Weekly Cryptocurrency Market Analysis: Altcoins Reach Bearish Fatigue And Continue Sideways Movement
The selected cryptocurrencies have experienced bearish fatigue.
The worst performing altcoins are those that bounce back but are stuck between the moving average lines. Once the trading range boundaries are broken, cryptocurrencies will start a new trend. We will take a closer look at some of these cryptocurrencies.
Conflux
Conflux (CFX) has reached its bearish exhaustion and is currently declining. The cryptocurrency’s price is now above its moving average lines. As long as the altcoin stays above the $0.18 support or the 21-day line SMA, a new rise will begin. To retest the resistance at $0.36, CFX wins. If the $0.36 barrier is broken, the altcoin will rise to a high of $0.70. On the other hand, if the buyers fail to break the recent high, the altcoin would be forced to move in a range between $0.18 and $0.36. In the 14th period, CFX is at level 57 on the Relative Strength Index and is in the positive trend zone. The following characteristics apply to CFX, the cryptocurrency with the lowest performance at the moment.
Current price: $0.2124
Market capitalization: $1,097,012,452
Trading volume: $185,206,897
7-day gain/loss: 33.95%
Filecoin
Filecoin (FIL) is bearish as it retraces above the 21-day line SMA. As the altcoin started a new rally, selling pressure decreased. The altcoin had previously rallied to a high of $9.50, but was rejected in the overbought area of the market. FIL has the propensity to rise as long as it holds above the moving average lines. The $9.50 resistance level is currently being retested by Filecoin. If the current resistance level is broken, the cryptocurrency will rise to a high of $16. FIL has regained positive momentum above the 30 level of the daily stochastic. Filecoin, the cryptocurrency with the second worst performance, is discussed in the following sections.
Current price: $6.83
Market capitalization: $2,627,176,410
Trading volume: $338,973,820
7-day gain/loss: 22.91%
Hedera
Hedera (HBAR) entered the negative trend zone after the price fell below the moving average lines. The oversold area of the market has been reached by the current decline. In the oversold area, buyers are likely to emerge to push prices higher. As the bulls bought the dips, the altcoin fell to a low of $0.068. The previous price level on February 23 serves as the current support. If the current support holds, HBAR will continue its uptrend. However, the moving average lines provide resistance to the upward movement. FIL will rise to its previous high of $0.09 if it breaks above the moving average lines. At the 40 level of the Relative Strength Index for the 14 period, the altcoin is experiencing bearish momentum. Momentum is unfavorable for HBAR. Among all cryptocurrencies, the altcoin had the third worst weekly performance. The cryptocurrency’s characteristics include:
Current price: $0.07032
Market capitalization: $3,514,207,530
Trading volume: $40,814,492
7-day gain/loss: 14.55%
Loopring
The price of Loopring (LRC) is in a bearish trend zone, but is being held back by moving average lines. The altcoin is regaining upward momentum and finding support above the 50-day line SMA. LRC has become more bullish again as it approaches the 21-day line SMA. Moreover, the uptrend will resume when Loopring breaks above the 21-day line SMA. The alternative currency will rise and reach the high of $0.45 again. On the other hand, the altcoin will continue to move in a range of buyers who are not able to cross the 21-day line SMA. For the period 14 of the Relative Strength Index, LRC is at level 46. The fourth worst cryptocurrency is LRC. It has these characteristics:
Current price: $0.3634
Market capitalization: $499,609,409
Trading volume: $55,164,924
7-day gain/loss: 14.38%
Internet Computer
Internet Computer (ICP) is trading within its moving average lines and is in a downtrend. The bears tried to break the 50-day line SMA on February 28, but were rejected. The cryptocurrency formed back to maintain the movement between the moving average lines. To the upside, the altcoin will resume its positive momentum if buyers keep the price above the 21-day line SMA. ICP will rise and retest the record high of $8.23. For the period 14, the Relative Strength Index of the alternative currency is at 50, indicating that the price has reached the point where supply and demand are in balance. The altcoin had the fifth worst weekly performance. It has the following characteristics:
Current price: $6.11
Market capitalization: $3,017,721,251
Trading volume: $41,087,443
7-day gain/loss: 14.30%
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.
Source: Read Full Article