The cryptos have continued to make positive moves despite Bitcoin’s fall above the $34,000 support. One common feature among the strongest cryptos is that the altcoins are trading in the bullish trend zone. The cryptocurrencies tend to further rise to the previous highs.
Algorand (ALGO) is in a downtrend but the bulls are attempting to break above the moving averages. On May 1, the altcoin has been in an uptrend as price broke above the moving averages except for the 50-day line SMA.
ALGO/USD – Daily Chart
The crypto is capable of reaching the high of $1.10 if price breaks above the moving averages and the bullish momentum is sustained. Also, the current downtrend is likely to be terminated as the altcoin reaches the previous high. Conversely, Algorand will be compelled to a range-bound move if the bulls failed to break above the 50-day line SMA. The altcoin will trade between the moving averages. Meanwhile, on May 3 uptrend; a retraced candle body tested the 38.2% retracement level. The retracement indicates that ALGO will rise to level 2.618 Fibonacci extension or $1.06 price level. Algorand is the strongest altcoin at the moment. It has the following characteristics:
The current price: $0.7592
Market Capitalization: $7,591,687,068
Trading Volume: $747,984,353
7 –day Gain/Loss: 29.62%
TRON (TRX) is in an uptrend as price breaks above the moving averages. In the previous price action, TRON has been in a downward move. The downtrend has eased after falling to the low of $0.050. The current bullish move has broken the resistance at $0.075 to reach the high of $0.090.
TRX/USD – Daily Chart
The crypto’s price is stuck below the $0.090 high. The uptrend will resume if the resistance is breached. Meanwhile, TRON has been fluctuating below the recent high for the past five days. Meanwhile, on May 5 uptrend; a retraced candle body tested the 61.8% retracement level. The retracement indicates that TRX will rise to level 1.618 Fibonacci extension or $0.1011 price level. TRX is the second strongest altcoin for the week. It has the following characteristics:
The current price: $0.08245
Market Capitalization: $8,117,366,313
Trading Volume: $2,509,002,906
7 –day Gain %:25.88%
Curve DAO Token
Curve DAO Token (CRV) is in an uptrend as price breaks above the moving averages. The bulls have earlier broken above the moving averages to reach the high of $2.60.
CRV/USD – Daily Chart
The crypto has resumed a fresh uptrend to revisit the previous highs. The altcoin will be out of downward correction if the bulls break above the $2.70 high. Meanwhile, on April 8 uptrend; a retraced candle body tested the 61.8% retracement level. The retracement indicates that CRV will rise to level 1.618 Fibonacci extension or $2.62 price level. . It is the third-strongest crypto at the moment. It has the following features:
The current price: $2.42
Market Capitalization: $7,984,487,208
Trading Volume: $297,120,059
7 –day Gain %: 18.07%
1inch Network (1INCH) is in a downward correction as price reached the low of $1.07 on April 30. On May 6, the altcoin made an upward correction as it reached the high of $1.37. The uptrend has been terminated at the high of the $1.40 resistance zone.
1INCH/USD – Daily Chart
On the upside, the crypto will rally above the moving averages if the current resistance is breached. The altcoin will revisit the high of $2.00. Conversely, if the altcoin faces rejection at the recent high, 1INCH Network will fall and resume downward correction. The altcoin is above the 60% range of the daily stochastic. It indicates that the market is in a bullish momentum. I INCH is the fourth-strongest altcoin at the moment. It has the following characteristics.
The current price: $1.32
Market Capitalization: $1,983,850,162
Trading Volume: $98,996,367
7 –day Gain/Loss: 15.60%
Zilliqa (ZIL) is in a downward correction as price breaks below the moving averages. The cryptocurrency declined to the low of $0.066 as bulls bought the dips. ZIL price makes an upward correction as the market reaches the high of $0.098.
ZIL/USD – Daily Chart
The altcoin has been repelled at the 21-day line SMA. ZIL/USD would have rallied above the moving averages if price broke above the 21-day line SMA. The altcoin could have revisited the high of $0.20 overhead resistance. Today, ZIL has retraced above the current support. The cryptocurrency will be fluctuating between $0.066 and $0.098 if the current support holds. The altcoin is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. Zilliqa is the fifth-strongest altcoin at the moment. It has the following characteristics:
The current price: $0.07893
Market Capitalization: $1,657,453,970
Trading Volume: $463,692,049
7 –day Gain/Loss: 8.72%