Weekly Cryptocurrency Analysis: Loom Network, Klaytn, Trust Wallet Token, PAX Gold, Cronos
This week, cryptocurrencies are facing challenges in their attempt to recover. Some have reached overbought levels, while others remain at the bottom of the chart with doji candlesticks constraining their movement.
Loom Network
The price of Loom Network (LOOM) has been rising since September 19 but has now reached an overbought phase. The altcoin’s price hit a high of $0.2949 but is facing resistance at that level. The market had previously indicated that LOOM could reach $0.30 according to the Fibonacci extension, but it may fall as sellers enter the overbought sector.
Current price: $0.2646
Market capitalization: $343,939,049
Trading volume: $404,122,015
7-day gain/loss: 66.56%
Klaytn
Klaytn (KLAY) is currently at the bottom of the chart and in a downtrend. The altcoin has been correcting higher since September 22 and broke above the moving average lines. However, it is encountering resistance at $0.12. If KLAY rises above the moving average lines, its current rise may continue; otherwise, it may crash if the price falls below the 50-day line SMA.
Current price: $0.125
Market capitalization: $721,261,667
Trading volume: $14,045,273
7-day gain/loss: 5.72%
Trust Wallet Token
The price of Trust Wallet Token (TWT) has recovered and started rising again. It reached a high of $1.00 after breaking out above the moving average lines on October 4. However, buyers are struggling to maintain the bullish momentum above $1.00. If the current hurdle is cleared, TWT could reach $1.25; otherwise, it may continue moving between $0.75 and $1.00.
Current price: $0.9745
Market capitalization: $974,590,160
Trading volume: $21,824,387
7-day gain/loss: 5.41%
PAX Gold
PAX Gold (PAXG) is approaching the bottom of the chart and facing resistance at $1,960. Its price has been experiencing lower highs and lower lows. Currently trading at $1,880, PAXG is trapped between moving average lines. The price is expected to move when these lines are broken.
Current price: $1,917.10
Market capitalization: $476,748,117
Trading volume: $7,136,817
7-day gain/loss: 4.00%
Cronos
Cronos (CRO) is moving sideways at the bottom of the chart within a range of $0.0500 and $0.540. The resistance at $0.06 has halted its upward movement for now. As long as the price bars remain above the moving average lines, CRO’s price will rise.
Current price: $0.0519
Market capitalization: $1,570,741,042
Trading volume: $7,936,140
7-day gain/loss: 2.21%
Hot Take: Cryptocurrencies Face Challenges in Recovery
This week, cryptocurrencies are encountering difficulties in their attempt to recover. Some have reached overbought levels, while others remain at the bottom of the chart with limited movement. It is crucial for investors to monitor these market conditions and consider factors such as resistance levels and moving average lines when making trading decisions.
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