HT, NEXO, TFUEL, DCR, and CAKE
Despite the recent downtrend, HT and NEXO are the most highly-priced altcoins as the cryptos trade in the bullish trend zone. TFUEL, DCR, and CAKE are still in a downward correction as the altcoins recover from the earlier decline. Let us examine each of the strongest altcoins for the week
Huobi Token
Huobi (HT) price is in an upward correction as price breaks above the moving average lines for the second time. HT rallied to the high of $5.06. The cryptocurrency is expected to continue the upward move. In the first uptrend on August 12, the altcoin reached the high of $5.83 but was repelled.
In the first uptrend, buyers could not sustain the bullish momentum as the market reached the overbought region. HT was repelled as it fell to the bearish trend zone. Today, the altcoin is trading in the bullish trend zone to breach the overhead resistance. Meanwhile, the altcoin is at level 60 of the Relative Strength Index for period 14. It indicates that HT is in the bullish trend zone and may rise.HT is the strongest altcoin for the week. It has the following characteristics:
The current price: $5.06
Market Capitalization: $2,530,577,487
Trading Volume: $39,769,219
7–day Gain/Loss: 16.26%
Nexo
NEXO (NEXO) price is in an upward move as price breaks above the moving average lines. On August 13 uptrend, buyers pushed the altcoin to the high of $1.09. It pulled back above the 21-day line SMA and resumed upward.
Meanwhile, on August 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall to level 1.272 Fibonacci extension or $0.58. From the price action, NEXO retested the 1.272 Fibonacci extensions and resumed an uptrend. The altcoin is trading above the moving average lines but battles the resistance at $1.09.It is at level 54 of the Relative Strength Index for period 14, NEXO is in the uptrend zone and may further rise. NEXO is the second-strongest altcoin in the week. It has the following characteristics:
The current price: $0.9209
Market Capitalization: $920,906,780
Trading Volume $28,853,009:
7–day Gain/Loss: 12.93%
Theta Fuel
Theta Fuel (TFUEL) is in a downward correction as the altcoin is confined between the moving average lines. The selling pressure has subsided after falling to the low of $0.039. The upward correction is hindered as it is confined between the moving average lines.
On the upside, if the bulls breached the 21-day line SMA, the coin will rise and break the resistance at $0.070. The bullish momentum will extend to the high of $0.12. Conversely, if the bears break below the 50-day line SMA, the altcoin will decline and revisit the previous low at $0.039. The crypto is below the 40% range of the daily stochastic. It indicates that TFUEL is in a bearish momentum. However, it is the third- strongest altcoin in the week. It has the following features:
The current price: $0.06304
Market Capitalization: $334,438,006
Trading Volume: $138,791,193
7–day Gain %: 10.14
Decred
Decred (DCR) price is in a downward correction as price breaks below the moving averages lines. On August 5, DCR rebounded above the 21-day line SMA to reach the high of $64. The cryptocurrency reached an overbought region but was repelled.
Today, the altcoin has fallen to the low of $27.39. Meanwhile, on the August 20 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall to level 1.272 Fibonacci extension or $20.43.Meanwhile, the altcoin is at level 44 of the Relative Strength Index for period 14. It indicates that DCR is in the bearish trend zone and may decline. It is the fourth- strongest altcoin for the week. It has the following characteristics:
The current price: $29.15
Market Capitalization: $612,046,718
Trading Volume: $5,696,248
7–day Gain/Loss: 8.26%
PancakeSwap
PancakeSwap (CAKE) is in a downward correction as it is confined between the moving average lines. The previous upward correction was repelled at the high of $4.66. The CAKE has declined and it is confined between the moving average lines.
The altcoin will trend when the moving average lines are breached. On the upside, if the bulls breach the 21-day line SMA, the coin will rise and revisit the $5.00 resistance zone. Conversely, if the bears break below the 50-day line SMA, the CAKE will decline to the previous low at $2.48 low. Meanwhile, the altcoin is at level 44 of the Relative Strength Index for period 14. It indicates that it is in the bearish trend zone and may decline. It is the fifth-best- strongest altcoin in the week. It has the following characteristics:
The current price: $3.77
Market Capitalization: $2,829,253,685
Trading Volume: $45,094,628
7–day Gain/Loss: 5.22%
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