Weekly Cryptocurrency Market Analysis: Altcoins Continue Their Uptrend But Are In An Overbought Condition

Weekly cryptocurrency analysis of Trust Wallet Token, Solana, Avalanche, Render and Stacks brought to you by Coinidol.com.

The moving average lines have been broken by cryptocurrency prices, indicating that an uptrend is about to resume. The resistance levels and the overbought condition of the market make it difficult to move higher.

Trust Wallet Token

Trust Wallet Token (TWT), which saw a price decline on June 10, is currently moving sideways. The downturn ended on June 10, when the cryptocurrency started trading sideways. TWT has been trading in a narrow range between $0.71 and $1.00 for the past three months. The resistance at $1.00 prevented the cryptocurrency from continuing its uptrend. Yesterday, the price of the cryptocurrency fell from its recent high. At the time of writing, the altcoin has fallen to a low of $0.91. The altcoin has since returned to the middle of its price range. TWT is the most popular cryptocurrency and offers the following features:

Current price: $0.9196

Market capitalization: $919,671,842

Trading volume: $83,057,064

7–day gain/loss: 18.20%

Solana

The price of Solana (SOL) is moving sideways below the overhead barrier at $26. In the bullish trend zone, the altcoin is rising. If the current resistance is broken, the price of the cryptocurrency will rise to a high of $28. On the other hand, if the current uptrend is stopped at the recent high, Solana will be forced to continue moving sideways. The altcoin will continue to test resistance as long as the price bars above the moving average lines; if the price drops below the moving average lines, selling pressure will resume. The following are the characteristics of Solana, the second highest valued cryptocurrency:

Current price: $23.46

Market capitalization: $13.118.736.087

Trading volume: $403,650,253

7–day gain/loss: 17.58%

Avalanche

The price of Avalanche (AVAX) has dropped significantly near the bottom of the chart. As the bulls bought the dips, the altcoin fell to a low of $8.70. The cryptocurrency has risen to a high of $10.67, breaking through the moving average lines. The cryptocurrency is approaching a hurdle at $11.00. AVAX was rejected when it retested resistance at $11 on August 29, falling as low as $8.63. The market is overbought near the recent high. To the upside, the altcoin could resume an uptrend if buyers overcome the recent high. However, selling pressure would resume if it is rejected. In the meantime, the altcoin is rising as it approaches an overbought condition.AVAX is the third best performing cryptocurrency. Some of its characteristics are:

Current price: $10.68

Market capitalization: $7,686,096,863

Trading volume: $184,476,226

7–day gain/loss: 16.91%

Render

Render (RNDR) is in an uptrend after falling to the low of $.29. A series of higher highs and higher lows has begun for the cryptocurrency asset. The bulls have broken through the initial resistance of $1.76 and are now moving towards the next level of $2.20. If the resistance at $2.20 is broken, the altcoin will resume its positive trend. On the plus side, RNDR can go up to $2.60 and $2.80 if buyers surpass the recent high. The altcoin is currently trading in the overbought territory at $1.83. Render, the fourth most valuable cryptocurrency, has the following characteristics:

Current price: $1.82

Market capitalization: $975,235,123

Trading volume: $38,132,634

7–day gain/loss: 16.62%

Stacks

The price of Stacks (STX) has been fluctuating sideways since its decline on August 17. The altcoin fluctuates between $0.42 and $0.53. Neither the bulls nor the bears have broken the fluctuation range in the last two months. On the downside, the currency will return to its previous low of $0.40 from August 17 if the bears break the lower price range. If the bulls manage to break above the $0.53 resistance level, a rally to the $0.65 high can be expected. In the meantime, STX is bearish as it is trapped in a narrow range. It is the fifth best performing cryptocurrency and has the following characteristics:

Current price: $0.5128

Market capitalization: $932,327,657

Trading volume: $25,832,648

7–day gain/loss: 9.05%

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.

Source