Weekly Cryptocurrency Market Analysis: Altcoins Retest and Challenge Overhead Resistance Levels

Aug 10, 2022 at 10:50 // Price

Altcoins are trading in bullish trend zones while bulls are challenging their respective overhead resistance levels. The overhead resistance has yet to be breached as the markets reach overbought conditions.

Flow

Flow (FLOW) is in an upward correction after rising above the moving average lines. The upward movement encounters rejection at $2.87. The uptrend will resume when the bulls break the resistance at $2.87. 

Meanwhile, the August 5 uptrend has shown a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the level of the 1.618 Fibonacci extension or $3.64. 

The altcoin is above the 80% area of the daily stochastic. This indicates that the market has reached the overbought area. Currently, further upside is doubtful. However, if the market falls below the moving average lines, the downtrend will resume. FLOW is the best performing cryptocurrency this week. It has the following characteristics:

Price: $2.91

Market capitalization: $4,048,448,925

Trading volume: $332,705,251 

7-day gain: 56.03%

Celsius

Celsius (CEL) is in an upward correction as the price is above the moving average lines. The current uptrend has reached the high of $2.14, but the market is approaching the overbought zone. 

Meanwhile, on July 28, the uptrend tested the 38.2% Fibonacci retracement level through a retreating candlestick. The retracement suggests that the altcoin will rise to the 2.618 Fibonacci Extension level or $2.46. The price action shows that the coin reached a high of $2.14 and then retreated. 

Meanwhile, the altcoin is at the 80 level of the Relative Strength Index for the 14 period, which means that the market has reached an overbought situation. Altcoin is likely to go down. It is the cryptocurrency with the second best performance this week. It has the following characteristics:

Price: $1.86

Market capitalization: $1,291,310,440

Trading volume: $23,905,548 

7-day gain: 45.82%

Decred

The price of Decred (DCR) is in an uptrend as it rose above the $26 support. The cryptocurrency rose to a high of $64.28, but was rejected. At the time of writing, DCR has retraced to the low of $37. The uptrend will continue if support holds. 

Meanwhile, the August 5 uptrend has shown a candle body testing the 38.2% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the 2,618 Fibonacci Extension level or $128.26. Decred is the cryptocurrency with the third best performance this week. It has the following characteristics:

Price: $35.16

Market capitalization: $750,143,699

Trading volume: $8,290,289 

7-day gain: 33.81%

Oasis Network

The price of Oasis Network (ROSE) is in a sideways movement, but has broken out above the moving average lines. The upward movement reached the high of $0.116, but was resisted. The price of the cryptocurrency is moving back towards the range bound zone. 

During the previous trend, the market fluctuated between $0.04 and $0.08. On the upside, the uptrend will continue if the price overcomes the resistance at $0.12. ROSE will continue to rise to the highs of $0.16 and $0.20. On the downside, the coin will find support above $0.08 if price declines and holds. The downside correction will resume if the price drops below the current support. The altcoin is above the 80% area of the daily stochastic. This means that the market has reached the overbought region. Sellers will appear in the overbought region and push the prices down. Altcoin is the fourth best performing cryptocurrency asset this week. It has the following characteristics:

Price: $0.1008

Market capitalization: $1,008,037,191

Trading volume: $168,923,425 

7-day gain: $29.04 

NEAR Protocol

Near Protocol (NEAR) is in an upward correction as the price breaks above the moving average lines. The uptrend continues as the price breaks the initial resistance of $5.60. Further upside in the coin is possible as the market approaches the next price target. 

Meanwhile, the July 20 uptrend has shown a candle body testing the 38.2% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the 2.618 Fibonacci Extension or $7.15. The altcoin is above the 80% area of the daily stochastics. This means that NEAR has reached the overbought region. 

Sellers will appear in the overbought region and push the prices down. However, NEAR is the cryptocurrency with the fifth best performance this week. It has the following characteristics: 

Price: $5.63

Market capitalization: $5,631,546,848

Trading volume: $578,023,917 

7-day gain: 32,23%

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