Weekly Cryptocurrency Market Analysis: Altcoins Face Deeper Decline While Cryptocurrencies Regain Their Previous Lows
The cryptocurrencies below are unique in that the altcoins are trading below the moving average lines. The altcoins have fallen deep into oversold territory.
The cryptocurrencies will achieve a price recovery when buyers are attracted to the oversold region. Let us discuss in detail the cryptocurrencies with the lowest performance:
Ravencoin
The price of Ravencoin (RVN) is in a downward correction as the altcoin is trading between the moving average lines. The cryptocurrency will perform when the moving average lines are broken. Today, the cryptocurrency price is moving above the 21-day line SMA, but below the 50-day line SMA. On the weekly chart, a candlestick tested the 78.6% Fibonacci retracement level on March 21. The retracement suggests that RVN will fall to the level of the 1.272 Fibonacci extension or $0.011. Meanwhile, the altcoin is below the 50% area of the daily stochastic. It is in a bearish momentum. RVN is the cryptocurrency asset with the lowest performance this week. It has the following characteristics:
Current price: $0.04175
Market capitalization: $876,808,403
Trading volume: $85,838,191
7-Day loss: 39.89%.
eCash
eCash (XEC) is in a downtrend and has dropped significantly from the high of $0.00038318. On May 9, the altcoin fell to the low of $0.00002576 and then moved back in a range. The cryptocurrency is trading in a tight range between $0.00003400 and $0.00005000. XEC will reverse its trend if the boundaries of the trading range are broken. eCash is at level 40 of the Relative Strength Index for the period 14, indicating that the price is in a downtrend and could continue to decline. Selling pressure might be easing. However, XEC is the cryptocurrency with the second worst performance this week. It has the following characteristics:
Current price: $0.00003879
Market capitalization: $814,556,638
Trading volume: $28,582,619
7-Day loss: 22.84%
Ethereum Classic
The price of Ethereum Classic (ETC) is in a sideways movement below the overriding resistance of $42.00. On July 30, ETC rose to a high of $42, but was pushed back down. Buyers could not sustain the bullish momentum as the market reached the overbought zone. Today, the cryptocurrency fell to the low of $29. On the upside, buyers retested the overhead resistance three times but were rejected. The altcoin will rally to $66 if the overhead resistance is broken. On the downside, the bears have broken below the moving average line. Selling pressure will extend to the low of $23. Meanwhile, the altcoin is below the 20% area of the daily stochastic. The market has reached the oversold area. Further selling pressure is unlikely. It is the cryptocurrency asset with the third worst performance this week. It has the following characteristics:
Current price: $29.21
Market capitalization: $6,154,125,794
Trading volume: $614,135,769
7-day loss: 21.97
Gnosis
Gnosis (GNO) is in a downtrend, falling from a high of $208 to a low of $125. The cryptocurrency has previously fallen to a low of $150. After a consolidation, it makes an upward correction to the high of $170. The altcoin was under selling pressure at the recent high, which led to its decline. Meanwhile, on the downtrend from August 29, a retraced candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that GNO will fall to the 1.618 Fibonacci Extension level or $112.47. The altcoin is at the 34 level of the Relative Strength Index for the 14 period, indicating that it is in a downtrend and approaching the oversold area. It is the cryptocurrency asset with the fourth worst performance this week. It has the following characteristics:
Current price: $126.92
Market capitalization: $1,269,762,034
Trading volume: $6,271,482
7-day loss: 17.29%
Decred
The price of Decred (DCR)) is in a downtrend, falling to a low of $23. The cryptocurrency is falling from a high of $64. The altcoin is trading in the overbought region of the market. Meanwhile, on the downtrend from August 23, a retraced candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that DCR will fall to the level of the 1.272 Fibonacci extension, or $19.05. Meanwhile, the altcoin is below the 20% area of the daily stochastic. The market has reached the oversold area. The selling pressure has reached the bearish exhaustion. It is the fifth worst cryptocurrency value of the week. It has the following characteristics:
Current price: $24.09
Market capitalization: $505,800,991
Trading volume: $2,062,252
7-day loss: 14.95%
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 own research before investing in funds.
Source: Read Full Article