Altcoins Bounce While Cryptos Hit Higher Highs And Higher Lows

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Jan 24, 2023 at 09:30 // Price

The upward momentum of the altcoins cannot continue

Alt­coins are ris­ing above their mov­ing aver­age lines and bounc­ing off their imme­di­ate sup­port lev­els. At their respec­tive highs, the upside moves are rejected. 


These worst per­form­ing alt­coins are at risk of falling back to their pre­vi­ous lows. The upward momen­tum of the alt­coins can­not con­tin­ue. Each of these cryp­tocur­ren­cies will be cov­ered in detail. 


Monero 


The price of Mon­ero (XMR) is mov­ing side­ways and encoun­ter­ing resis­tance at the high of $180. The alt­coin climbed to a high of $187.20 in the pre­vi­ous trend before being pushed back. As the alt­coin approached the over­bought area, resis­tance was encoun­tered. XMR is cur­rent­ly trad­ing below the $180 resis­tance lev­el. The alt­coin fell on Jan­u­ary 18 and found sup­port above the mov­ing aver­age lines. On the plus side, the alt­coin could fall if buy­ers are unable to keep it above the mov­ing aver­age lines. The down­trend will con­tin­ue if the mov­ing aver­age lines are bro­ken. XMR has a bull­ish momen­tum above the dai­ly sto­chas­tic val­ue of 50. Among all cryp­tocur­ren­cies, it has per­formed the worst in the past week. The cryp­tocur­ren­cy’s char­ac­ter­is­tics include: 


XMRUSD(Daily Chart) - January 22.23.jpg


Cur­rent price: $174.13


Mar­ket cap­i­tal­iza­tion: $3,169,180,167


Trad­ing vol­ume: $112,909,740 


7‑day gain/loss: 0.30%  


Ethereum Classic 


The price of Ethereum Clas­sic (ETC), which has risen to a high of $24, con­tin­ues to climb. The uptrend is slowed down by the side­ways trend. Before its decline, the alt­coin rose to a high of $24. Ethereum Clas­sic fell twice above the mov­ing aver­age lines when it hit the resis­tance of the recent high. The over­bought area of the mar­ket is now vis­i­ble due to the rise. If the alt­coin breaks the upside resis­tance at $24, the uptrend will resume. On the oth­er hand, if the price breaks below the mov­ing aver­age lines or the $20 sup­port, the alt­coin will fall. ETC ris­es above the 61 val­ue of the Rel­a­tive Strength Index for the peri­od 14. The char­ac­ter­is­tics of ETC, the cryp­tocur­ren­cy with the sec­ond worst per­for­mance, are as follows: 


ETCUSD(Daily Chart) - January 22.23.jpg


Cur­rent price: $21.89


Mar­ket cap­i­tal­iza­tion: $4,612,909,246


Trad­ing vol­ume: $243,340,643 


7‑day gain/loss: 0.76%


Bitcoin SV 


Bit­coin SV (BSV) has a nar­row price range, which is between $40 and $46. BSV has fluc­tu­at­ed in a range between $36 and $48 since the price fell on Novem­ber 9. As buy­ers failed to keep the price above the $48 resis­tance lev­el, the price fell. On the down­side, buy­ers defend­ed the cur­rent sup­port at $40. The alt­coin will devel­op once the fluc­tu­a­tion range is bro­ken. The dai­ly sto­chas­tic is at 75, which means that the cryp­tocur­ren­cy asset is in an upward momen­tum. This indi­cates that the alt­coin is approach­ing the over­bought zone of the mar­ket. The per­for­mance is the third worst this week. The cryp­tocur­ren­cy’s char­ac­ter­is­tics include: 


BSVUSD(Daily Chart) -January 22.23.jpg


Cur­rent price: $21.97


Mar­ket cap­i­tal­iza­tion: $4,629,037,459


Trad­ing vol­ume: $245,198,637 


7‑day gain/loss: 0.87%


eCash 


eCash (XEC) is in an uptrend as the price cross­es above the mov­ing aver­age lines. The price of XEC rose to a high of $0.00003000 and since Jan­u­ary 15, the uptrend has been frozen at the recent high. More­over, buy­ers have worked hard to keep the price above the $0.00003000 resis­tance lev­el since Novem­ber 9. If buy­ers man­age to keep the price above the recent high, it will rise to $0.00004000. In con­trast, the eCash price will con­tin­ue to fall if it is reject­ed from the recent high and reach­es a low of $0.00002075. One area of the mar­ket that has over­bought con­di­tions is the resis­tance at $0.00003000. The dai­ly sto­chas­tic is above the 78 lev­el for the cryp­tocur­ren­cy. Due to its posi­tion in the over­bought area of the mar­ket, the alt­coin could fall. XEC had the fourth worst per­for­mance this week. It has the fol­low­ing characteristics: 


XECUSD(Daily Chart) - January 22.23.jpg


Cur­rent price: $0.00003079


Mar­ket cap­i­tal­iza­tion: $646,112,498


Trad­ing vol­ume: $10,127,170 


7‑day gain/loss: 0.98%


Chiliz 


The price of Chiliz (CHZ) is cor­rect­ing high­er as it cross­es above the mov­ing aver­age lines. As the bulls bought the dips dur­ing the cur­rent down­trend, the cryp­tocur­ren­cy asset dropped sharply to a low of $0.09. The $0.15 resis­tance area is the point where the upside cor­rec­tion is reject­ed. How­ev­er, if buy­ers man­age to keep the price above the high of $0.15 and the bull­ish momen­tum con­tin­ues, the mar­ket will rise to highs of $0.20 and $0.25. If the Chiliz price falls below the resis­tance lev­el, it will depre­ci­ate and enter a trad­ing range. At a lev­el of 59 on the Rel­a­tive Strength Index for the peri­od 14, CHZ is in the upward zone. The coin with the fifth worst per­for­mance is CHZ. It has the fol­low­ing characteristics: 


CHZUSD(Daily Chart) - January 22.23.jpg


Cur­rent price: $0.1377


Mar­ket cap­i­tal­iza­tion: $1,223,799,469


Trad­ing vol­ume: $96,993,386 


7‑day gain/loss: 1.31%


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 in funds.

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