The cryptocurrencies are making an upward correction as they break above the moving average lines. On September 21, the altcoins declined to their previous lows after facing selling pressure at their respective overhead resistance levels. Today, the altcoins are still struggling to regain bullish momentum above the moving average lines.
Elrond
Elrond (EGLD) price is making an upward correction as price breaks above the moving average lines. The cryptocurrency rose to the high of $56 and pulled back. The altcoin has risen to an overbought region of the market. The coin is retracing as sellers emerge in the overbought region. The uptrend may resume if price retraces above the moving average lines.
The downtrend may commence if price breaks below the moving average lines. On the August 20 downtrend, EGLD price corrected upward and the candle body tested the 61.8% Fibonacci retracement level. The correction suggests that EGLD will fall to level 1.618 Fibonacci extension or $39.16 high. The cryptocurrency may further decline as it is above the 80% range of the daily stochastic. Its altcoin has reached the overbought region. It is the strongest altcoin for the week and has the following characteristics:
The current price: $55.11
Market Capitalization: $1,731,249,209
Trading Volume: $121,536,488
7–day Gain/Loss: 20.98%
Maker
Maker (MKR) price is making an upward correction as it breaks above the moving average lines. The current uptrend is approaching the overbought region of the market. The bullish momentum has reachesd the high of $885 and pulled back.
The uptrend is likely to be short-lived as the altcoin reaches the overbought region. According to the price indicator, Maker will reverse at level 1.272 Fibonacci extension or level $553. Nonetheless, the coin has reversed after falling to $581 low on September 21. MKR is in the bullish trend zone at level 68 of the Relative Strength Index for period 14. It is the second strongest altcoin and has the following characteristics:
The current price: is $847.46
Market Capitalization: $852,416,976
Trading Volume: $65,183,403
7–day Gain/Loss: 18.60%
Helium
Helium (HNT) is in a downward correction as price breaks above the moving average lines. On the daily chart, buyers are attempting to keep the price above the moving average lines.
On the upside, HNT will rise to the previous high of $8 if buyers are successful. The cryptocurrency is in a bullish momentum above the 30% range of the daily Stochastic. However, it is the third strongest altcoin and has the following features:
The current price: $5.36
Market Capitalization: $1,195,301,163
Trading Volume: $30,384,293
7–day Gain %: 15.93%
Polygon
Polygon (MATIC) price is in an upward correction as price breaks above the moving average lines. The crypto is facing rejection at the $0.90 resistance zone. The current upward move will continue if buyers overcome the resistance at $0.90.
The market will further rise to the high of $1.10. Presently, MATIC is declining to the downside. Polygon will revisit the previous low of $0.70 if price breaks below the moving average lines. The altcoin is in the bullish trend zone at level 62 of the Relative Strength Index for period 14. The cryptocurrency is the fourth-strongest altcoin for the week. It has the following characteristics:
The current price: $0.8361
Market Capitalization: $8,361,096,047
Trading Volume: $400,595,151
7–day Gain/Loss: 15.92%
Reserve Rights
Reserve Rights (RSR) price is in an upward correction as price breaks the resistance at $0.1023. Buyers could not sustain the bullish momentum above the resistance level. The selling pressure resumes as price declines to the range-bound zone.
The range-bound move will continue as the altcoin fluctuates between $0.005940 and $0.01020 price levels. On the upside, if the bullish momentum is sustained, the altcoin will rise and revisit the previous high of $0.02500. RSR has resumed selling pressure and it is below the 80% range of the daily stochastic. RSR is the fifth- strongest altcoin and it has the following characteristics:
The current price: $0.009241
Market Capitalization: $922,002,053
Trading Volume: $72,164,052
7–day Gain/Loss: 10.72%
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