Weekly Cryptocurrency Market Analysis: Altcoins Resume Horizontal Pattern Despite Failing To Break Recent Highs
The cryptocurrencies listed below are the best performing altcoins currently trading in the bull market.
The rejection of the overhead resistance has forced the altcoins to move sideways. Altcoins are recovering as cryptocurrencies return to the above resistance levels.
Render
The price of Render (RNDR) is in an uptrend and has reached a high of $13.62 on March 17, 2024. The altcoin is currently trading in a bull market. The cryptocurrency’s rally ended when it resumed a horizontal pattern. Buyers were unable to sustain the positive trend above the upper resistance of $14. RNDR is currently trading between $7.50 and $14. The altcoin is rising as it approaches the $14 resistance level. RNDR is now worth $11.08. The altcoin will perform if the range boundaries are broken.
This cryptocurrency is the best performing altcoin and has the characteristics listed below.
The current price: $11.08
Market capitalization: $5,950,351,583
Trading volume: $538,643,472
7–day gain: 46.09%
Akash Network
Akash Network (AKT) is currently in an uptrend and trading in a bull market. The uptrend stopped when the altcoin reached its high of $6.24. After reaching the upper barrier at $6.50, AKT resumed its sideways trend. The price of the altcoin is now hovering between $3.50 and $6.50. The bulls tested the overhead resistance twice but were unable to break through it. AKT is currently trading at $5.90, approaching the overhead barrier. The upswing will continue if the bulls break through the aforementioned barrier.
The second most valuable coin, AKT, has the following characteristics:
Current price: $6.06
Market capitalization: $2,353,487,298
Trading volume: $327,361,517
7–day gain: 42.49%
AIOZ Network
The price of AIOZ Network (AIOZ) is rising and is in a bull market. The altcoin has risen to a high of $1.08 while it is in a sideways trend. The altcoin’s rise has been slowed by resistance at $1.10. In other words, the cryptocurrency is currently trading between $0.55 and $1.10. The current rise will begin as soon as the resistance level is broken. The altcoin is currently worth $0.77. This altcoin is the third most valuable coin and has the following characteristics.
The current price: $0.7856
Market capitalization: $856,107,298
Trading volume: $21,094,114
7–day gain: 32.29%
THORChain
THORChain (RUNE) is experiencing a decline after recovering from its previous drop. The altcoin corrected upwards to a high of $11.46 before being pushed back. RUNE fell below the moving average lines and reached a low of $4.31. The bulls bought the dips as the altcoin continued its consolidation above the $4.78 level. RUNE is correcting back to the upside as the price breaks above the moving average lines but is stopped by the 50-day SMA. Currently, RUNE is trapped between the moving averages. If the moving averages are broken, the altcoin will develop a trend. It is currently worth $5.99.
RUNE is the fourth best performing cryptocurrency. It has the following characteristics:
Current price: $5.99
Market capitalization: $2,480,218,799
Trading volume: $424,677,303
7–day gain: 30.04%
Toncoin
Toncoin (TON) is now on the upswing and trading in a bull market. On April 11, TON reached a high of $7.67 and was dumped. The cryptocurrency fell below the moving average lines and started a sideways movement. On May 11, it corrected upwards but was stopped at the $7.00 resistance level. TON is now trading between $4.50 and $7.00. Once the $7.00 resistance level is broken, the uptrend will resume. The altcoin is currently worth $6.71.
TON, the fifth best performing cryptocurrency, has the following advantages:
Current price: $6.70
Market capitalization:$34.192.162.786
Trading volume: $770,883,388
7–day gain: 27.68%
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 their research before investing in funds.
