Weekly Cryptocurrency Market Analysis: Altcoins Remain Range-Bound As They Face Rejection

Cryptocurrencies are in a sideways trend and are being challenged by their overhead resistance levels.

Altcoins above the moving average lines have a chance to resume their uptrend. Other altcoins are threatened with a further decline if they remain below the moving average lines.

Ethereum name service

The Ethereum Name Service (ENS) is experiencing a rise after a fall. The altcoin previously fell to a low of $7.00 before recovering to a high of $29.74. Currently, the upward movement has stalled at the $30 resistance zone. The altcoin is in the process of breaking above the $30 resistance zone. On June 2, ENS was rejected at its previous high, but the altcoin found support above the 50-day moving average. If the bulls break above the $30 resistance, ENS will rise to a high of $56. 

In the meantime, the altcoin is valued at 26 dollars. ENS is the best performing cryptocurrency, with the following characteristics:

Current price: $26.71

Market capitalization: $2,666,868,721

Trading volume: $840,220,285

7-day gain: 39.34%

Lido DAO

Lido DAO (LDO) is currently in a bull market, albeit in a sluggish pattern. The altcoin has been trading sideways since January 11, when it hit the $4.00 ceiling. LDO’s price range is between $1.60 and $4.00. The uptrend will begin when it breaks above the $4.00 resistance. Currently, the altcoin is trading at $2.35 at the time of writing this article. LDO is the second highest performing cryptocurrency. It has the following characteristics: 

Current price: $2.36

Market capitalization: $2,358,454,430

Trading volume: $312,724,674

7-day gain: 31.60%

Uniswap

Uniswap (UNI) is recovering from its recent decline and rising. The upward correction ended at a high of $17. UNI is currently in a sideways trend and trading below the $17.00 resistance level. UNI is currently trading in a range of $6.40 to $13.00. The upward trend was halted below the $13 high. UNI will regain positive momentum on the upside if the price breaks through the $13 and $17 barriers. If the current resistances are broken, the altcoin will rise to a high of $19.50. It is the third best performing coin.

Current price: $10.38

Market capitalization: $10.377.221.067

Trading volume: $302,338,845

7–day gain: 13.10%

Pendle

The price of Pendle (PENDLE) is currently in an uptrend and is part of a bull market. The upswing was halted after it reached resistance at $7.29 on April 6. The cryptocurrency is trading sideways between $4.00 and $7.00. The bulls tried to break through the resistance level three times but were unsuccessful. If the $7.00 resistance level is broken to the upside, the altcoin will rise to a high of $10.61. 

PENDLE is trading at $5.61, which is between the moving average lines. PENDLE is the fourth best performing cryptocurrency and has the following characteristics:

Current price: $5.64

Market capitalization: $1,458,322,788

Trading volume: $110,472,015

7–day gain: 12.81%

Maker

The price of Maker (MKR) is in an upward correction as it recovers from its previous decline. The cryptocurrency has seen another decline and fell after reaching resistance at $4,075. The altcoin has fallen to a low of $2,077 before recovering above the $2,100 mark. However, based on the price signal, MKR is expected to fall further to a low of $1,520. Today, the uptrend is being challenged by the 21-day SMA or the resistance zone of $2,550. This indicates that the value of the cryptocurrency will continue to fall. 

MKR is the fifth best performing cryptocurrency. It has the following characteristics:

Current price: $2,393.86

Market capitalization: $2,407,528,257

Trading volume: $114,596,252

7–day gain: 1.18%

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.com. Readers should do their research before investing in funds.