The cryptocurrencies are in a sideways move as the altcoins fail to break their overhead resistance levels. The weakest altcoins for the week risk further decline if the cryptos face rejection at the recent highs. However, a break above the moving average lines will accelerate the upward moves of the coins. Let us discuss in detail each of these cryptos.
Nexo
Nexo (NEXO) is in an uptrend but it is trading between the moving average lines. The cryptocurrency is trading above the 50-day line SMA but below the 21-day line SMA. The altcoin will resume an uptrend when price breaks above the 21-day line SMA. NEXO will rise and revisit the resistance at $1.21 high.
A break above the resistance will catapult the coin to rally to the $1.40 and $2.40 price levels. Conversely, if price breaks below the 50-day line SMA, the downtrend will resume, and NEXO will further decline to the low of $0.57. Meanwhile, the altcoin is above the 25% range of the daily stochastic. It implies that it is in a bullish momentum. NEXO is the weakest altcoin for the week. It has the following characteristics:
The current price: $9.59
Market Capitalization: $961,275,285
Trading Volume: $56,517,614
7–day Gain/Loss: 12.82%
Chiliz
Chiliz (CHZ) is in an uptrend but the uptrend is hindered at the $0.25 high. Consequently, the altcoin has declined below the 21-day line SMA. The coin is trading above the 50-day line SMA as buyers attempt to push the cryptocurrency upward.
Today, Chiliz is trading between the 50-day line SMA and the 21-day line SMA. The crypto will trend when the moving average lines are breached. On the upside, if the bulls breach the 21-day line SMA, the altcoin will rise and retest the $0.25 high. A break above the $0.25 high will signal the resumption of the uptrend. The altcoin is at level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. CHZ is the second-weakest altcoin at the moment. It has the following characteristics:
The current price: $0.1984
Market Capitalization: $1,763,227,280
Trading Volume: $348,559,403
7–day Gain/Loss: 8.04%
UNUS SED LEO
UNUS SED (LEO) is in a sideways move below the $6.00 overhead resistance. On February 7 uptrend, buyers failed to keep the price above the $6.00 overhead resistance. Each time, buyers retest the overhead resistance; the cryptocurrency would decline below the moving average lines. On August 29, LEO rallied to the $6 resistance zone but was repelled.
The coin has fallen below the 21-day line SMA. The cryptocurrency is now trading between the moving average lines. The altcoin will trend when the moving average lines are breached. For instance, LEO is falling as it approaches the 50-day line SMA. It will decline to $3.37 low if price breaks below the 50-day line SMA. However, the range-bound move will continue between the moving average line if the 50-day line SMA holds.LEO is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The altcoin is the third-weakest altcoin at the moment. It has the following characteristics:
The current price: $5.03
Market Capitalization: $4,958,332,715
Trading Volume: $3,995,242
7–day Gain/Loss: 7.79%
eCash
eCash (XEC) is in a sideways move as the altcoin breaks above the moving average lines. Since June 18, the cryptocurrency has been fluctuating between $0.00003800 and $0.00004600 price levels. The coin is rising as it reaches the high of $0.00004417.
On the upside, if price breaks the resistance at $0.00004600, the coin will rise and retest the resistance at $0.00005000. The altcoin is at level 48 of the Relative Strength Index for period 14. It indicates that the altcoin is in the bearish trend zone despite the upward move. It is the fourth weakest altcoin for the week. It has the following characteristics:
The current price: $0.00004419
Market Capitalization: $928,009,894
Trading Volume: $47,497,508
7–day Gain/LOSS %: .4.77%
Fantom
Fantom (FTM) is in a downtrend as price breaks below the moving average lines. The cryptocurrency fell to the low of $0.24 as bulls bought the dips. The current support is holding because it is the historical price level of July 12.
FTM is making an upward correction but it is stuck at the 21-day line SMA. On the upside, if price breaks above the 21-day line SMA, the coin will rise to the high of $0.3200 or the 50-day line SMA. Conversely, if the coin turns down from the 21-day line SMA, the market will decline to the previous low at $0.24, However, the downtrend will resume if the current support is breached. The altcoin is above the 25% range of the daily stochastic. The market is in a bullish momentum. However, FTM is the fifth weakest altcoin for the week. It has the following characteristics:
The current price: $0.2693
Market Capitalization: $858,408,180
Trading Volume: $170,865,311
7–day Gain/Loss: 4.67%
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