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The top altcoin maintained its upward momentum this week, hitting previous highs.
The fact that cryptocurrencies are trading in overbought areas in the market presents difficulties. However, overbought conditions cannot survive in a market that is in a strong trend. Each of these cryptocurrencies will be examined.
Threshold
Threshold (T) has advanced above the $0.020 support and is currently on an uptrend. The price of the cryptocurrency rose to a high of $0.0633 before falling back to an earlier high of $0.05. Resistance at $0.050 has slowed the upside. At $0.050, the market is reported to be in the overbought zone. If the current resistance is overcome, the altcoin will go even higher. It is expected to reach its previous high of $0.09 again. The daily stochastic is at 80, which means the cryptocurrency asset is in bearish momentum. The altcoins which are the best performing cryptocurrencies have the characteristics listed below.
Current price: $0.04978
Market cap: $497,278,011
Trading volume: $466,569,120
7 day profit/disadvantage: 133.85%
Appropriate
The price of Aptos (APT) goes up. Altcoin prices are experiencing a series of higher highs and lows. The altcoin has been stuck near the bottom of the chart since dropping as low as $3.46. After rising above the 21-day SMA line on January 4, the APT is recovering. The altcoin hit an all-time high of $8.83. APT continued to rise on January 20, hitting a high of $19.47. The altcoin is now at a point where the market is overbought. It is unlikely that cryptocurrencies will continue to rise. According to the Relative Strength Index for 14 periods, Aptos is currently at level 90. It is the second best performing cryptocurrency and has the following characteristics:
Current price: $19.25
Market cap: $18,754,535,320
Trading volume: $2,771,517,838
7 day profit/disadvantage: 101.31%
Optimism
The Price of Optimism (OP), which hit a high of $1.89, continues to rise. The historical price of $2.18 on August 3, 2022 has been exceeded. OP has hit a high of $2.57 today. The bulls have now broken through resistance at $2.18 and hit new highs. At $2.57, the cryptocurrency asset is overbought. At recent highs, altcoins are experiencing resistance. If the price drops and breaks below the bullish trend line, the uptrend may end. If it drops and bounces above the trendline or moving average line, the uptrend will continue. As the OP’s daily stochastic is above the 80 level, the altcoin has entered the overbought zone. The third best cryptocurrency is known as OP. It has these characteristics:
Current price: $18.89
Market cap: $18,754,535,320
Trading volume: $2,811,989,299
7 day profit/disadvantage: 39.54%
Ghost
Since Fantom (FTM) has hit a high of $0.41, it is in an uptrend. Despite reaching the overbought zone, the upward movement continues. The altcoin hit the overbought zone on January 14 at $0.35. It returned to a low of $0.29 before rising to a recent high of $0.41. The candlestick retracing the January 14 uptrend tested the 61.8% Fibonacci retracement level. According to the retracement, FTM will advance to the Fibonacci extension level of 1.618 or $0.45. The Relative Strength Index of cryptocurrencies for period 14 is 73. The altcoin is overbought and could fall. It has the following characteristics and is the fourth best performing cryptocurrency:
Current price: $0.4093
Market cap: $1,299,360,315
Trading volume: $318,304,480
7 day gain/disadvantage: 28.94%
ApeCoin
The value of ApeCoin (APE) is increasing and recently reached a high of $6.41. Currently, the price is at its highest level since September 21, 2022. Despite being overbought, the current uptrend is likely to continue upwards. The retracement candlestick of the January 14 uptrend tested the 50% Fibonacci retracement level. The APE is expected to advance to the 2.0 Fibonacci extension level, or $7.59, in line with the retracement. It is unlikely that the cryptocurrency will rise any further in the future. Currently, the daily stochastic of the altcoin is above the 80 level. The altcoin may see further declines. The fifth best performing cryptocurrency has the following characteristics:
Market cap: $6,248,240,417
Trading volume: $414,408,290
7 day gain/disadvantage: 28.20%
Disclaimer. This analysis and forecast is the personal opinion of the author and is not a recommendation to buy or sell cryptocurrencies and should not be seen as an endorsement by CoinIdol. Readers should do their research before investing in funds.
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