The altcoins below have regained bullish momentum as they rebounded above their strong support levels. Presently, the bulls are retesting the overhead resistance levels to revisit the previous highs. Let us discuss in detail the strongest altcoins for the week.
Flow
Flow (FLOW) is in an uptrend as it breaks above the moving average lines. The crypto’s price is making a series of higher highs and higher lows. The altcoin is rising and making another higher highs. Meanwhile, on the August 5 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level.
The retracement suggests that the altcoin will rise to level 1.618 Fibonacci extension or $3.64. However, a further upward move is doubtful as the market reached the overbought region. On the downside, if the market declines below the moving average lines, the downtrend will resume. Flow is the strongest altcoin for the week. It has the following characteristics:
The current price: is $3.04
Market Capitalization: $4,227,220,335
Trading Volume: $516,716,481
7–day Gain/Loss: 55.62%
Decred
Decred (DCR) price has rebounded as it rallied to the high of $64.28. Since June 18, the cryptocurrency has been in a sideways trend. On August 5, the altcoin rebounded to reach the high of $64. It reached the overbought region of the market. The selling pressure resumed as the altcoin retraced to the low of $37 at the time of writing.
The uptrend will resume if the support level holds. Meanwhile, on the August 5 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that the altcoin will rise to level 2.618 Fibonacci extension or $128.26. Decred is the second-strongest altcoin for the week. It has the following characteristics:
The current price: $37.65
Market Capitalization: $790,631,686
Trading Volume: $12,676,991
7–day Gain/Loss: 43.14%
NEAR Protocol
Near Protocol (NEAR) is in an uptrend as it approaches its initial target price of $5.60. Further upward moves of the coin are possible. In the meantime, the altcoin is trading in the overbought region of the market. Meanwhile, on the July 20 uptrend, a retraced candle body tested the 38.2% Fibonacci retracement level.
The retracement suggests that the altcoin will rise to level 2.618 Fibonacci extension or $7.15. From the price action, the altcoin has reached a high of $5.64. The altcoin is above the 80% range of the daily stochastic. It indicates that NEAR has reached the overbought region. Sellers will emerge in the overbought region to push prices down. However, it is the third- strongest altcoin for the week. It has the following features:
The current price: $5.63
Market Capitalization: $5,631,546,848
Trading Volume: $578,023,917
7–day Gain %: 32.23%
Avalanche
Avalanche (AVAX) price is trading in the bullish trend zone as price breaks above the moving average lines. The altcoin has risen and it retesting the resistance at level $29.09. AVAX will rally to $36 or $50. Presently, RSI is indicating an overbought condition of the cryptocurrency.
The current uptrend may face rejection at the recent high. Meanwhile, the altcoin is at level 72 of the Relative Strength Index for period 14. It indicates that the market has reached bullish exhaustion. In other words, the market has reached an overbought condition. It is the fourth- strongest altcoin in the week. It has the following characteristics:
The current price: $29.71
Market Capitalization: $21,393,384,178
Trading Volume: $1,007,560,286
7–day Gain/Loss: 27.05%
Theta Network
Theta Network (THETA) is in a sideways move since May 12. The cryptocurrency has been fluctuating between $1.00 and $1.50 price levels. On August 6, the bulls broke the resistance at $1.50. The upward move is facing rejection at the $1.70 high On the upside, if the bulls breach the resistance at the level $1.70, the market will rise to the high of $2.60.
Conversely, if the bulls fail to breach the recent high, the altcoin will decline and fall into the range-bound zone. The altcoin is over the 80% range of the daily stochastic. It indicates that THETA is trading in the overbought region of the market. Sellers have emerged in the overbought region as the altcoin declines. It is the fifth best- strongest altcoin for the week. It has the following characteristics:
The current price: $1.66
Market Capitalization: $1,658,217,094
Trading Volume: $114,265,205
7–day Gain/Loss: 25.05%
