $5.50. In the previous downtrend, the altcoin fell to the low of $3.20 before recovering above the current support. The cryptocurrency price also broke through the moving averages and retested the resistance at $5.50. The altcoin dropped significantly above the moving averages. 

The uptrend will resume if the price finds support above the moving averages. Resistance at $5.50 needs to be retested or breached to reach a new high. On the other hand, if the bears break below the moving averages, the altcoin will retest the previous low at $3 or $3.20. Meanwhile, the December 15 downtrend has shown a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that RUNE will fall to the 1.272 Fibonacci extension level or $3.37. RUNE has reversed after testing the 1.272 Fibonacci extension level. 

RUNE is the altcoin with the second best performance last week. 

It has the following characteristics: 

RUNEUSD(Daily_Chart)_-_March_7.png

Current Price: $4.53

Market capitalization: $2,265,433,298

Trading Volume: $137,117,978 

7-Day Gain %: 31.05

Anchor Protocol

Anchor Protocol (ANC) is in an uptrend. The uptrend was resisted when the altcoin reached an overbought region of the market. Today, the altcoin retraced and found support above $4.05 and the moving averages. ANC will rise to retest previous resistance at $6 as price bars remain above the moving averages. Buyers are retreating above the current support for a possible uptrend. However, if the price falls below the trend line, the downtrend will resume. It is the cryptocurrency with the third best performance last week. 

It has the following characteristics:

ANCUSD(Daily_Chart)_-_March_7).png

Current price: $4.16

Market capitalization: $4,161,280,386

Trading Volume: $358,253,129 

7-Day Gain %: 19.84%

NEAR Protocol

NEAR Protocol (NEAR) is in a downward correction. On February 24, the cryptocurrency fell to a low of $7.39 and recovered. Bullish momentum broke above the 21-day moving average line, but was rejected by the 50-day moving average line. The cryptocurrency price is between the moving averages. 

The cryptocurrency is likely to remain in a trading range for a few more days if the 21-day moving average holds. In the meantime, the price has entered a downtrend on January 25; a retreating candlestick has tested the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall, but will reverse at the 1.272 Fibonacci extension level, or $6.72.

On February 24, NEAR reversed after falling to a low of $7.39. The altcoin is the fourth best performing altcoin in the past week. 

The cryptocurrency has the following characteristics:

NEARUSD(Daily_Chart)_-_March_7.png

Current price: $10.27

Market capitalization: $10.271.778.275

Trading volume: $651,427,037 

7-day gain %: 19.63%

Celo

Celo (CELO) is in a downtrend. The cryptocurrency tested the upper resistance of $8 three times before resuming the downtrend. Today, the altcoin dropped to the low of $2.05 and went up again. The cryptocurrency price recovered and broke above the 21-day moving average line. Meanwhile, a candlestick on the downtrend from January 25 tested the 78.6% Fibonacci retracement level. The retracement suggests that CELO will fall but reverse at the 1.272 Fibonacci extension level or $2.18. The cryptocurrency price retested the level of the 1.272 Fibonacci extension and reversed.

It is the cryptocurrency with the fifth best performance in the past week. It has the following characteristics: 

CELOUSD(Daily_Chart)_March_7.png

Current price: $2.81

Market capitalization: $2,806,488,662

Trading Volume: $97,409,019 

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 research before investing funds.

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