Weekly Cryptocurrency Market Analysis: Altcoins Drop from the Overhead Resistance as They Revisit Current Support

Jul 27, 2022 at 10:23 // Price

The cryptocurrencies listed below are trading in the uptrend zone but failed to break the overhead resistance. The market has declined after the rejection of the overhead resistance. Altcoins may have resumed their upward momentum when the overhead resistance is broken.

Trust Wallet Token

Trust Wallet Token (TWT) is in an upward correction as the price breaks above the moving average lines. The uptrend has reached the previous high of $0.90, but is struggling to break through the resistance level. On the uptrend on June 25, the bulls failed to break the $0.95 resistance zone. As a result, the altcoin face a rejection of the recent high. On June 30, TWT fell to a low of $0.65, or above the 50-day line SMA, as bulls bought the dips. 

However, if the bulls break the recent high, the market will rise to $1.04. The altcoin is at level 62 of the Relative Strength Index for period 14, indicating that the coin is in the uptrend zone and capable of further upward movement. TWT is the best performing cryptocurrency this week. It has the following characteristics:

Price: $0.9018 

Market capitalization: $901,824,311

Trading volume: $39,366,478 

7-day gain: 8.31%

OKB

The price of OKB has regained bullish momentum as it has risen above the moving average lines. The current uptrend has risen to the high of $15.17, which is the previous resistance level from May 10. Since July 19, buyers have been desperately trying to break through resistance at $15.17. If the bulls break through the current resistance, the market will rise to the high of $20.94. However, further upside is doubtful as the market is approaching the overbought area. 

Meanwhile, the OKB is above the 70% area of the daily stochastic. This indicates that the market is in a bullish momentum. OKB is the second best performing cryptocurrency this week. It has the following characteristics:

Price: $15.17

Market capitalization: $4,578,747,253

Trading volume: $14,948,882 

7-day gain: 7.64%

Bitcoin Gold

Bitcoin (BTG) is in a sideways movement as the price breaks above the moving average lines. The cryptocurrency resumed its upward movement as it retested the resistance at $27. The bulls failed to break the resistance at $27 as the market retraced to the previous low. The market will resume its upward movement as the price moves back above the moving average lines. 

On the downside, BTG will return to the previous low if the bears fall below the moving average lines. BTG is at level 57 on the Relative Strength Index for period 14, indicating that the cryptocurrency is in the bullish trend zone and could continue to rise. However, BTG is the cryptocurrency with the third best performance this week. It has the following characteristics: 

Current price: $20.40

Market capitalization: $427,598,834

Trading Volume: $41,829,680 

7-day gain: $7.53%

Qtum

The price of Qtum is in an upward correction as it breaks above the moving average lines. Qtum has risen to $3.60 but faces rejection at the recent high. The market is approaching the resistance zone of $3.70. The market is retesting the May 12 zone. If the bulls break the resistance to the upside, the cryptocurrency asset will resume its upward momentum. The altcoin will reach the previous highs of $5.00. 

Nevertheless, Qtum will fall below the moving averages if it turns away from the resistance zone. Qtum is at level 58 of the Relative Strength Index for the period 14, which indicates that the altcoin is approaching the overbought zone. It is the cryptocurrency asset with the fourth best performance this week. It has the following characteristics:

Price: $3.34

Market capitalization: $359,837,017

Trading volume: $126,094,555 

7-day gain: 7.25%

Synthetix

Synthetix (SNX) is in a bullish trend zone as it breaks above the moving average lines. The upside correction is retesting the overhead resistance. A break above the $3.50 resistance will push the altcoin to resume its uptrend. 

Meanwhile, SNX is bearish after encountering resistance at the $3.50 high. SNX is at level 51 on the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. SNX is the fifth best performing cryptocurrency stock of the week. It has the following characteristics:

Price: $2.90

Market capitalization: $615,836,206

Trading volume: $95,900,730 

7-day gain: $5.71%

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. 

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