Weekly Cryptocurrency Analysis: Altcoins Continue Their Upward Momentum After A Small Retracement

Cryptocurrencies have skyrocketed as they approach the overbought zone. At the time of writing, USTC, LUNC, IOTA, ROSE and INJ are rallying while others are pulling back to regain their upward momentum.

TerraClassicUSD

TerraClassicUSD (USTC), which is rising above the $0.013 support level, is in an uptrend. The price of the cryptocurrency was hovering between $0.011 and $0.019 before its rise. To reach its high of $0.078, the crypto price broke through the $0.019 resistance. The altcoin pulled back after testing the $0.080 resistance zone. The current exchange rate for USTC/USD is $0.053. The altcoin is expected to rise to its previous high of $0.080. Currently, the altcoin is approaching the overbought zone of the market. 

The best performing cryptocurrency is called USTC and has the following characteristics: 

Current price: $0.05425

Market capitalization: $532,670,639

Trading volume: $377,782,746

7–day gain: 295.12%

Terra Classic

Terra Classic (LUNC) is gaining popularity. The price of the cryptocurrency is forming a series of higher highs and higher lows. The bullish momentum has reached a high of $0.00012719 at the time of writing. The altcoin is now trading below the $0.00012000 mark. The price indicator predicts that the altcoin will rally to previous highs. A retraced candlestick body tested the 38.2% Fibonacci retracement level on the upswing on November 10. The retracement predicts that LUNC will rise to the Fibonacci extension of $2.618 or $0.0001676. 

Below are the benefits of LUNC, the second best performing cryptocurrency:

Current price: $0.3468

Market capitalization: $1,862,276,402

Trading volume: $421,448,376 

7–day gain: 36.77%

IOTA

IOTA (IOTA) is on the retreat again after a recent rise. The cryptocurrency reached a high of $0.28 on November 29 before falling back. At the time of writing, IOTA is trading at $0.22. The current rise will begin again if the altcoin retraces and stays above the $0.20 mark. IOTA will trade in a range of $0.20 and $0.26 if the current support holds. The cryptocurrency is trading just above the $0.22 support level. 

IOTA, the third most valuable coin, has the following characteristics:

Current price: $0.2257

Market capitalization: $1,038,395,462

Trading volume: $521,844,220 

7–day gain: 30.97%

Oasis Network

Oasis Network (ROSE) is in an uptrend, although it was halted at a high of $0.077 on Nov. 12. Before breaking through this level, the digital asset traded below the $0.080 resistance zone for two weeks. On November 25, buyers broke through the resistance at $0.080 to reach a high of $0.087. The current rise is expected to continue and reach a high of $0.10. The current rise has surpassed the historical price level of February as it approaches the high of $0.10. The altcoin has reached the overbought zone of the market. Sellers could emerge in the overbought region of the market. 

It is the fourth best performing coin and has the following characteristics:

Current price: $0.08752

Market capitalization: $875,129,612

Trading volume: $22,802,318

Injective

The price of Injective (INJ) has maintained its bullish momentum above the moving average lines. The altcoin is currently in a sideways trend above the moving average lines. In the last price action, INJ rose to a high of $19.12 and was then sold off. Buyers were unable to sustain the bullish momentum above the $20 resistance level. Today, the altcoin is trading at $17.88 at the time of writing. The cryptocurrency is in a sideways movement between $16 and $20 price levels. INJ will resume the trend if the resistance and support levels are broken. The fifth most profitable cryptocurrency is INJ. 

The following features characterise INJ:

Current price: $18.12

Market capitalization: $1,810,912,085

Trading volume: $128,445,632

7–day gain: 13.84%

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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