Weekly Cryptocurrency Analysis: Altcoins Fail to Hold New Highs, Cryptocurrencies Return to Old Lows

Altcoins are trading in the bullish trend zone while facing rejection of recent highs.

Cryptocurrencies TRON and Huobi Token have retreated above the moving averages, suggesting that they may retest the previous highs. Conversely, XDC Network, STEPN and Nexo have fallen back below the moving averages. This means that the cryptos will continue to fall back to the previous lows. Let us take a look at the performance of the best performing cryptocurrencies.

TRON

TRON (TRX) has been in a sideways trend since January 5. After the breakdown on January 5, the bulls failed to keep the price above the $0.075 resistance. Buyers tested the $0.075 resistance zone more than four times, but failed to overcome it. 

Today, the uptrend reached the high of $0.073 and was rejected. Every time the overriding resistance is tested again, the market falls below the moving averages. TRON is the best performing cryptocurrency in the past week. 

It has the following characteristics: 

Current price: $0.07014

Market capitalization: $7,150,222,355

Trading volume: $1,866,762,289 

7-day gain %: 12.77%

XDC Network

XDC Network (XDC) has been in a sideways trend since April 12, 2021. On August 16, 2021, the cryptocurrency reached the high of $0.1954, but failed to overcome the resistance of $0.20. 

The altcoin was forced to move sideways below the overriding resistance. The cryptocurrency price is below the moving averages. The altcoin is retesting the 21-day line SMA, trying to overcome it. If the bulls break the moving averages to the upside, the market will rise and retest the high at $0.20. On the other hand, if the altcoin meets rejection, XDC will fall to the low of $0.042. It is the cryptocurrency asset with the second best performance last week. 

It has the following characteristics: 

Current price: $0.06118

Market capitalization: $2,304,001,285

Trading volume: $10,430,282 

7-day gain %: 11.51%

STEPN

STEPN (GMT) is in a sideways movement as the cryptocurrency fluctuates below the upper resistance of $4.00. Bulls tested the resistance zone three times before being rejected at the recent high. The altcoin has fallen below the moving averages and is approaching the low above the $3.20 support. In previous price action, the altcoin consolidated above the $3.20 support and later bounced back. GMT/USD is below the 20% range on the daily chart’s Stochastic. This indicates that the selling pressure has reached its bearish exhaustion. The altcoin has fallen into oversold territory and it is likely that buyers will emerge. GMT is the altcoin with the third best performance in the past week. 

The cryptocurrency has the following characteristics: 

Current price: $3.40

Market capitalization: $20.374.664.563

Trading volume: $1,154,784,002 

7-day gain %: 8.85%

Nexo

Nexo (NEXO) is in a downtrend as the price falls below the moving averages. On April 29, the bulls failed to break above the moving averages as the altcoin fell below the moving averages. NEXO fell above the $2.17 support, which was the previous historical price level from March 9. 

The uptrend will continue if the current support holds. It is the cryptocurrency asset with the fourth best performance in the past week. 

It has the following characteristics:

Current price: $2.22

Market capitalization: $2,212,202,663

Trading volume: $30,064,811 

7-day gain %: 4.52%

Huobi Token

Huobi Token (HT) is in a sideways movement. The cryptocurrency has fluctuated below and above its moving averages. However, in April, the price performance was choppy. Support and resistance are not visible. The market is characterized by indecisive candlesticks with small bodies. 

Today, the price bars are above the moving averages, indicating a possible rise in the cryptocurrency. The altcoin is above the 70% range of the daily stochastic. The market is in a bullish momentum. HT is the fifth best performing cryptocurrency in the past week. 

It has the following characteristics:

Current price: $9.43

Market capitalization: $4,717,058,391

Trading volume: $44,340,585 

7-day gain %: 1.45%

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 research before investing funds.

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