Weekly Cryptocurrency Market Analysis: Altcoins Bounce While Cryptos Hit Higher Highs And Higher Lows

Jan 24, 2023 at 09:30 // Price

Altcoins are rising above their moving average lines and bouncing off their immediate support levels. At their respective highs, the upside moves are rejected.
These worst performing altcoins are at risk of falling back to their previous lows. The upward momentum of the altcoins cannot continue. Each of these cryptocurrencies will be covered in detail.
Monero

The price of Monero (XMR) is moving sideways and encountering resistance at the high of $180. The altcoin climbed to a high of $187.20 in the previous trend before being pushed back. As the altcoin approached the overbought area, resistance was encountered. XMR is currently trading below the $180 resistance level. The altcoin fell on January 18 and found support above the moving average lines. On the plus side, the altcoin could fall if buyers are unable to keep it above the moving average lines. The downtrend will continue if the moving average lines are broken. XMR has a bullish momentum above the daily stochastic value of 50. Among all cryptocurrencies, it has performed the worst in the past week. The cryptocurrency’s characteristics include:

Current price: $174.13

Market capitalization: $3,169,180,167

Trading volume: $112,909,740 

7-day gain/loss: 0.30%  
Ethereum Classic

The price of Ethereum Classic (ETC), which has risen to a high of $24, continues to climb. The uptrend is slowed down by the sideways trend. Before its decline, the altcoin rose to a high of $24. Ethereum Classic fell twice above the moving average lines when it hit the resistance of the recent high. The overbought area of the market is now visible due to the rise. If the altcoin breaks the upside resistance at $24, the uptrend will resume. On the other hand, if the price breaks below the moving average lines or the $20 support, the altcoin will fall. ETC rises above the 61 value of the Relative Strength Index for the period 14. The characteristics of ETC, the cryptocurrency with the second worst performance, are as follows: 

Current price: $21.89

Market capitalization: $4,612,909,246

Trading volume: $243,340,643 

7-day gain/loss: 0.76%
Bitcoin SV

Bitcoin SV (BSV) has a narrow price range, which is between $40 and $46. BSV has fluctuated in a range between $36 and $48 since the price fell on November 9. As buyers failed to keep the price above the $48 resistance level, the price fell. On the downside, buyers defended the current support at $40. The altcoin will develop once the fluctuation range is broken. The daily stochastic is at 75, which means that the cryptocurrency asset is in an upward momentum. This indicates that the altcoin is approaching the overbought zone of the market. The performance is the third worst this week. The cryptocurrency’s characteristics include:

Current price: $21.97

Market capitalization: $4,629,037,459

Trading volume: $245,198,637 

7-day gain/loss: 0.87%
eCash 

eCash (XEC) is in an uptrend as the price crosses above the moving average lines. The price of XEC rose to a high of $0.00003000 and since January 15, the uptrend has been frozen at the recent high. Moreover, buyers have worked hard to keep the price above the $0.00003000 resistance level since November 9. If buyers manage to keep the price above the recent high, it will rise to $0.00004000. In contrast, the eCash price will continue to fall if it is rejected from the recent high and reaches a low of $0.00002075. One area of the market that has overbought conditions is the resistance at $0.00003000. The daily stochastic is above the 78 level for the cryptocurrency. Due to its position in the overbought area of the market, the altcoin could fall. XEC had the fourth worst performance this week. It has the following characteristics:

Current price: $0.00003079

Market capitalization: $646,112,498

Trading volume: $10,127,170 

7-day gain/loss: 0.98%
Chiliz

The price of Chiliz (CHZ) is correcting higher as it crosses above the moving average lines. As the bulls bought the dips during the current downtrend, the cryptocurrency asset dropped sharply to a low of $0.09. The $0.15 resistance area is the point where the upside correction is rejected. However, if buyers manage to keep the price above the high of $0.15 and the bullish momentum continues, the market will rise to highs of $0.20 and $0.25. If the Chiliz price falls below the resistance level, it will depreciate and enter a trading range. At a level of 59 on the Relative Strength Index for the period 14, CHZ is in the upward zone. The coin with the fifth worst performance is CHZ. It has the following characteristics:

Current price: $0.1377

Market capitalization: $1,223,799,469

Trading volume: $96,993,386 

7-day gain/loss: 1.31%
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 research before investing in funds.

This article has been originally published at: https://coinidol.com/altcoins-bounce/