Weekly Analysis Of The Cryptocurrency Market: Altcoins Continue To Crash And Reach Bull Fatigue
Cryptocurrency prices are falling rapidly and have entered a more bearish trend zone.
Altcoins are trading in the downtrend zone. The cryptocurrencies that are performing the worst are at risk of falling further as they trade in the negative zones. We will discuss these altcoins in great detail.
The price of Chiliz (CHZ) is falling below the moving average lines. The price of the coin has dropped significantly to $0.14. Since November 7, buyers have failed to maintain a price rise above the overriding resistance of $0.28. The cryptocurrency will fall every time the overhead barrier is retried. As CHZ approaches its previous low of $0.14, it is currently falling. The oversold zone of the market has been reached by the current decline. The daily chart’s stochastic is currently below the 20 level, indicating that bearish exhaustion has been reached in terms of selling pressure. As buyers gather in the oversold area, prices will rise. The coin has the characteristics listed below and has been the worst performer this week.
The current price: $0.1506
Market capitalization: $1,338,776,358
Trading volume: $73,983,718
7-Day loss %: 9.34%
The price of 1inch Network (1inch) is in a downtrend, falling to a low of $0.42. The altcoin has declined significantly and is now trading in the oversold area of the market. It has been consolidating above the existing support since December 7. The altcoin turned up during the decline on November 13 and a candlestick tested the 78.6% Fibonacci retracement level. After the correction, 1INCH will fall but reverse at the 1.272 Fibonacci extension level or at $0.43. The Relative Strength Index for period 14 is at a value of 33, indicating that the cryptocurrency is in a downturn and approaching the oversold area of the market. The cryptocurrency with the second worst performance, 1inch Network, has the following characteristics.
Current price: $0.4469
Market capitalization: $673,392,196
Trading volume: $15,186,293
7-day loss: 9.09%
ImmutableX (IMX) is currently in a downtrend but has corrected to a new high of $0.63. The upward correction ended when the high of $0.63 was reached. The altcoin might be forced to move in a range as IMX is now oscillating between the moving average lines. The cryptocurrency’s price broke above the moving average lines during the upward correction on December 4, but then moved down between them. The sideways movement between the moving average lines for IMX is likely to continue. Below the daily stochastic threshold of 40, the altcoin is in bearish momentum
These are the characteristics of ImmutableX:
Current price: $0.4413
Market capitalization: $882,550,007
Trading volume: $5,219,705
7-day loss: 7.12%
Since July 8, the price of Chain (XCN) has been declining. The value of the coin dropped from $0.107 at the peak to $0.035. The altcoin has dropped sharply as it approaches oversold territory. Bearish fatigue has been reached on the downside. The price movement was determined by doji candlesticks, which have small bodies and are indecisive. The altcoin is at level 35 for period 14 of the Relative Strength Index. It is on the verge of being oversold. Among cryptocurrencies, it has the fourth worst performance this week. The cryptocurrency’s characteristics include:
Current Price: $0.03618
Market Capitalization: $1,934,706,930
Trading volume: $10,093,798
7-Day loss %: 6.32%
Lido DAO (LDO) is in a downtrend and has fallen from a high of $5.20 to a low of $1.03. After falling on November 9, the cryptocurrency has consolidated above the $1.00 support. As the market enters oversold territory, the current downtrend has reached its bearish exhaustion. The altcoin turned up during the decline on November 9 and a candlestick tested the 78.6% Fibonacci retracement level. After the correction, LDO will decline but turn around the Fibonacci extension level of 1.272 or $0.64. LDO has shown the worst performance among cryptocurrencies this week. It has the following characteristics:
Current price: $1.03
Market capitalization: $1,037,462,779
Trading volume: $4,624,460
7-day loss %: 5.97%
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.
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