Last week, some cryptocurrencies tried to recover after the recent price drop. However, this led them into overbought territory. Weekly cryptocurrency price analysis of TON, RUNE, BCH, VET and AAVE from Coinidol.com.
Toncoin
Toncoin (TON) was in an uptrend before it was hindered by the overbought market. The cryptocurrency’s price is forming a series of higher highs and higher lows.
TON has moved into an overbought area of the market. The uptrend has slowed down after reaching a high of $2.54 on September 16. The price of the cryptocurrency is oscillating below its previous high. The price signal suggests that TON should have risen to a high of $2.72 before retreating. The cryptocurrency will decline if buyers are unable to overcome the initial resistance at the recent high.
Meanwhile, TON is trading above the daily stochastic threshold of 80, indicating that the market is overbought. The most successful cryptocurrency is TON, which has the following characteristics:
Current Price: $2.42
Market Capitalization: $12,213,306,192
Trading volume: $57.784813
7–day gain: 48.60%
THORChain
After the rise on August 19, THORChain (RUNE) entered a horizontal pattern. The last uptrend reached a high of $2.0 before being pushed back. Buyers have failed to maintain positive momentum above the current high. The recent high was in an overbought market zone. The price of RUNE is above the moving average lines but below the resistance level.
RUNE will fall if buyers fail to break through the $2.0 resistance level. At the time of writing, the price was $1.87.
For the period 14, RUNE has bullish momentum above the Relative Strength Index level 66. RUNE is the second most valuable cryptocurrency and has the following characteristics:
Current Price: $1.88
Market cap: $938,154,859
Trading volume: $82,276,219
7–day gain: 30.43%
Bitcoin Cash
Bitcoin Cash (BCH) is falling below its moving average lines. On June 30, the altcoin reached a high of $329 before collapsing. BCH has been declining for two months. At the time of writing, BCH is trading at $218.24.
Meanwhile, the altcoin is gaining momentum and surpassing the 80 mark on the daily stochastic. The altcoin is also trading in an overbought zone and could fall. BCH has the third highest profit margin of all coins. Some of the characteristics are as follows:
Current Price: $218.24
Market capitalization: $4,583,124,576
Trading volume: $254,515,363
7–day loss: 18.21%
VeChain
VeChain (VET) is declining and has fallen below the lower price level. Since June 16, selling pressure has subsided and the altcoin has started a sideways movement above the current support level of $0.014. VET is currently trading in a range between $0.014 and $0.020. The cryptocurrency has already been rejected three times at the $0.020 resistance level.
However, if the bears break the current support level of $0.014, the downtrend will continue. For the period 14, VET has a bullish momentum above the Relative Strength Index level 62. VET is the fourth cryptocurrency in this analysis with an increase of 17% within the last week and has the following characteristics:
Current Price: $0.017
Market capitalization: $1,541,095,735
Trading volume: $32,270,001
7–day gain: 17.57%
Aave
Aave (AAVE) is currently in a downtrend but is correcting upwards. The price of the cryptocurrency has risen above the moving average. The uptrend has reached the overbought region. If sellers appear in the overbought region, the altcoin will fall again. AAVE completed an upward correction on August 18, and a retreating candlestick tested the 78.6% Fibonacci retracement line. The correction suggests that AAVE will fall but reverse at the 1,272 Fibonacci extension line or $41.86.
Meanwhile, the uptrend has reached the overbought area. It is above the daily stochastic level of 80. It is the fifth best performing cryptocurrency and has the following characteristics:
Current price: $61.62
Market capitalization: $985,846,336
Trading volume: $85,804,952
7–day gain: 17.31%
Last week Coinidol.com published cryptocurrency analysis of Astar, Render, SafePal, KuCoin, Token and Stellar that were showing significant price dynamics.
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 Coin Idol. Readers should do their own research before investing in funds.
Source: Read Full Article