Weekly Cryptocurrency Market Analysis: Altcoins Recover above the Bullish Trend Zone as Bears Sell Recent Rallies

On December 4, Bitcoin's crash affected the entire cryptocurrency market. Bears sold the recent recoveries in altcoins. Despite the retracement, some of the altcoins are surviving the downtrend.

CoinIdol, a world blockchain news outlet, has compiled a list of the top 5 cryptocurrencies that have seen significant gains amid the overall downtrend.

Terra

Terra (LUNA) is in an uptrend. The altcoin reached a high of $80.85, but then fell back. LUNA has dropped from the high of $85 to the low of $67. The market will move back up if the current support holds. Meanwhile, the December 4 uptrend had a candlestick body testing the 61.8% Fibonacci retracement level. The retracement suggests that LUNA will rise to the 1.618 Fibonacci Extension level or $112.64. The cryptocurrency is the best performer in the last seven days. LUNA/USD has the following characteristics:

Price: $66.96

Market capitalization: $56,783,187,102

Trading volume: $4,599,547,715 

7-day gain: 34.34%

BitTorrent

BitTorrent (BTT) has recovered from a downtrend. Today, the BTT price has risen above the 21-day moving average line. The cryptocurrency will resume its upward momentum if the price rises above the 50-day moving average line. However, if the altcoin is rejected at its recent high, BTT/USD will fluctuate between the moving average lines. Meanwhile, the upside correction has reached a high at $0.0034. However, the market is also approaching the overbought zone. The downtrend in the cryptocurrency has eased as shown by the 1.618 Fibonacci Extension level or $0.0020. It is the second best performing cryptocurrency. It has the following characteristics:

Price: $0.003441

Market capitalization: $3,184,841,526

Trading volume: $1,514,664,078 

7-day gain: 10.68%

OKB

OKB (OKB) has been in a sideways trend since October 22. The altcoin is trading below the $32 resistance level. On November 8, the uptrend was pushed back when it fell to the low above $21. Currently, the price bars above the moving averages, indicating a possible rise to retest the overriding resistance. Crypto is the third best performing altcoin. OKB has the following characteristics:

Price: $26.54

Market capitalization: $7,816,185,882

Trading volume: $790,068,014 

7-day gain: 9.6%

Polygon

Polygon (MATIC) is in a sideways trend. Buyers have failed to break above $2.20 resistance. Today, Polygon is falling after hitting a high of $2.40. In the uptrends of October 29 and November 3, the altcoin was rejected at the $2.20 resistance level. It fell to a low of $1.50 after retesting overhead resistance. MATIC/USD has fallen to support above the moving averages. The uptrend should continue if the current support holds. However, the sideways trend will continue if the above resistance remains unbroken. Polygon has the following characteristics:

Price: $1.84

Market capitalization: $18,385,188,610

Trading volume: $3,134,509,477 

7-day gain: 7.19%

UNUS SED LEO

UNUS SED LEO (LEO) is in a sideways trend. Buyers have struggled to break above resistance at $3.40. The high at $3.40 is an overbought area of the market. Today, the altcoin is falling after breaking above overhead resistance. If the bulls break the overhead resistance, the cryptocurrency asset will rally to the high of $4.32. UNUS SED LEO has the following characteristics:

Price: $3.52

Market capitalization: $3,473,144,696

Trading volume: $3,554,896 

7-day gain: 3.26%

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.

Source: Read Full Article