Weekly Analysis of Cryptocurrency Market: Altcoins Side by Side as Cryptos Fight to Maintain Bullish Momentum

Cryptocurrencies are bearish after being rejected at superior resistance levels.


Nexo (NEXO) is in an uptrend but is facing resistance at $1.21. The altcoin has retreated below the 21-day SMA line. NEXO will resume its uptrend if the price rises above the 21-day SMA. The altcoin will rise and reach the resistance at $1.21 again. A break above this resistance will signal a resumption of the uptrend.

Conversely, the downtrend will resume if the price breaks below the 50-day SMA line. The current uptrend must end. NEXO will continue to fall below $0.57. Selling pressure will ease once buyers appear in the oversold zone. NEXO is the lowest performing crypto asset this week. It has the following features:


              Price: $0.8636                                       Market capitalization: $863,295,357    

                     Trading volume: $16,133,161              7-day loss: 21.27%


Helium (HNT) price is in a downtrend as it dips below the moving average lines. The cryptocurrency drops to $3.98 as the bulls buy the dips. In the previous uptrend, HNT rose to $57. Today, the altcoin dropped to $3.98, the market’s oversold zone. Selling pressure is likely to ease as buyers emerge in the oversold territory. The second worst performing cryptocurrency this week. It has the following features:


                Price: $1.59                                        Market capitalization: $404,305,403

                       Trading volume: $11,661,522           7-day loss: 19.37%


Flow (FLOW) price is in a bearish trend as the altcoin has dropped below the moving average line. On August 28, the cryptocurrency dropped to $1.67 as the bulls bought the dips. The altcoin has fallen into the oversold area of the market. Meanwhile, the altcoin is fluctuating between $1.67 and $2.16. FLOW is above 40% of the daily stochastic area. The cryptocurrency is in bullish momentum. It is the fourth worst performing cryptocurrency this week. It has the following features:


              Price: $1.87                                        Market capitalization: $2,582,785,482

                       Trading volume: $30,325,556           7-day loss: 12.93%


Chiliz (CHZ) is in a sideways trend as the cryptocurrency fluctuates below the overhead resistance of $1.00. Today CHZ is trading between the moving average lines. The cryptocurrency will develop a trend when the moving average lines are broken. Below 80% of daily stochastics. The cryptocurrency is in bearish momentum. However, CHZ is the fifth worst performing cryptocurrency this week. It has the following features:


                Price: $0.1933                                 Market capitalization: $1,719,427,07

                        Trading volume: $245,564,454      7-day loss: 12.62%

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About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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