Weekly Cryptocurrency Market Analysis: Altcoins Recover A Little To Break The Sideways Trend

Weekly cryptocurrency analysis of Loom Network, Klaytn, Trust Wallet Token, PAX Gold and Cronos brought to you by Coinidol.com.

Cryptocurrencies are struggling to make a comeback at the bottom of the chart this week. Some are in overbought situations as they break above the moving average lines. Others have remained at the bottom of the chart and are constricted by doji candlesticks.

Loom Network

The price of Loom Network (LOOM) has risen since September 19. The crypto asset’s price rose to a high of $0.2949 before getting stuck there. The altcoin seems to have reached an overbought segment of the market. In other words, LOOM has run out of room to run. On the other hand, the price indicator had previously indicated that LOOM would rise to the 2.0 level of the Fibonacci extension, or $0.30. According to the price movement, the market reached a high of $0.2949 before encountering resistance. However, the altcoin will fall when sellers enter the overbought sector of the market. It has the following characteristics and is the best performing coin:

Current price: $0.2646

Market capitalization: $343,939,049

Trading volume: $404,122,015

7–day gain/loss: 66.56%

Klaytn

Klaytn (KLAY) is currently at the bottom of the chart and is in a downtrend. The altcoin has been correcting higher since September 22. The moving average lines have been broken to the upside by the bulls. KLAY recently had a high of $0.12, but is encountering resistance there. The current rise will continue if the cryptocurrency rises above the moving average lines. KLAY will crash if the price falls below the 50-day line SMA, and selling pressure will increase. Nevertheless, the cryptocurrency is rising and correcting above the moving average lines. On the plus side, it could rise to a high of $0.14 or fall to the current support level of $0.10. It is the second best performing cryptocurrency. The characteristics of KLAY are as follows:

Current price: $0.125

Market capitalization: $ 721,261,667

Trading volume: S14,045,273

7–day gain/loss: 5.72%

Trust Wallet Token

The price of Trust Wallet Token (TWT) has recovered and started to rise again. The altcoin rallied on October 4 and broke out above the moving average lines to reach a high of $1.00. Buyers are still struggling to keep the bullish momentum above the $1.00 hurdle. Since June 21, buyers have made many unsuccessful attempts to keep price above the previous high. If the current hurdle is cleared, the market could reach the $1.25 level. TWT, on the other hand, will continue to move within a band between $0.75 and $1.00, where the recent high is still intact. The following benefits of TWT, the third best performing cryptocurrency, are available:

Current price: $0.9745

Market capitalization: $974,590,160

Trading volume: $21,824,387

7–day gain/loss: 5.41%

PAX Gold

The price of PAX Gold (PAXG) is falling as it approaches the bottom of the chart. The resistance at $1,960 has slowed down the price’s upward movements so far. As a result, the cryptocurrency’s price has seen a series of lower highs and lower lows. At the time of writing, PAXG is currently selling at $1,880. The altcoin is trapped between the moving average lines. Cryptocurrency prices are predicted to fluctuate between the moving average lines. The price will move when the moving average lines are broken. PAXG is the fourth best performing cryptocurrency. Features include:

Current price: $1,917.10

Market capitalization: $476,748,117

Trading volume: $7,136,817

7–day gain/loss: 4.00%

Cronos

Cronos (CRO) is moving sideways at the bottom of the chart. The cryptocurrency asset traded within a narrow range of $0.0500 and $0.540. The overriding resistance at $0.06 has halted the upward movement. As long as the price bars remain above the moving average lines, the cryptocurrency’s price will rise. CRO is currently trading at $0.051 as this article is being written. The altcoin will perform once the range limits are crossed. If not, the current fluctuation will continue. The characteristics of CRO, the cryptocurrency with the fifth highest value, are as follows:

Current price: $0.0519

Market capitalization: $1,570,741,042

Trading volume: $7,936,140

7–day gain/loss: 2.21%

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.

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