Weekly Cryptocurrency Market Analysis: Altcoins Continue Selling Pressure, Fall Below Current Support Levels
Cryptocurrency is currently being rejected at their respective overhead resistance levels.
Altcoins have fallen back into the downtrend zone as a result of the price collapse on January 30. The cryptocurrencies that are not performing well are at risk of falling into the downtrend zone. We will take a closer look at some of these altcoins.
Quant
Quant (QNT) is in an uptrend and approaching the $163 high. The altcoins dips below the 21-day line SMA, but rises above the 50-day line SMA, ending the rally. As long as the cryptocurrency price oscillates between the moving average lines, it will be forced to move in a range. The price will fall to a low of $100 if it breaks below the moving average lines to the downside. At the time of writing, the altcoin is valued at $137.81. Below the daily stochastic threshold of 40, the altcoin is experiencing bearish momentum. QNT is the coin with the worst performance. It has the following characteristics:
Current price: $139.31
Market capitalization: $2,029,542,987
Trading volume: $25,370,426
7-day gain/loss: 10.63%
BitDAO
BitDAO (BITprice) is in an uptrend as evidenced by a series of higher highs and lower lows. The positive momentum could not be sustained by buyers above the $0.60 high. After rejecting the recent high, BIT is now falling again. As the altcoin has fallen above the $0.50 support, the uptrend has ended. If the current support holds, the uptrend will resume. If the current barrier is broken, the altcoin will rise to a high of $0.65. The current uptrend is considered to be over when the cryptocurrency breaks down and closes below the previous low. The price of the altcoin is currently between the moving average lines, which indicates that the cryptocurrency could move in a range. The Relative Strength Index for the 14 period is at 52 and the cryptocurrency is in an upward range. The altcoin has the second worst performance. The qualities of the cryptocurrency include:
Current price: $0.5104
Market capitalization: $5,103,704,078
Trading volume: $24,834,446
7-day gain/loss: 7.94%
Lido DAO
The price of Lido DAO (LDO) is falling as it faces rejection at the high of $2.50. The altcoin dipped below the 21-day line SMA, but rose above the 50-day line SMA, ending the current uptrend. If the altcoin’s price falls below the moving average lines, it will drop to its low of $1.00. However, the altcoin will be forced to move in an area between the moving average lines if the current support holds. LDO is in a negative momentum below the daily stochastic threshold of 40, indicating that it is in a downtrend zone and could decline. LDO is the third worst performing coin. The cryptocurrency’s characteristics include:
Current price: $2.15
Market capitalization: $2,142,732,651
Trading volume: $119,436,974
7-day gain/loss: 7.33%
NEAR Protocol
The price of NEAR Protocol (NEAR) has been rising, but has reached bullish exhaustion. Buyers have unsuccessfully tried to break the $2.60 barrier since January 23. The cryptocurrency has fallen below the SMA of the 21-day line, but is now above the SMA of the 50-day line. The movement between the NEAR moving average lines will continue. When the moving average lines are crossed, the altcoin will trend. At the level of 52 of the Relative Strength Index for the period 14, the altcoin is in the uptrend zone. NEAR the cryptocurrency with the fourth worst performance has the following characteristic:
Current price: $2.24
Market capitalization: $2,237,674,612
Trading volume: $151,357,543
7-day gain/loss: 6.52%
Axie Infinity
Axie Infinity (AXS) price is currently in the uptrend zone. Since January 22, the uptrend has been broken due to the negative dip. The altcoin is currently moving back above the moving average lines. If the price holds above the moving average lines, the uptrend would resume. A retraced candlestick of the downtrend from January 25 tested the 61.8% Fibonacci retracement line. According to the retracement, AXS will fall to the 1.618 Fibonacci extension level or $8.87. AXS is experiencing bearish momentum below the daily stochastic threshold of 50. The altcoin had the fifth worst performance this week. It has the following characteristics:
Current price: $10.61
Market capitalization: $2,864,771,493
Trading volume: $125,200,085
7-day gain/loss: 5.44
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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