Weekly Cryptocurrency Market Analysis: Altcoins Are Trending Sideways And Declining

The following altcoins are the best-performing cryptocurrencies, even though their value is falling due to Bitcoin’s recent decline.

The cryptocurrencies are also trading in their own bull markets. Despite the decline, the altcoins continue to trade in the uptrend regions.

Bitget Token

The price of Bitget Token (BGB) is in an uptrend and in a bull market. The cryptocurrency value has risen above the $0.38 support and has resumed its upward movement. The altcoin rose to a high of $1.37 and began a sideways movement on April 3, 2024. The sideways movement was between the 21-day SMA support and the resistance at $1.40. If the bulls break through the resistance at $1.40, the altcoin will rise to a high of $1.93.

Conversely, the current uptrend could end if the bears break the 21-day SMA. The altcoin will then fall to a low of $1.05. At the time of writing, the altcoin is worth $1.29. It has the following characteristics and is the coin with the highest performance.

The current price: $1.30

Market capitalization: $2,606,324,015

Trading volume: $64,480,315

 7–day gain: 0.43%

Ondo

Ondo (ONDO) is in an uptrend and is also trading in a bull market. The current uptrend ended twice at the high of $1.00 when it fell below the 21-day SMA. The altcoin is now below the 21-day SMA but above the 50-day SMA. ONDO will fall to the low of $0.65 if the bears break below the moving average lines. The altcoin will be forced to fluctuate between the moving average lines if the decline is halted above the 50-day SMA. At the time of writing, it is trading at $0.75. 

ONDO has the characteristics listed below and is the second best performing altcoin.

Current price: $0.7572

Market capitalization: $7,573,233,047

Trading volume: $366,147,292

7–day gain: 1.14%

UNUS SED LEO

UNUS SED LEO (LEO) is in an uptrend and has recovered from its previous dip, although it has yet to break through the upper barrier of $6.25. The current rise has been halted above the upper barrier since March 6, 2024. Today, LEO is in a sideways trend, fluctuating below and above the moving average lines. Due to the presence of doji candlesticks, the price movement between the moving average lines has remained constant. 

LEO is currently worth $5.85. The third most valuable coin, LEO, has the following characteristics:

Current price: $5.86

Market capitalization: $5,773,461,410

Trading Volume: $1,560,729

7–day Gain: 4.91%

OKB

OKB (OKB) has been in a bull market since it broke above the $3.28 resistance. On March 14, the altcoin rose to a high of $73.87 before being pushed back. The recent rise has ended as the altcoin has fallen below the moving average lines. OKB is currently trading at $55.89. The altcoin is trading above the $51 support and below the $62 resistance/moving average lines. The altcoin will fall further if the bears drop below the current support level of $51.00. 

OKB, the fourth best performing cryptocurrency, has the following characteristics:

Current price: $55.23

Market capitalization $16.568.346.263

Trading volume: $16,391,816

7–day gain: 5.67%

TRON

TRON (TRX) has fallen below the moving average lines after the end of the last rally. Buyers have failed to sustain the upside momentum above the $0.14 resistance, leading to the fall. The altcoin moved above its previous low of $0.11. The selling pressure has eased as the altcoin has found support above its current level at $0.11. The current support has not been broken since November 11, 2023. If the current support holds, the uptrend will begin. The alternative currency could drop to $0.10 if the current support is broken. It is currently worth $0.108. 

TRON, the fifth best performing cryptocurrency, offers the following advantages:

Current price: $0.1088

Market capitalization: $9,536,285,169

Trading volume: $412,251,851 

7–day gain: 9.16%

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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