Weekly Cryptocurrency Market Analysis: Altcoins Are under Pressure While Cryptos Risk Another Downward Move

There are doubts about the upside correction in cryptocurrencies, as altcoins are under selling pressure every time they rally. The upside moves are merely a “bull trap”.

CHZ, XRP and APE are facing rejections in the uptrend zone, which may lead to a downward correction. ALGO and QNT have entered the uptrend zone, but face selling pressure above the moving average lines. Let us talk in detail about the best performing cryptocurrencies this week.

Chiliz

The price of Chiliz (CHZ) is in an uptrend. In the first uptrend, the altcoin reached the high of $0.264 and was pushed back. It fell above the 50-day line SMA and resumed a new uptrend. The second uptrend meets the same rejection at the high of $0.26. CHZ will decline and continue a sideways movement when it meets resistance at the recent high. In the first uptrend, the altcoin has fallen above the 50-day line SMA. On the upside, CHZ will continue an uptrend if the resistance is overcome. The cryptocurrency will rise and reach a new high of $0.32. Meanwhile, CHZ is above the 80% area of the daily stochastic. This indicates that sellers will appear in the overbought region and push prices down. Altcoin is the best performing cryptocurrency asset this week. It has the following characteristics:

Current price: $0.2427

Market capitalization: $2,157,339,112

Trading volume: $810,704,340 

7-day gain: 21.81%.

XRP

XRP (XRP) is in an uptrend as the price is above the moving average lines. On September 16, the altcoin rallied and reached the high of $0.39, but fell back. Buyers have not held the altcoin above the $0.38 high since June 11. A breakout above the recent high will push XRP to the high of $0.45. Meanwhile, on September 17 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. XRP will rise to the level 2.0 Fibonacci extension or $ 0.43 high. The altcoin is at level 59 of the Relative Strength Index for the period 14. XRP is in the bullish trend zone and can continue to rise.XRP is the second best performing cryptocurrency this week. It has the following characteristics: 

Current Price: $0.3809

Market capitalization: $38.086.949.191

Trading volume: $2,505,403,690 

7-day gain: 6.73%

Algorand

The price of Algorand (ALGO) has been in a sideways movement since June 13. The cryptocurrency moved in a range between $0.28 and $0.38 price levels. Today, buyers pushed the altcoin above the moving average lines. The altcoin will rise and retest the resistance at $0.38. The resistance is an overbought area of the market. Sellers will show up and push prices down. On the upside, if the buyers overcome the resistance at $0.38, the cryptocurrency will rise to $0.43. On the downside, the price action could continue if the overhead resistance remains unbroken. The daily stochastic is above the 80% area. This indicates that the market has reached the overbought area. ALGO is in a small retracement. Sellers will show up in the overbought area and push prices down. ALGO is the cryptocurrency with the third best performance this week. It has the following characteristics:

Current price: $0.3383

Market capitalization: $3,387,823,726

Trading volume: $263,754,192 

7-day gain: 4.45%.

Quant

Quant (QNT)’s price is in a downward correction as it trades between moving average lines. On September 11 and 17, buyers tried to keep the price above the moving average lines, but faced selling pressure at the recent high. The altcoin has fallen between the moving average lines. QNT will be forced to move between the moving average lines. The altcoin will develop a trend when the range boundaries are broken. The altcoin is at level 50 of the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. It is the fourth best performing cryptocurrency this week. It has the following characteristics: 

Current price: $104.11.

Market capitalization: $1,522,485,441.

Trading volume: $29,768,616 

7-day gain: 2.79%.

ApeCoin

The price of ApeCoin (APE) is trading in the uptrend zone as the price breaks above the moving average lines. The price of the cryptocurrency is fluctuating above the moving average lines. However, the upward correction encounters resistance at the $6.00 high. However, if APE falls below the 50-day line SMA, the cryptocurrency will be forced to move between the moving average lines. On the upside, APE will rise to $7.71 if resistance at $6.00 is broken. It is below the 80% area of the daily stochastic. The altcoin is in a bearish momentum. Sellers will appear in the overbought area and push prices down. It has the following characteristics:

Current price: $5.67

Market capitalization: $5,666,649,082

Trading volume: $637,223,255 

7-day gain: 1.85%

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 own research before investing in funds.