CandleFocus Weekly Cryptocurrency Market Analysis: Altcoins Maintain Uptrend While Cryptos Overcome Selling Pressure
2024-11-04
Author: Content Editor
Altcoins have shown a renewed uptrend against previously downtrending cryptocurrencies, with several assets maintaining their uptrend above moving average lines. Dogecoin (DOGE) has pulled back above the 21-day simple moving average (SMA) after reaching a high of $0.1797, but must hold above the 21-day SMA for the uptrend to resume. MANTRA (OM) is in an uptrend but has been rejected twice at its high of $1.40, and will be restricted until it falls below the 50-day SMA support or stays above the 21-day SMA. Maker (MKR) is on a downtrend, approaching the bottom of the chart and falling towards $1,000, with the altcoin likely to fall further to $835 if the current support is broken. THORChain (RUNE) is correcting upwards from the bottom of the chart, halted twice at the $5.50 mark, and will resume its uptrend when it stays above the moving average lines. Raydium (RAY) has recovered from a downtrend but is trading below its recent high of $3.60. It is trading above the 21-day SMA support but faces resistance at the $3.60 level.
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