Weekly Cryptocurrency Market Analysis: Altcoins Fall To Firm Support In Anticipation Of A Bounce
Weekly cryptocurrency analysis of Toncoin, Maker, IOTA, XDC Network and Mantle brought to you by Coinidol.com.
Market volatility is impacting the best-performing cryptocurrencies as altcoins struggle to regain previous support levels. Moreover, as the market enters an overbought condition, the upside moves are temporary.
Toncoin
The price of Toncoin (TON) continued to rise after breaking through the initial barrier of $1.50. The price indication suggested that the cryptocurrency would continue to rise. A retraced candlestick tested the 23.6% Fibonacci retracement line of the August 16 rally. The retracement predicts that TON will rise to the Fibonacci extension of 4.236, or $2.59. At the time of writing, the altcoin has reached a high of $1.76. The altcoin is in an uptrend and has reached the overbought area of the market. TON is trading above the daily stochastic threshold of 98. If sellers appear in the overbought area of the market, the cryptocurrency value will fall. It is the best performing cryptocurrency and has the following characteristics:
Current price: $1.73
Market capitalization: $8,746,708,214
Trading volume: $29,233,893
7–day gain/loss: 23.76%
Maker
Maker (MKR) is making up ground as it returns above the moving average lines. The cryptocurrency was in decline, hitting a low of $980 on August 17. As the altcoin consolidated above the $1,000 support level, bulls pounced on the dips. The rally has reached a high of $1,220.93. If the altcoin stays above the moving average lines, the positive momentum will extend to a high of $1,400. In other words: If the cryptocurrency’s price stays above the moving average lines, MKR will continue to rise. MKR is in the positive trend zone of the Relative Strength Index for the period 14 at level 55. Maker, the cryptocurrency with the second best performance, has the following characteristics:
Current price: $1,136.20
Market capitalization: $1,147,936,677
Trading volume: $109,708,381
7–day gain/loss: 12.82%
IOTA
The price of IOTA (MIOTA) is falling and has dropped significantly. A downward trend has been observed since February 20. Selling pressure has eased since the altcoin’s low of $0.13 on August 17. Bulls bought the dips, and MIOTA started to rise. Unfortunately, the cryptocurrency got tangled in the moving average lines. Further gains are unlikely as the market has reached the overbought zone. If the price breaks above the 50-day simple moving average, the altcoin will resume its uptrend. At the time of writing, the altcoin is trading at $0.16. If sellers emerge in the overbought area of the market, IOTA will come under renewed selling pressure. It has strong momentum above the Daily Stochastic threshold of 75. It has the third highest profit margin of all cryptocurrencies. Some of the characteristics are as follows:
Current price: $0.162
Market capitalization: $450,967,384
Trading volume: $14,277,184
7–day gain/loss: 9.87%
XDC Network
XDC Network (XDC) price is down and may continue to fall. The upward correction from August 29 is rejected, leading to a further decline. The price of the cryptocurrency recovered and broke above the moving average lines, but it got stuck at a high of $0.066. The altcoin is recovering its losses. If the price stays above the moving average lines, the uptrend will resume. If the moving average lines are broken, the decline will continue. For the period 14, XDC is at a Relative Strength Index level of 50. The crypto asset has reached the price level where supply and demand are balanced. XDC is the fourth most valuable cryptocurrency and has the following characteristics:
Current price: $0.05722
Market capitalization: is $2,157,534,482
Trading volume: $12,560,329
7–day gain/loss: 8.60%
Mantle
Mantle (MNT) is in decline, but correcting upwards. The price of the cryptocurrency broke above the 21-day simple moving average and found support above the moving average lines. At the time of writing, the altcoin is trading at $0.447. On the positive side, if the existing support holds, the market will continue to rise. MNT is currently trading in the overbought zone of the market. The current uptrend is being tested at its last high. The altcoin is rising above the 80 level of the daily stochastic. The upward momentum has run its course. It is the fifth best performing cryptocurrency and has the following characteristics:
Current price: $0.4487
Market capitalization: $2,771,849,524
Trading volume: $15,288,141
7–day gain/loss: 6.35%
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.
