Weekly Cryptocurrency Analysis: Altcoins Trading in the Bullish Trend Zone Despite Bears Sell Aggressively

Aug 16, 2022 at 12:00 // Price

Cryptocurrencies are trading in the bullish trend zone. Top performances of the week were shown by Ankr, Chiliz, Celsius, Shiba Inu and Nexo.

Chiliz has broken its overhead resistance as it continues to make positive moves. The altcoin is out of the downward correction as it resumes its upward momentum. The other altcoins are struggling below their respective overhead resistances. 

Let us discuss in detail the best performing cryptocurrencies this week. 

Ankr

Ankr (ANKR) is in an uptrend and rose to a high of $0.035 on Aug. 11, when the altcoin encountered initial resistance and fell to a low of $0.044. 

Today, August 16, 2022, ANKR resumed a new uptrend to retest the resistance level. Meanwhile, on the uptrend from August 11, a retreating candle tested the 50% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the 2.0 Fibonacci extension level or the $0.083 price level. Altcoin is above the 75% area of the daily stochastic. This indicates that the market is in a bullish momentum. 

ANKR is the best performing cryptocurrency this week. It has the following characteristics:

Current Price: $0.05123

Market capitalization: $512,107,033

Trading Volume: $292,243,289 

7-Day Gain: 50.27%.

Chiliz

The price of Chiliz (CHZ) continued its uptrend as it reached $0.23 and retraced. The bulls broke the initial resistance at $0.16 and continued the current uptrend. 

Meanwhile, a candlestick of the August 1 uptrend tested the 50% Fibonacci retracement level. The retracement suggests that the altcoin will rise to the 2.0 Fibonacci Extension level or $0.227. The cryptocurrency is at the 79 level of the Relative Strength Index for the 14 period, which means that the altcoin has reached the overbought zone of the market. CHZ will soon reach bullish exhaustion. 

Chiliz is the cryptocurrency with the second best performance this week. It has the following characteristics:

Current price: $0.206

Market capitalization: $1,831,076,883

Trading volume: $691,555,312 

7-day gain: 38.85

Celsius

The price of Celsius (CEL) is in an uptrend and rose to a high of $4.63. However, the cryptocurrency has retreated to the low of $2.33, but is consolidating above the current support. There is a probability of further upward movement of the coin. 

On July 28 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the altcoin will rise to the level of 2.618 Fibonacci Extension or $2.46. From the price action, the coin has reached a high of $9.96. Meanwhile, the altcoin is below the 80% area of the daily stochastic. This indicates that the altcoin is in a bearish momentum. 

It is the cryptocurrency asset with the third best performance this week. It has the following characteristics:

Current Price: $2.79

Market capitalization: $1,943,793,268

Trading volume: $53,820,875 

7-day gain: 37.70% 

Shiba Inu

The price of Shiba Inu (SHIB) is in an upward correction as the price breaks above the moving average lines. On August 14, altcoin rallied and reached a high of $0.00001792. At the recent high, the uptrend was pushed back as the market reached the overbought zone. 

SHIB is now fluctuating below the current resistance level. The uptrend will continue if the price breaks above the resistance at $0.00001792. The altcoin will continue to rise to the high of $0.00002217. On the other hand, SHIB will retrace and regain the previous low at $0.00001260 if the bulls fail to break the recent high. The relative strength index for period 14 is at level 67, indicating that the altcoin is in an uptrend and could continue to rise. 

SHIB is the cryptocurrency asset with the fourth best performance this week. It has the following characteristics:

Current Price: $0.00001633

Market capitalization: $9,678,457,165

Trading volume: $1,591,859,307 

7-day gain: 28.81

Nexo

Nexo (NEXO) is in an upward correction as the price breaks above the moving average lines. The cryptocurrency rose to an overbought area at $1.06. The altcoin is retreating to the downside. The uptrend will continue if the price retraces and holds above the moving average lines. 

On July 19, the bulls pushed the altcoin to the high of $1.05 and were pushed back. The altcoin fell to the low of $0.64 and continued its uptrend. If the bears fall below the moving average lines today, the downtrend will resume. The altcoin is at level 72 of the Relative Strength Index for the period 14, which means that NEXO has reached the overbought zone. It is likely that the uptrend will be rejected at the recent high. Sellers will emerge in the overbought area and push prices down. 

However, NEXO is the fifth best performing cryptocurrency this week. It has the following characteristics: 

Current price: $0.9767

Market capitalization: $976,679,112

Trading Volume: $14,295,573 

7-Day Gain %: 24.42%

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 

Leave a Reply

Your email address will not be published. Required fields are marked *