Bitcoin’s recent drop in price has triggered a negative trend in cryptocurrencies.
Altcoins are returning above the moving average lines, but the upward momentum is being stifled at higher price levels.
Let’s take a look at various cryptocurrencies in a broader context.
Cronos
Cronos (CRO) is rising while maintaining a horizontal pattern. The cryptocurrency rallied above the support level of $0.15 and rose to a high of $0.39. Buyers were unable to sustain the positive momentum above the high of $0.40 as the altcoin fell rapidly. The decline was halted below the high of $0.30.
On August 25, the long candle wick indicates strong selling pressure near the $0.40 level. If the $0.40 resistance level is broken, CRO will rise to a high of $0.50. Currently, the altcoin has stalled and fallen back below the $0.30 level.
Coinidol.com reported this week that Trump Media & Technology Group (DJT) has announced a strategic partnership with Crypto.com. The collaboration will create a new entity, Trump Media Group CRO Strategy, Inc., a digital asset treasury company focused on acquiring and holding CRO, the native token of the Cronos blockchain.
CRO is the best performing cryptocurrency. It has the following characteristics.
The current price: $0.2872
Market capitalization: $9,629,837,981.33
Trading volume: $250,814,593.1
7-day gain: 84.25%
Pyth Network
The price of Pyth Network (PYTH) is rising while it is in a sideways trend. The price of the cryptocurrency rose to its previous high of $0.251 before falling. On 17th of February, the cryptocurrency was pushed back as it approached the $0.251 mark.
Today, the price of the cryptocurrency is declining after the pullback. The long candle wick indicates strong selling pressure at the $0.251 mark. The altcoin is pulling back to the moving average lines.
PYTH is the second most successful price gainer cryptocurrency this week.
The current price: $0.1744
Market capitalization: $1,002,649,550.57
Trading volume: $199,881,009.97
7-day gain: 46.54%
BUIDon
BUIDon (B) is now in an uptrend. The price of the cryptocurrency is showing a pattern of higher highs and higher lows. The price of the cryptocurrency is approaching its predicted threshold. According to the price indicator, the altcoin will rise to the Fibonacci extension of $1.618 or the high of $0.754. The altcoin will continue to rise as long as the price bars remain above the moving average lines.
B is the third best performing coin. It has the following characteristics:
The current price: $0.7174
Market capitalization: $717,304,672.25
Trading volume: $25,366,178.59
7–day gain: 36.46 %
Story
The price of Story (IP) is rising, albeit in a sideways pattern. The upward trend has surpassed the previous high price of $7.95. Currently, the altcoin rose to a high of $9.57 before falling back. The altcoin has fallen back above the $8.00 support and has resumed its upward movement.
IP is now reversing after reaching the overbought area of the market. Long candles with wicks are pointing above the $8.00 barrier. This indicates high selling pressure above $8.00. The story is on the fourth position.
The current price: $7.66
Market capitalization: $2,331,687,745.79
Trading volume: $200,254,819.86
7–day gain: 31.73%
Pump.fun
Pump.fun (PUMP) is in an upward correction after breaking above the moving averages. The altcoin has already fallen to its low price of $0.00261 before recovering. The upward movement has started above the moving average lines. However, the uptrend is halted at the $0.0040 mark. PUMPS will gain value if buyers break above the $0.0040 barrier.
Meanwhile, the price of the cryptocurrency is fluctuating above the moving average lines.
The current price: $0.003514
Market capitalization: $1,235,212,282.65
Trading volume: $214,739,878.85
7–day gain: 11.67%
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
Source: https://coinidol.com/weekly-under-strong-selling-pressure/