AR and ICP are trading in the bullish trend zone as the altcoins face rejection at their overhead resistance. The selling pressure near overhead resistance will compel the altcoins to remain range-bound in the short term. EGLD, LEO, and ZEC are still trading in the downtrend zone as they risk further decline.
Arweave
Arweave (AR) has been in an uptrend as price breaks above the moving average lines. The uptrend has been repelled at the $16 high. The rejection was because of an overbought condition of the cryptocurrency. The altcoin has retraced above the 21-day line SMA.
On the upside, if the 21-day line SMA support holds, the market will rise to retest or break the resistance at the level $16. A break above the resistance will catapult the coins to the highs of $19 and $26 price levels. Conversely, if the bears break below the moving average lines, the altcoin will decline to the low of $10.50. AR is the weakest altcoin at the moment. The crypto has the following features:
The current price: $13.71
Market Capitalization: $904,980,515
Trading Volume: $23,283,001
7–day Loss %: 13.48%
Elrond
Elrond (EGLD) is in a sideways trend as the price action is characterized by small body indecisive candlesticks called Doji. The cryptocurrency is trading in a choppy price action. The price movement has been insignificant because of the presence of Doji candlesticks.
The Doji candlesticks are indicating that buyers and sellers are undecided about the direction of the market. However, the support and resistance levels are not discernable. EGLD is at level 46 of the Relative Strength Index for period 14. It indicates that it is in the downtrend zone and capable of further decline. It is the second weakest altcoin at the moment. The crypto has the following features:
The current price: is $54.46
Market Capitalization: $1,711,082,555
Trading Volume: $36,681,245
7–day Loss %: $8.93
Internet Computer
Internet Computer (ICP) is trading in the bullish trend zone as price breaks above the moving average lines. The bullish move has been repelled at the $7.84 high. The Internet Computer declined below the 21-day line SMA. The altcoin is likely to trade between the moving average lines.
In the meantime, it is struggling to remain above the 21-day line SMA. On the upside, if the 21-day line SMA support holds, the market rise to retest or break the resistance at level $8. A break above the resistance will propel the coins to the highs of $10 price level. On the other hand, if the bears break below the moving average lines, the altcoin will decline to the low of $5.18. ICP is the third weakest altcoin at the moment. The crypto has the following features:
The current price: $6.59
Market Capitalization: $3,187,949,398
Trading Volume: $79,081,807
7–day Loss: 8.37
UNUS SED LEO
UNUS SED LEO ( LEO) price is in a downward correction as price breaks below the moving average liness. Since July 13, the cryptocurrency has been consolidating above the $5.20 support.
On the downside, if the selling pressure persists, the altcoin will further decline to the low of $4.90. Meanwhile, the altcoin is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. LEO is the fourth weakest altcoin of the week. It has the following features:
The current price: is $5.22
Market Capitalization: $5,145,260,866
Trading Volume: $3,073,049
7–day Loss: 6.67%
Zcash
Zcash (ZEC) is in a downward correction as price fluctuates between the moving average lines.The coin is above the 21-day line SMA but below the 50-day line SMA indicating a possible range-bound move of the cryptocurrency.
On the downside, if the bears break below the 21-day line SMA, the marker will further decline to a low of $51.73. However, the range-bound move will continue if the 21-day line SMA support holds. ZEC is at level 46 of the Relative Strength Index for period 14. It indicates that it is in the downtrend zone and capable of further decline. The cryptocurrency is the fifth weakest altcoin at the moment. It has the following features:
The current price: $59.26
Market Capitalization: $1,244,463,628
Trading Volume: $73,939,950
7–day Loss %: $6.46%
