Altcoins Continue The Rally; The Recovery Gets Underway

The altcoins that performed best last week have rallied above their moving average lines. Now, the coins are trying to rise in price while trading above the moving average lines. A break above the moving average lines and a subsequent retest indicate a continued uptrend for the cryptocurrency. Virtuals Protocol (VIRTUALS) The price of Virtuals Protocol (VIRTUALS) has recovered from the bottom of the chart above the moving average lines. The crypto asset has been consolidating above the $0.43 support before its recovery. The altcoin rallied to a high of $1.88 before falling back. The retracement has ended and VIRTUALS continues its uptrend. On the upside, the altcoin will rally to the next resistance at $2.20 if the current barrier is breached. In the meantime, the price recovery has continued above the moving average lines. Virtuals is the best performing coin. Market capitalization: $1,139,119,466.66 Trading volume: $350,315,094.43 7-day gain : 31.65% Soyer (LAYER) The price of Soyer (LAYER) is in an uptrend. The crypto price makes a series of higher highs and higher lows. The altcoin is rising after falling to a low of $2.88. On April 30, the uptrend; a declining candle tested the 61.8% Fibonacci retracement level. The altcoin’s retracement suggests that LAYER will resume its uptrend. If the bulls break through the resistance at $3.35, LAYER will rise to the 1.618 Fibonacci extension level or the high at $4.20. According to the price analysis by Coinidol.com, LAYER is the second best performing coin. The current price: $3.24 Market capitalization: $3,244,804,297.85 Trading volume: $251,908,620.13 7–day gain : 19.98% Flare (FLR) The price of Flare (FLR) has recovered from its downtrend and has risen above the moving average lines. The uptrend continued as it retested the 50-day SMA support and rose to a high of $0.022. On the upside, the altcoin will continue its rise to the high of $0.026 if the current barrier is breached. Further upward movement of the altcoin is possible if buyers sustain the price above the high of $0.26. However, the long candle wicks at the recent high indicate strong selling pressure. FLR is the third best performing coin. It has the following characteristics. The current price: $0.01973 Market capitalization: $1,247,824,231.85 Trading volume: $35,338,571.16 7-day gain: 19.89% Quant (QNT) The price of Quant (QNT) was also above the moving average lines when it peaked at $91.66. The altcoin is declining as buyers failed to sustain the upside momentum above the $90 level. The 21-day SMA is above the 50-day SMA, which is a bullish signal. Today, the altcoin has fallen back above the $85 support. QNT will rally to the $102 high if the current support holds. On the other hand, QNT is unlikely to fall below the moving average lines if the crypto price stays above it. QNT is the fourth best performing cryptocurrency. The current price: $85.46 Market capitalization: $1,031,689,392.93 Trading volume: $27,117,563.31 7–day gain : 17.84% Hyperliquid (HYPE) The price of Hyperliquid (HYPE) has recovered above the moving average lines. The cryptocurrency value rose to a high of $21.44 and then fell back. The crypto price is making a series of higher highs and higher lows. HYPE is rising to reach the next resistance at $26. If the current upward momentum continues, the market will reach the previous highs of $28 and $32. HYPE is the fifth best performing altcoin. These are some of its characteristics: Current price: $20.39 Market capitalization: $6,808,831,040.47 Trading volume: $82,749,665.63 7–day gain: 14.53% Disclaimer. This analysis and forecast are the personal opinions of the author. They 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. Source: https://coinidol.com/weekly-recovery-gets-underway/