9 Key Cryptocurrencies to Monitor This Week: Price Insights

• eCash (XEC) sees a 22.75% rise, trading volume surges by 1,948%.
• Bittorrent (BTT) price fluctuates, bullish trend possible with support at $0.0000013.
• Algorand (ALGO) shows recovery signs, potential resistance at $0.26 and $0.29.

Following a general price increase a few weeks prior, the value of numerous cryptocurrencies has since declined. Attempts by some to reclaim their former highs have largely fallen short, with only a handful managing to buck the trend. Below is a detailed analysis of nine such cryptocurrencies currently on the market. Continue reading for more information.

eCash (XEC)

Among the digital currencies, eCash has surpassed the performance of most others in the marketplace. At the time of this report, eCash was trading at $0.000063, marking a 22.75% rise over the past day.

Data from CoinMarketCap also revealed a significant surge in eCash’s trading volume, which soared by 1,948% during the same timeframe. This substantial increase in volume suggests that the token’s demand is genuine. Should the trading volume maintain its upward trajectory in tandem with the token’s price, there is potential for further gains in XEC’s value.

From the technical analysis standpoint, the Bollinger Bands (BB) have shown a heightened volatility surrounding the token, indicating the possibility of large price swings. Nonetheless, the upper band of the BB has intersected with XEC at $0.000065, which could signal that the token is currently in an overbought state.

The Relative Strength Index (RSI) likewise reached a peak of 80.03 before it started to fall, which was in line with the signals from the Bollinger Bands. Nonetheless, the RSI began to climb again, indicating that the pullback in XEC’s price was likely brief.

If the market continues to exhibit a strong bullish trend, the price of XEC could potentially ascend to $0.000070. Conversely, should the bullish pressure wane, the token’s price could experience a downturn.

Bittorent (BTT)

On the 4-hour chart, Bittorent also showed signs of an upward trend on March 23, similar to XEC, with a rise in the 24-hour trading volume. However, this uptrend was later interrupted by the formation of a bearish engulfing candlestick pattern.

Following this pattern, the price of BTT fell to $0.0000014. At the time of reporting, bulls attempted to drive the price upward to $0.0000016. Given the support level at $0.0000013, there is a possibility that this bullish effort could prove to be effective.

The MACD indicator supported the positive outlook as it shifted into positive territory. Currently, the price of BitTorrent (BTT) could rise to $0.0000018 soon.

Algorand (ALGO)

Examining the 4-hour chart for ALGO/USD, the token appears to be emerging from a period of decline. Algorand’s price had previously fallen from $0.32 to $0.22. However, a recent upward movement in the past day suggests that the downward trend may have concluded.

The RSI further corroborates this prediction as it moves upward. As ALGO seeks to ascend, traders should be cautious of potential resistance levels at $0.26, followed by $0.29.

Should the bulls successfully overcome these barriers, ALGO could reach $0.30 soon. On the other hand, if bearish pressures prevail, the price could retract to $0.22.

Litecoin (LTC)

Examining the 4-hour chart, LTC displayed a tug-of-war between buyers and sellers. At the time of this report, the cryptocurrency had declined by 17.98% from its highest value on March 11. An analysis using the Fibonacci retracement tool indicated that the price of Litecoin could potentially retract to as low as $79.15.

This level corresponded with the 0.786 Fibonacci level. In the meantime, the Awesome Oscillator (AO) predicted a positive trend for LTC. However, at the time of writing, a red bar had formed on the AO histogram, implying that the previously anticipated bullish momentum might not materialize.

SUI

The 4-hour chart for the SU/UD pair showed a distinct lack of positive momentum. At the time of this report, the downward trend was still being driven by bearish forces, with the price dropping to $1.64. Nonetheless, the significant drop suggested that the selling pressure behind SUI could be nearing its end, potentially giving way to a bullish takeover.

This outlook was corroborated by the Money Flow Index (MFI), which indicated a shift in momentum as it began to climb. In a similar vein, the Supertrend indicator agreed with the MFI’s assessment, pointing to a potential buy signal at the $1.64 level.

Filecoin (FIL)

On March 22, Filecoin nearly reached the $9.50 mark but faced a setback at $9.17, causing its value to fall beneath the significant $9 level.

The subsequent analysis indicates that FIL’s value may persist in its downward trend, as suggested by the RSI indicators. At the time of writing, the RSI stood at 46.61, hinting at a bearish trend. Conversely, the MACD showed signs of edging into positive territory.

Should the MACD shift into the positive, it could overshadow the bearish signal from the RSI, potentially driving FIL’s value up to $10.65. Conversely, if the upward momentum falters, the token’s price could drop to $8.02.

Arbitrum (ARB)

Arbitrum significantly declined, and the Exponential Moving Average (EMA) indicated a sell signal. The 50 EMA (in yellow) has moved above the 20 EMA (in blue), substantiating the negative outlook.

Additionally, the price of ARB was beneath both the 50 and 20 EMA levels. Given this pattern, the token’s price could potentially drop to $1.55, as the charts show minimal to no signs of a bullish trend.

Stellar (XLM)

The four-hour chart trend for Stellar indicated a cryptocurrency poised to move past the bearish red candles towards a higher peak. At the moment of this report, XLM has risen by 3.08% in the preceding 24 hours, and the Aroon indicator suggested a potential continuation of this trend.

At the time of writing, the Aroon Up (colored orange) showed a greater value than the Aroon Down (colored blue). Additionally, the Relative Strength Index (RSI) demonstrated growing bullish momentum, which could contribute to a further increase in the token’s price.

Injective (INJ)

At the time of reporting, INJ’s market structure was predominantly downtrending. Nonetheless, the Bollinger Bands suggested that the asset was in an oversold condition, as the price touched the lower band at $34.75. This pattern indicated that there could have been a buying opportunity for Injective , given the significant volatility associated with the asset.

Should the market turn optimistic, the price of INJ could rise to $39.39. In a pessimistic scenario, the 4-hour chart analysis indicated that the digital currency is unlikely to fall below $34.80.

We also examined the Chaikin Money Flow (CMF) indicator, which showed a negative reading. To confirm the bullish perspective on INJ, an increased amount of capital must be invested in the cryptocurrency. Otherwise, its price could fall significantly more than the previously stated forecast.