Weekly Cryptocurrency Market Analysis: Altcoins At Chart Bottom As Cryptocurrencies Continue Consolidation
Almost all of the altcoins listed below have fallen drastically and have reached the lower price levels. The gloomy trend in cryptocurrencies has come to an end.
Cryptocurrency prices have fallen to their lowest levels and are currently consolidating above their respective support levels. We will take a detailed look at these cryptocurrencies.
Chain
The price of Chain (XCN) has fallen to a low of $0.011. The price of the altcoin has dropped significantly due to trading in an oversold region. The decline has reached a point of bearish exhaustion. The market has reached its bottom in terms of price. On the chart, the cryptocurrency is now trading at the bottom. Doji candlesticks are known for their small bodies and lack of determination, used as a symbol of price fluctuations. For period 14 of the Relative Strength Index, the altcoin is at level 20. After overpaying, the market has arrived. The current slump is likely to be stopped. Its performance last week was the weakest of all cryptocurrencies. The cryptocurrency’s characteristics include:
Current price: $0.01224
Market capitalization: $654,370,304
Trading volume: $4,522,300
7-day gain/loss %: 30.46%
The Sandbox
The Sandbox (SAND) has once again slipped below its moving average lines. The price movement has not changed since November 9. The altcoin’s value moved between $0.55 and $0.70. On December 16, when the price broke the $0.55 support, the bears started selling again. During the downtrend on November 9, SAND made an upward correction and a candlestick tested the 78.6% Fibonacci retracement line. The correction predicts that SAND will fall before rising to the Fibonacci extension level of 1.272 or $0.45. The price of the cryptocurrency has fallen below the Fibonacci level to $0.37. The oversold area of the market was reached by SAND. For the period 14, it is at the level 25 of the Relative Strength Index. The altcoin had the second worst performance this week. It has the following characteristics:
Current price: $0.3879
Market capitalization: $1,164,727,512
Trading volume: $77,923,217
7-day gain/loss %: 13.41
Axie Infinity
The price of Axie Infinity (AXS) is in a downtrend and has dropped significantly to the bottom of the chart. Since reaching a high of $171.85 in November 2021, the price of the cryptocurrency has been declining. Axie Infinity is currently trading at $5.97. On June 28, 2021, the altcoin will once again test the previous price level. AXS completed an upward correction during the decline on December 19, and a candlestick tested the 78.6% Fibonacci retracement level. The correction predicts AXS to fall to the Fibonacci extension of $1.272 or $5.59. The oversold area of the market is where the altcoin is currently trading. The daily stochastic is currently below the level of 20. The following are the characteristics of AXS, the cryptocurrency with the third worst performance:
Current price: $6.01
Market capitalization: $1,623,364,496
Trading volume: $34,292,326
7-day gain/loss: 13.41%
Flow
Flow (FLOW) is currently trading at the bottom of the chart and continues to decline. At the time of writing, the altcoin is trading at $0.63. On November 9, amid the decline, FLOW experienced an upside reversal and a candlestick tested the 78.6% Fibonacci retracement line. The correction predicts that FLOW will decline, but will reverse at the level of the 1.272 Fibonacci extension, or $0.88. The price of the cryptocurrency has fallen to $0.63, as shown by the price movement. FLOW is trading in the oversold zone of the market. It is at level 22 of the Relative Strength Index for period 14. The cryptocurrency with the fourth worst performance is FLOW. Buyers are attracted by lower price points. The following are the characteristics of Flow:
Current price: $0.6536
Market capitalization: $897,887,245
Trading volume: $17,748,718
7-day gain/loss: 13.10
Solana
Solana (SOL) price drops to a low of $8.99. Doji candlesticks have ensured that the price movement remains unchanged. The price of the cryptocurrency has reached its lowest point. Today, Solana has reached an all-time low of $8.99, and sellers have broken the support of $11.00. The price is in the lower part of the chart and in the oversold region of the market. It is above the 25 level of the daily stochastic and has positive momentum. XTZ is the coin with the fifth worst performance. It has the following characteristics:
Current price: $10.00
Market capitalization: $5,393,200,723
Trading volume: $256,209,953
7-day gain/loss %: 12.54%
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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