The cryptocurrencies below have recovered from the current downtrend. QNT, UNI, and ICP have recovered fully as the altcoins trade in the bullish trend zone. CVX and AAVE are battling to break above the 50-day line SMA. A break above the 50-day line SMA will signal the resumption of a bullish trend. Let us discuss some of these altcoins in detail:
Convex Finance
Convex Finance (CVX) is in an upward correction as price breaks above the moving average lines. The crypto’s price broke above the 21-day line SMA but failed to break above the 50-day line SMA. CVX is fluctuating between the moving average lines. The crypto will trend when the moving average lines are breached.
For instance, if the bulls breach the 50-day line SMA, the coin will rally to $10.85. The altcoin is declining after facing rejection at the recent high. On the downside, if the bears break below the 21-day line SMA support, CVX will decline to $3.54. The altcoin is below the 80% range of the daily stochastic. It indicates that the coin has reached the overbought region of the market. It is the strongest altcoin at the moment. It has the following characteristics:
The current price: price: $5.72
Market Capitalization: $572,320,514
Trading Volume: $8,996,107
7–day Gain/Loss: 36.35%
Quant
Quant (QNT) is in an uptrend as price breaks above the moving averages. The cryptocurrency has recovered from the downtrend. The upward move is facing rejection at $90. Meanwhile, on July 9 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level.
The retracement suggests QNT will rise to level 1.618 Fibonacci extension or $112.89. QNT is at level 63 of the Relative Strength Index Period 14. It indicates that the coin is in the bullish trend zone and capable of a further upward move. The altcoin is the second strongest coin for the week. It has the following characteristics:
The current price: $76.35
Market Capitalization: $1,115,729,803
Trading Volume: $73,165,082
7–day Gain/Loss %: 33.54%
Aave
Aave (AAVE) price is in an upward correction as price breaks above the moving average lines. The bulls broke above the 21-day line SMA but fail to break the 50-day line SMA. The altcoin is likely to fluctuate between the moving average lines. The cryptocurrency will trend when the moving average lines are breached.
The current downtrend has subsided as the altcoin declined to the low of $55 . AAVE is at level 56 of the Relative Strength Index for period 14. It indicates that the coin is in the bullish trend zone and capable of a further upward move. It is the third strongest altcoin for the week. It has the following characteristics:
The current price: $5.88
Market Capitalization: $5,794,263,350
Trading Volume: $6,244,054
7–day Gain/LOSS %: 0.12%
Uniswap
Uniswap’s (UNI) price is in an uptrend as it reaches the high of $6.61. The crypto price is above the moving average lines which indicates a further upward movement of the coin. UNI is capable of a further upward move if the current resistance is breached.
On the upside, if the bulls breach the $6.61 resistance, the market will rise to the high of $13.26. The altcoin is at level 64 of the Relative Strength Index for period 14. It indicates that the coin is in the bullish trend zone and capable of a further upward move. The altcoin is the fourth-strongest coin at the moment. It has the following characteristics:
The current price: $5.76
Market Capitalization: $575,879,621
Trading Volume: $9,000,181
7–day Gain/Loss: 26.31%
Internet Computer
Internet (ICP) has regained bullish momentum as it broke above the moving average lines. On July 8, the bulls broke above the moving average lines and retested it before resuming upward.
On the upside, if the current bullish momentum is sustained, the market will rise to the high of $9.50 and $13.50. ICP is above the 60% range of the daily stochastic. It indicates that the market is in a bullish momentum. The altcoin is the fifth-strongest coin at the moment. It has the following characteristics:
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The current price: $6.53
Market Capitalization: $3,189,196,386`
Trading Volume: $108,674,152
7–day Gain/Loss: 25.31%
