Weekly Cryptocurrency Market Analysis: Altcoins Rise After Breaking Their Sideways Pattern
Cryptocurrencies are the best-performing altcoins. Weekly price Analysis by Coinidol.com.
Altcoins are making great strides in a rally but are forced to drift sideways when cryptocurrencies face strong resistance.
Pepe
The price of Pepe (PEPE) is rising as the bull market continues. On May 20, PEPE rallied and broke through resistance at $0.00001100, signaling the start of a bull market. Following the rally, the altcoin reached a high of $0.00001701.
On the upside, PEPE is likely to test the next resistance at $0.00001750. The altcoin is showing a bullish crossover with the 21-day SMA crossing above the 50-day SMA. This means that the value of the cryptocurrency will continue to rise. PEPE is the best performing cryptocurrency and has the following characteristics:
Current price: $0.0000168
Market capitalization: $7.07B
Trading volume: $2.66B
7-day gain: 79.58%
Ethereum Name Service
The price of Ethereum Name Service (ENS) is rising but still recovering from its previous downturn. However, the uptrend has remained at the high of $27.50 since January 11, 2024. The cryptocurrency value is in a sideways trend and is trading between $17 and $27.50. Today, the altcoin is rising and trying to break through the $27.50 mark.
If the bulls overcome the resistance at $27.50, ENS will reach a high of $42. The market will continue to range if the bulls fail to break through the $27.50 resistance. The value of the altcoin currently stands at $26.42. ENS is the cryptocurrency with the second-highest performance. It has the following characteristics:
Current price: $25.92
Market capitalization: $2,591,914,311
Trading volume: $365,943,003
7-day gain: 79.23%
Uniswap
Uniswap (UNI) is recovering from its previous decline and moving higher. UNI was previously trading in a range between the $6.60 support and below the moving average lines. On May 15, UNI recovered and rose above the moving average lines. The positive momentum has strengthened to a high of $11.79. If the positive momentum continues, UNI will test its previous high of $17.00. In the meantime, the altcoin is trading below its previous high. Given these characteristics, UNI is the third best performing coin.
Current price: $11.18
Market capitalization: $11.181.206.280
Trading volume: $419,627,226
7–day gain: 47.93%
Pendle
Pendle (PENDLE) price is on the upswing and trading in a bull market after breaking the resistance at $1.00. Since January 2024, the rise has remained constant. On April 11, the altcoin rose to a high of $7.53 before being pushed back. For the past month, the altcoin has been in a sideways pattern, trading between $4.00 and $7.50.
Today, PENDLE is on the rise to retest and break through the $7.50 resistance level. A break above the current high will take the altcoin to $8.59. The fourth best performing cryptocurrency is PENDLE. Here are a few key Features.
The current price: $7.15
Market capitalization: $1,848,074,266
Trading volume: $123,813,482
7–day gain: 42.80%
Ondo
The price of Ondo (ONDO) is also rising as it trades in a bull market. On March 31, the altcoin rose to a high of $1.05 before entering a sideways trend below the $0.95 resistance. On May 23, ONDO recovered and broke through the barrier at $0.95 to reach a high of $1.33. After a small correction, the crypto will resume its uptrend. At the time of writing, the value of ONDO is $1.19. ONDO is the fifth best performing cryptocurrency. It has the following characteristics:
Current price: $1.20
Market capitalization: $11.947.045.765
Trading volume: $246,417,073
7–day gain: 41.28%
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.
Brought from CoinIdol.com: https://coinidol.com/solana-stays-above-160/
Comments
Post a Comment