The altcoins below are the strongest altcoins for the week. RVN and ATOM are the top strongest altcoins for the week. The altcoins are trading in the overbought region of the market. On the other hand, ETC, BTG, and GMT are in a sideways move as the coins face rejection at the overhead resistance. The altcoins will trend when the overhead resistances are breached. Let us discuss the strongest altcoins for the week.
Ravencoin
Ravencoin (RVN) is in an uptrend as price breaks above the moving average lines. The cryptocurrency has rallied to the high of $0.062 as it faces rejection in the overbought region. The altcoin is likely to retrace to the low of $0.045 or $0.041.
The uptrend will resume if it finds support above the moving average lines. However, the uptrend will be terminated if the price breaks below the moving average lines. Meanwhile, on the September 4 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that the altcoin will rise to level 2.618 Fibonacci extension or $0.055. RVN is below the 80% range of the daily Stochastic. It indicates that the market is in a bearish momentum. RVN is the strongest altcoin for the week. It has the following characteristics:
The current price: $0.05377
Market Capitalization: $1,129,545,069
Trading Volume: $368,232,142
7–day Gain/Loss: 92.10%
Cosmos
Cosmos (ATOM) price is in an uptrend as it trades in the bullish trend zone. ATOM price is making a series of higher highs and higher lows. The coin has risen to the high of $17.10 which is the overbought region of the market. Further upward movement of the coin is doubtful as ATOM reaches the $18 resistance zone.
On the downside, ATOM will retrace above the $13.31 support of the moving average lines if it faces rejection at the recent high. The uptrend will resume if the altcoin holds above the moving average lines. However, the uptrend will be terminated if price breaks below the moving average lines. It is at level 71 of the Relative Strength Index for period 14. It indicates that ATOM has reached the overbought region of the market. Sellers will be attracted to the overbought region of the market. Cosmos is the second-strongest altcoin in the week. It has the following characteristics:
The current price: $16.03
Market Capitalization: $4,589,505,478
Trading Volume: $1,228,934,271
7–day Gain/Loss: 28.01%
Ethereum Classic
Ethereum Classic (ETC) is in a sideways trend since July 29. On July 29, ETC rallied to the high of $45.38 but the uptrend was hindered at the recent high.
For the past two months, buyers have failed to keep the price above the $45 overhead resistance. They have retested the overhead resistance thrice and were repelled. Today, ETC is rising to retest the $45.38 overhead resistance. The altcoin is above the 60% range of the daily stochastic. It indicates that the market is in the bullish trend zone. However, ETC is the third- strongest altcoin for the week. It has the following features:
The current price: $39.71
Market Capitalization: $8,365,691,462
Trading Volume: $1,376,114,572
7–day Gain %: 23.65%
Bitcoin Gold
Bitcoin Gold (BTG) price is in a downward correction as it resumes upward. It is trading above the 21-day line SMA but below the 50-day line SMA. On the upside, if price breaks above the 50-day line SMA, the altcoin will rise to the resistance at $35.
Conversely, if the bears break below the 21-day line SMA, it will signal the resumption of the downtrend. Meanwhile, on the August 9 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the altcoin will rise to level 1.618 Fibonacci extension or $18.35. BTG is above the 70% range of the daily stochastic. It indicates that the market is in a bullish momentum. It is the fourth- strongest altcoin in the week and has the following characteristics:
The current price: $26.09
Market Capitalization: $547,920,982
Trading Volume: $49,598,992
7–day Gain/Loss: 18.29%
STEPN
STEPN (GMT) is in a sideways trend as price breaks above the 21-day line SMA. The cryptocurrency is now fluctuating between the moving average lines. The current bullish momentum is repelled at the 50-day line SMA. Since May, GMT has been trading between $0.60 and $1.00 price levels and the altcoin will trend when the moving average lines are broken.
For instance, if price breaks above the 50-day line SMA, the altcoin will rise and retest the $1.00 overhead resistance. A break above the $1.00 resistance will catapult GMT to the high of $1.74. Meanwhile, the altcoin is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. It is the fifth-best- strongest altcoin for the week and has the following characteristics:
The current price: $0.7413
Market Capitalization: $4,447,556,017
Trading Volume: $261,058,360
7–day Gain/Loss: 17.04
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