Weekly Cryptocurrency Market Analysis: Altcoins Resume Uptrend as Bulls Breach More Resistance Levels

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Jul 19, 2022 at 11:58 // Price

The cryptocurrencies listed below have regained their upside momentum as the altcoins have broken out above the moving average lines. Further upside is expected as they trade in bullish trend zones. However, further upside is doubtful as they are reaching the overbought areas.

Lido DAO

Lido DAO (LDO) is in an uptrend as the price is above the moving averages. The cryptocurrency was in a downtrend when it fell to the low of $0.39 on June 18. On June 30, the bears retested the current support but failed to break below it. The bulls bought the dips as the cryptocurrency resumed its uptrend. Today, the altcoin has risen to a high of $1.78.

Meanwhile, the July 8 uptrend has shown a candle body testing the 38.2% Fibonacci retracement level. The retracement suggests that LDO will rise to the 2.618 Fibonacci Extension level or $1.57. It is above the 80% area of the daily stochastic. The altcoin has reached the overbought area of the market. It is likely that sellers will appear in this region. LDO is the best performing cryptocurrency this week. It has the following characteristics:

Price: $1.61

Market capitalization: $1,606,308,581

Trading volume: $168,452,248

7-day gain: 165.08%

Polygon

Polygon (MATIC) is in an uptrend as the price is above the moving average lines. At the time of writing, MATIC is trading at $0.92. Polygon has recovered from its downtrend after the price fell to a low of $0.31. Bulls broke through and retested the 21-day line SMA before breaking out above the 50-day line SMA. On the upside, MATIC will reach the highs of $1.17 and $1.42 if it breaks the resistance at $0.98. The altcoin is at level 78 of the Relative Strength Index for the period 14. It indicates that the crypto is in the bullish trend zone and can continue to rise.

The market is back above the moving average lines. The altcoin will face selling pressure again if the bears break below the moving average lines. MATIC is the second best performing cryptocurrency this week. It has the following characteristics:

Price: $0.9193

Market capitalization: $9,192,597,939

Trading volume: $1,582,457,424

7-day gain/loss: 63.18%

Ethereum Classic

Ethereum Classic (ETC) is in an uptrend as the price has risen above the moving average lines. The cryptocurrency has risen to a high of $23.67 at the time of writing. The downtrend subsided as the cryptocurrency fell to a low of $12.44 on June 18. The bulls bought the dips after the bears retested the current support on July 13.

On the upside, the altcoin is approaching resistance at $25.63. The altcoin will continue to rise to the high of $30.77 if the resistance at $25.63 is broken. Nevertheless, ETC is above the 80% area of the daily stochastic. This indicates that the market has reached the oversold area. Further upward movement of the altcoin is doubtful. However, ICP is the cryptocurrency with the third best performance this week. It has the following characteristics:

Price: $22.88

Market capitalization: $4,820,084,207

Trading volume: $1,502,843,179

7-day gain: 53.76%

Arweave

Arweave (AR) price is trading in the bullish trend zone as it has risen above the moving average lines. AR/USD is trading at $17.43 at the time of writing. Selling pressure on the cryptocurrency has eased as it fell to a low of $7.14 on June 18. The altcoin has recovered as it has risen above the moving average lines. The upside is likely to encounter resistance at $18. On the upside, the uptrend will continue if the resistance at $18 is broken.

The cryptocurrency will continue to rise to the high of $26.54. If the resistance remains unbroken, it will be forced to move sideways. AR is at level 69 of the Relative Strength Index for the period 14, indicating that the altcoin is approaching the overbought zone. It is the fourth best performing cryptocurrency this week. It has the following characteristics:

Price: $16.74

Market capitalization: $1,104,609,880

Trading volume: $44,317,922

7-day gain: 46.88%

Quant

Quant (QNT) has been trading in the bullish trend zone since July 10. The cryptocurrency rallied to the high of $116.10 and then retreated. QNT is now fluctuating below resistance at the $103 price level.

Meanwhile, on July 9 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that QNT will rise to the level of 1.618 Fibonacci Extension or $112.89. The price action shows that the altcoin retested the Fibonacci extension and resumed consolidation. Nevertheless, QNT is at the 73 level of the Relative Strength Index for the 14 period, which means that the altcoin has reached the overbought zone. The altcoin is likely to go down. It is the fifth best performing cryptocurrency asset this week. It has the following characteristics:

Current price: $80.59

Market capitalization: $1,177,693,719

Trading volume: $70,591,335

7-day gain: 32.33%

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 funds.