Weekly cryptocurrency market analysis: altcoins are in a negative trend, but are not able to initiate a recovery
This week, Bitcoin and the altcoins are moving downwards as the cryptos are losing value in the bearish trend zone. BSV and KAVA, on the other hand, seem quite promising as they trade in the uptrend zone. The market is down, so let us take a look at some altcoins.
Bitcoin SV (BSV) price has risen above the moving average lines, indicating an uptrend. On May 9, the altcoin rallied and reached a high of $44.05. Crossing the moving average lines, the cryptocurrency immediately reversed the uptrend. BSV will rise if buyers maintain the bullish momentum above the moving average lines. The current price of BSV is $35.90. The price indicator, on the other hand, suggests that the cryptocurrency will continue to rise. During the May 9 upward movement, a retraced candlestick tested the 38.2% Fibonacci retracement line. BSV will rise to the level of 1.618 Fibonacci extension or $66.38. The altcoin is in a bullish trend when it is above the daily stochastic level of 40. The cryptocurrency that was used the most this week is BSV. It has the following characteristics:
Current price: $35.91
Market capitalization: $756,549,362
Trading volume: $132,976,903
7-day gain/loss: 8.11%
Kava (KAVA) has broken out above the moving average lines, indicating an upward correction. At the high of $0.90, the upward correction is rejected. If the price retraces above the moving average lines, the upward movement will continue. The altcoin will rise, but at $0.095 it will be rejected. At the time of writing, the price of KAVA is $0.84. If the price slips below the moving average lines, selling pressure will resume. The altcoin will fall to a low of $0.71. The bears are currently struggling to break below the 50-day line SMA. If the bears are successful, the cryptocurrency will be caught between the moving average lines. If KAVA falls, it will be forced to move in a range between the moving average lines. The cryptocurrency is moving up above the Relative Strength Index of 56 for the period 14. The cryptocurrency with the second best performance is KAVA.
Current price: $0.8636
Market capitalization: $439,433,603
Trading volume: $124,316,852
7-day gain/loss: 6.96%
The price of FLOKI (FLOKI), trading below the 21-day line SMA, is in a sideways trend. The altcoin is hardly traded. Doji candles, which have a small body and are indecisive, determine the price movement. The candlesticks are flat on the horizontal. The altcoin is currently consolidating above the current support and is trading at $0.00003472. The support and resistance levels are not visible. Above the daily stochastic threshold of 40, the altcoin is in an uptrend. The third best performing cryptocurrency is FLOKI. It has the following characteristics:
Current price: $0.00003378
Market capitalization: $667,159,594
Trading volume: $72,955,293
7-day gain/loss: 4.42%
Cosmos (ATOM) is dropping below the moving average lines. Although the altcoin had an uptrend, the 21-day line SMA rejects it. The current decline could continue if buyers fail to keep the price above the moving average lines. However, the price signal suggests that the cryptocurrency will continue to fall. Cosmos is trying to surpass the previous high and is currently trading at $11.00. A downward correction was made by ATOM on April 21, but it was rejected at the moving average lines. The 50% level of the Fibonacci retracement was tested by a candlestick. After the correction, ATOM will fall to the level 2.0 of the Fibonacci extension, or $8.54. At the level 47 of the Relative Strength Index for the period 14, the altcoin entered the bearish zone. The fourth best cryptocurrency is ATOM. Its characteristics are enumerated here.
Current price: $11.07
Market capitalization: $3,170,598,321
Trading volume: $150,246,584
7-day gain/loss: 1.16%
The price of BitDAO (BIT) falls below the moving average lines. Buyers tried three times to keep the price above the moving average lines, but each time they were beaten back by the resistance level of $0.55. BIT is currently moving sideways below the resistance level of $0.55. Moreover, the price of the cryptocurrency asset fluctuates between $0.45 and $0.55. However, the altcoin is currently trading at $0.48 and is below the moving average lines. If buyers manage to overcome the resistance at $0.55, the rise will resume. BIT will rise and return to its previous high of $0.64. However, below the stochastic value of 50 on the daily chart, the negative momentum has paused. The following characteristics apply to BIT, the fifth best performing cryptocurrency:
Current price: $0.4755
Market capitalization: $4,754,937,014
Trading volume: $5,422,748
7-day gain/loss: 0.19%
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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