Overbought Condition Challenged by Altcoin Upswing

Last Week’s Cryptocurrency Price Analysis: TON, RUNE, BCH, VET, and AAVE

Last week, several cryptocurrencies attempted to recover from a recent price drop but ended up in overbought territory. Let’s analyze the weekly price movements of TON, RUNE, BCH, VET, and AAVE.

Toncoin

Toncoin (TON) was experiencing an uptrend until it reached the overbought market zone. The cryptocurrency’s price showed a pattern of higher highs and higher lows.

However, TON is now in an overbought area and has slowed down after reaching a high of $2.54 on September 16. The price signal suggests that TON should have risen to $2.72 before retracing. If buyers cannot overcome the resistance at the recent high, the cryptocurrency will decline.

Currently, TON is trading above the daily stochastic threshold of 80, indicating an overbought market. Here are some key characteristics of TON:

Current Price: $2.42
Market Capitalization: $12,213,306,192
Trading Volume: $57.784813
7-day Gain: 48.60%

THORChain

THORChain (RUNE) entered a horizontal pattern after a rise on August 19. The recent uptrend reached a high of $2.0 before facing resistance. Buyers have been unable to maintain positive momentum above this high.

If buyers fail to break through the $2.0 resistance level, RUNE’s price will fall. Currently, it is trading at $1.87. For the period of 14, RUNE has bullish momentum above the Relative Strength Index level 66.

Here are some key characteristics of RUNE:

Current Price: $1.88
Market Capitalization: $938,154,859
Trading Volume: $82,276,219
7-day Gain: 30.43%

Bitcoin Cash

Bitcoin Cash (BCH) is currently falling below its moving average lines. After reaching a high of $329 on June 30, the altcoin has been declining for two months. At present, BCH is trading at $218.24.

BCH is gaining momentum and surpassing the 80 mark on the daily stochastic. However, it is also trading in an overbought zone and may experience a fall. Here are some key characteristics of BCH:

Current Price: $218.24
Market Capitalization: $4,583,124,576
Trading Volume: $254,515,363
7-day Loss: 18.21%

VeChain

VeChain (VET) has fallen below its lower price level and has been experiencing a sideways movement above the support level of $0.014 since June 16. It has been rejected three times at the $0.020 resistance level.

If the bears break the support level of $0.014, VET’s downtrend will continue. For the period of 14, VET has bullish momentum above the Relative Strength Index level 62.

Here are some key characteristics of VET:

Current Price: $0.017
Market Capitalization: $1,541,095,735
Trading Volume: $32,270,001
7-day Gain: 17.57%

Aave

Aave (AAVE) is currently in a downtrend but correcting upwards. The price has risen above the moving average and reached the overbought region. If sellers appear in this region, the altcoin will fall again.

AAVE completed an upward correction on August 18 and may fall but reverse at the 1,272 Fibonacci extension line or $41.86. It is currently above the daily stochastic level of 80.

Here are some key characteristics of AAVE:

Current Price: $61.62
Market Capitalization: $985,846,336
Trading Volume: $85,804,952
7-day Gain: 17.31%

Hot Take: Analysis Highlights Volatility in Crypto Market

Last week’s cryptocurrency price analysis reveals the volatility present in the market. Despite attempts at recovery, several cryptocurrencies ended up in overbought territory. TON, RUNE, BCH, VET, and AAVE all experienced different price movements and showed varying levels of bullish or bearish momentum.

The market continues to be influenced by factors such as resistance levels and moving averages. Traders should carefully monitor these indicators to make informed investment decisions.