Weekly Cryptocurrency Market Analysis: Altcoins Fail to Hold at Higher Price Levels as Bears Sell at Rallies

This post was originally published on this site
Jul 20, 2022 at 12:20 // Price

LRC and XTZ have bullish momentum again as the altcoins break out above the moving average lines. The other altcoins like LEO, AMP and TRX are in a downward correction as they risk another decline.

UNUS SED LEO

UNUS SED LEO (LEO) is in a downward correction as the price falls below the moving average lines. Since July 13, LEO has fallen above the $5.28 support and resumed consolidation below the moving average lines. On the downside, there is no possibility of further decline as the altcoin has fallen into the oversold zone of the market. Also, there is a long candle tail in place. The long candle tail indicates that there is strong buying pressure at lower price levels. 

Meanwhile, LEO is below the 20% area of the daily stochastic. This means that the cryptocurrency is in the oversold area of the market. It is the cryptocurrency with the lowest performance in the past week. It has the following characteristics:

Price: $5.25

Market capitalization: $5,183,584,520

Trading volume: $4,065,780 

7-day loss: 0.20%

Loopring

Loopring (LRC) is in a downward correction as the price breaks above the moving average lines. The cryptocurrency has entered the bullish trend zone and there is a tendency for further upward movement of the altcoin. On the upside, the market will reach the highs of $0.60 and $0.80 if the bullish momentum is maintained. However, if the bulls face rejection at the $0.60 high, the crypto will be forced to move sideways below the recent high. 

The altcoin is at level 61 of the Relative Strength Index for period 14, indicating that LRC is in the bullish trend zone and capable of further upward movement. It is the cryptocurrency with the second worst performance in the past week. The cryptocurrency has the following characteristics: 

Price: $0.4552

Market capitalization: $625,616,751

Trading volume: $231,716,645 

7-day loss: 3.60%

Amp

Amp (AMP) is in a downward correction as the price consolidates below the moving averages. The cryptocurrency is in a choppy price action. The price action is characterized by small indecisive candles called doji. The cryptocurrency will not enter a trend due to these small-sized candles. The candlesticks indicate that buyers and sellers are undecided about the direction of the market. 

Meanwhile, on May 11 downtrend, a retraced candlestick body tested the 78.6% Fibonacci retracement level. The retracement indicates that the altcoin will fall, but will reverse at the level of 1.272 Fibonacci extension or $0.006195 price level. Amp is above the 40% area of the daily stochastic. It is the cryptocurrency asset with the third worst performance in the past week. The cryptocurrency has the following characteristics: 

Price: $0.009236

Market capitalization: $854,737,231

Trading volume: $7,823,119 

7-day loss: 3.68%

TRON

TRON (TRX) is in a downward correction as the altcoin continues its sideways movement between the moving average lines. TRON is trapped between the moving average lines. On the downside, the altcoin will fall back to the previous lows if the price drops below the 21-day line SMA. On the other hand, the market will resume an uptrend if the price breaks above the 50-day line SMA. 

Meanwhile, on June 14 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the altcoin will fall to the level of 1.618 Fibonacci extension or $0.033. TRON is above the 40% area of the daily stochastic. This indicates that the market is in an upward momentum. TRON is the cryptocurrency with the fourth worst performance in the past week. It has the following characteristics: 

Price: $0.06788

Market capitalization: $6,313,376,402

Trading volume: $741,721,784 

7-day loss: 4.54%

Tezos

Tezos (XTZ) is in a downward correction as the price breaks above the moving average lines. The uptrend is hindered by the $1.8 resistance zone. The altcoin is falling after being rejected at the recent high. The uptrend will resume when the price retraces and finds support above the 50-day line SMA. A break above the $1.80 resistance will catapult the altcoin to the $2.20 high. 

Tezos is above the 80% area of the daily stochastic. This indicates that the market has reached the overbought region. Sellers have emerged in the overbought region of the market. If the bears break below the moving average lines, the selling pressure will increase again. It is the cryptocurrency with the fifth worst performance this week and has the following characteristics:

Price: $1.68

Market capitalization: $1,545,531,607

Trading volume: $74,465,335 

7-day loss: 4.77%

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.