The cryptocurrency market is leaving another week behind. However, the market is also active on the weekend. For this reason, analysts point out some altcoin projects that need attention. Here are the details…
Analysts drew attention to 7 altcoin projects
cryptocoin.com As we reported, the latest crypto crash has left many investors in a state of shock. Bitcoin (BTC), the largest cryptocurrency, fell to its lowest level in two years. The drop wiped out the gains made in the incredible bull run of 2021. However, stagnant markets will not stand still forever. Many projects are already showing signs of bottoming out, experts say. First, cryptocurrency analyst Mohan Raj highlights two altcoins to watch out for over the weekend. Then some experts examine the five big coins.
Trust Wallet (TWT)
After the collapse of FTX, decentralized wallets are gaining renewed interest from users. Trust Wallet’s crypto token TWT has seen over 100 percent gains on the 30-day charts. The rise could continue as more people realize the importance of personal surveillance and decentralized wallets.
Ethereum (ETH)
The second largest crypto by market capitalization has reached some commendable milestones in the past few days. The number of addresses holding over 100 ETH has reached a 20-month high. We also witnessed the biggest 30-day ETH stock market balance drop since September 2020. This could be a bottoming sign. Additionally, Ethereum’s L2 transactions surpassed L1 transactions, demonstrating developer growth.
📈 #Ethereum $ETH Number of Addresses Holding 100+ Coins just reached a 20-month high of 47,034
View metric:https://t.co/FbjiMG3uFX pic.twitter.com/qhi8kvAQwJ
— glassnode alerts (@glassnodealerts) November 17, 2022
Uniswap (UNI)
Uniswap’s price fell to $5.91. The price weakened by 2.37% and 1.59% against Bitcoin (BTC) and Ethereum (ETH), respectively. Currently, a UNI is worth 0.0003512 BTC and 0.004846 ETH. UNI’s trading volume also points to a decline. CoinMarketCap shows that UNI’s 24-hour trading volume is down 17.63% compared to the previous day.
As a result, the total daily trading volume for UNI stands at $102,467,118. According to experts, there is a bullish flag on UNI’s daily chart that could be triggered in the coming days. Looking at the chart, the daily RSI line slopes towards the overbought zone. This is a slightly bullish indicator to be confirmed when the daily RSI line crosses above the daily RSI SMA line.
Yearn.Finance (YFI)
YFI price is trading at $6,152.45 after falling 1.56 percent in the last 24 hours. The coin is weaker by 3% against BTC and 2.18% against ETH. Transaction volume for YFI has dropped significantly compared to the last day. Currently, this figure stands at $19,645,248. The daily chart for YFI is currently bearish considering the 9 daily EMA lines are positioned below the 20 daily EMA lines and the 20 daily EMA lines are positioned below the 50 daily EMAs. However, the price of YFI is looking to challenge the level 9 EMA, which could see the level return to support in the next 2 days. This will be a bullish sign.
Chiliz (CHZ)
The price of CHZ has managed to rise in the last 24 hours. It gained strength against BTC and ETH. As for CHZ’s daily trading volume, the volume has dropped 27.20 percent in the last 24 hours. This brings the total to $544,820,622. The price of CHZ is on a positive 3-day rally from the low of $0.1937 on November 15 this year to $0.2412 on November 17. Today’s price action is contributing to the bullish rally. There is evidence that the price rally will continue as the 9 daily EMA line crosses bullishly above the 20 daily EMA line. This is indicative of a short-term bullish rally.
Maker (MKR)
The price of MKR is down 2.30% in the last 24 hours. The price of MKR also weakened by 3.28% and 2.40% against BTC and ETH, respectively. The daily RSI line for MKR tried to break above the daily RSI SMA line but the attempt was unsuccessful. Currently, the MKR price is held by the 9 daily EMA. Also, the 9-day EMA is positioned below the 20-day EMA line, which is a bearish sign for the altcoin.
Chainlink (LINK)
LINK, on the other hand, increased by 1.33 percent. This resulted in LINK trading at $6.26. The 9 daily EMA lines crossed below the 20 daily EMA lines on November 10, 2022, as can be seen on the LINK daily chart. Since then, the bearish pennant has played out as LINK’s price tumbled to $5,775 before briefly recovering and then falling further. LINK price is currently held by 9 daily EMA lines.
