Altcoins Are On A Steady Rise, Forcing A Range-Bound Move

Dec 24, 2022 at 09:46 // Price

Altcoins that are in uptrend zones could go higher

Cryptocurrencies have been on a steady decline this week. XDC, TON, and PAXG are currently trading in uptrend zones.


However, their upside moves are being slowed down by respective overhead resistance. Altcoins that are in uptrend zones could go higher. HNT and LEO, on the other hand, are likely to fall further. Let us take a closer look at each of these cryptocurrencies that have performed the best.


Helium


The price of Helium (HNT) is falling, hitting a low of $1.57 on December 20. The cryptocurrency value has fallen significantly since it returned to its historical price level in January 2021. The altcoin is trading near the bottom of the chart and in an oversold market. Today, HNT rallied after breaking the 21-day line SMA. The upward momentum failed to break the 50-day simple moving average (SMA). As a result, HNT will be forced to trade in a range between the moving average lines for a few days. Helium is in a downtrend and is trading below the daily Stochastic level of 80. HNT, the best performing cryptocurrency this week, has the following characteristics.


HNTUSD(Daily Chart) -December 22.22.jpg


Current price: $2.13


Market capitalization: $475,308,449


Trading volume: $25,829,294 


7-day gain/loss: 9.95%


XDC Network 


XDC Network (XDC) price is rising after crossing the moving average lines. The uptrend was short-lived as the cryptocurrency returned to an overbought region of the market. The cryptocurrency reached a high of $0.028 before being pushed back. Sellers have emerged and are driving prices lower. If the price goes back above the moving average lines, the uptrend could resume.


 For the period 14, XDC is at a Relative Strength Index of 63. After the retracement, the altcoin is back in the uptrend zone. There is a possibility that it will continue to rise. It shows that the altcoin has the following characteristics and has the second best performance among cryptocurrencies:


XDCUSD( Daily Chart) - December 22.22.jpg


Current Price: $0.02698


Market capitalization: $1,016,528,327


Trading volume: $3,079,310 


7-day gain/loss: 9.06%


Toncoin


Toncoin (TON) was in an uptrend, rising to a high of $2.91 before falling back below $2.60. Since December 14, the uptrend has been contained below the $2.60 resistance level. The cryptocurrency is trading above the moving average lines but below the $2.60 resistance level. Once the resistance is broken, the uptrend will resume. A bearish candlestick tested the 50% Fibonacci retracement level of the uptrend from December 14. According to the retracement, TON will rise to the 2.0 Fibonacci extension level or $3.03. For the period 14, the altcoin is at a Relative Strength Index of 63. It has the potential to rise even further. Toncoin is the third best performing cryptocurrency and has the following characteristics: 


TONUSD(Daily Chart) -December 22.22.jpg


Current Price: $2.50 


Marktkapitalisierung: $12.481.128.765 


Trading volume: $47,286,489 


7-day gain/loss: 6.64%


PAX Gold


PAX Gold (PAXG) has risen in value, reaching a high of $1,818. The current uptrend of the market has reached the overbought zone. PAXG’s recent high could be rejected. At the November 11 uptrend, a candlestick tested the 50% Fibonacci retracement level. According to the retracement, PAX GOLD will rise to the Fibonacci extension level of 2.0 or $1,870.43. Meanwhile, the cryptocurrency is trading above the daily stochastic level of 80. The altcoin has reached the overbought zone of the market. The current uptrend will most likely end when sellers appear in the oversold region. It is the fourth best performing cryptocurrency this week. It has the following characteristics: 


PAXGUSD(Daily Chart) - December 22.22.jpg


Current price: $1,818.57


Market capitalization: $493,125,800


Trading volume: $8,138,819 


7-day gain/loss: 1.96%


UNUS SED LEO


The price of UNUS SED LEO (LEO) fell after being rejected at the upper resistance of $6.00. LEO has been declining since June 27 after buyers failed to keep the price above the moving average lines. On the weekly chart, a declining candlestick tested the 78.6% Fibonacci retracement level on October 10. The retracement suggests that LEO will fall, only to reverse at the 1.272 Fibonacci extension level, or $3.57. The market has reached a low of $3.74 based on the price action. LEO is at level 38 of the Relative Strength Index for period 14. The altcoin is approaching the oversold zone of the market. LEO is the fifth best performing cryptocurrency. It has the following characteristics: 


LEOUSD(Weekly Chart) - December 22.22.jpg


Current Price: $3.74 


Market Capitalization: $3,680,951,630 


Trading Volume: $2,234,883


7–day Gain/Loss: 1.16% 


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. 

Source: https://coinidol.com/altcoins-steady-rise/