Cryptocurrencies have regained bullish momentum after rising above their previous lows. The bullish momentum has stalled after breaking above the 21-day line SMA. Altcoins failed to continue their upward movement as they failed to break through the next resistance levels.
Waves
Waves (WAVES) has risen above the $4.35 support after the price rose above the 21-day line SMA. The bullish momentum is also approaching the 50-day line SMA. A break above the moving averages will signal the resumption of the upward momentum. Currently, the upward momentum is stuck at the $10 resistance. The high of $10 is the historical price level of February 21.
A recovery above the moving averages is possible if the price breaks above the current resistance. WAVES is above the 80% area of the daily stochastic. The market has reached the overbought zone. The altcoin could go down. WAVES is the best performing cryptocurrency in the past week. It has the following characteristics:
Price: $9.82
Market capitalization: $1,037,917,706
Trading volume: $3,736,108,949
7-day gain: 66.80%
Axie Infinity
Axie Infinity (AXS) is in a downtrend but has recovered above the $18 support. The altcoin has risen above the 21-day line SMA and is approaching the 50-day line SMA. The bulls are trying to break above the 50-day line SMA but are encountering resistance at $28. The altcoin will rally above the 50-day line SMA if the bulls overcome resistance at $28.
On the other hand, if the bulls fail to break the recent high, the altcoin will fall and be forced to continue a sideways movement between the moving averages. It is the cryptocurrency asset with the second best performance last week. It has the following characteristics:
Price: $27.75
Market capitalization: $7,493,278,479
Trading volume: $775,759,318
7-day gain: 26.12%
Aave
Aave (AAVE) has risen to the high of $119 after breaking above the 21-day line SMA. The altcoin is on the verge of breaking the 50-day line SMA but is struggling with resistance at $120. On the upside, if the bulls break the resistance at $120, the market will rise above the high at $170 or the 50-day line SMA.
If the Aave fails to break above the recent high, it will have to move between the moving average lines. The altcoin is above the 80% area of the daily stochastic. This means that it is trading in the overbought region of the market.
The cryptocurrency is likely to fall. It is the cryptocurrency asset with the third best performance in the past week. It has the following characteristics:
Price: $118.22
Market capitalization: $1,891,693,510
Trading volume: $368,736,816
7-day gain: 19.21%
Helium
Helium (HNT) is in a downtrend but is bouncing off $7.22 support. The upward movement encounters a rejection at the $10 resistance level. The altcoin has fallen back to the 21-day line SMA. The cryptocurrency will start a new uptrend if the 21-day line SMA holds. If the bears break below the 21-day line SMA, the downtrend will resume.
HNT is below the 80% area of the daily stochastic. This indicates that the market is in a bearish momentum. It is the cryptocurrency with the fourth best performance last week. It has the following characteristics:
Price: $9.15
Market capitalization: $2,039,712,857
Trading volume: $61,698,474
7-day gain: 17.81%
The Sandbox
The Sandbox (SAND) is in a downward correction as price breaks above the 21-day moving average line. Bullish momentum above the 21-day moving average line is rejected. The altcoin is retesting resistance at $1.53.
On May 14, the altcoin was rejected after retesting resistance. However, if SAND falls back above the 21-day moving average line, the uptrend will resume. However, the altcoin will fall and return to a range between $0.90 and $1.50 if the bears fall below the 21-day moving average line.
Meanwhile, SAND is above the 80% area of the daily stochastic. This indicates that the altcoin has reached the overbought zone. SAND is the fifth best performing cryptocurrency in the past week. It has the following characteristics:
Price: $1.44
Market capitalization: $4,325,802,537
Trading volume: $598,646,989
7-day gain: 14.36%
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: https://coinidol.com/altcoins-regain-bullish-momentum/