Weekly Cryptocurrency Market Analysis: Altcoins Revisit Previous Lows, Resume Selling Pressure

The cryptocurrencies listed below are still deep in the downtrend zone. The bulls have failed to break the 21-day moving average line, hence the downtrend. The altcoins continue to face selling pressure on every rally. This week, these altcoins may continue to fall.

STEPN

STEPN (GMT) is in a downtrend as the price is below the moving averages. Today, the altcoin is facing a rejection at the 21-day moving average line. This is a sign of further downward movement of the cryptocurrency. 

Today, the altcoin has fallen to the low of $1.12 at the time of writing. It is likely that GMT will regain the previous low of $0.77. 

Meanwhile, on May 11 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall to the level of 1.272 Fibonacci extension or $0.30. It is the cryptocurrency with the lowest performance in the past week. The cryptocurrency has the following characteristics: 

Price: $1.14

Market capitalization: $6,832,416,885

Trading volume: $819,149,464 

7-day loss: 16.36%

Avalanche

Avalanche (AVAX) is in a downtrend as the price bars are below the moving averages. The cryptocurrency has dropped significantly since the high of $140. Today, the altcoin has fallen to a low of $25.62. AVAX is in a downward movement and faces another rejection of the high of $30. 

Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall to the level of 1.272 Fibonacci extension or $10.88. 

Meanwhile, AVAX is below the 40% area of the daily stochastic. This indicates that the altcoin is in a bearish momentum. AVAX is the cryptocurrency with the second worst performance this week. It has the following characteristics:

Price: $25.78

Market capitalization: $18,561,316,454

Trading volume: $702,710,968 

7-day loss: 9.83% 

ApeCoin

ApeCoin (APE) is in a downtrend as the price falls below the moving averages. Buyers have failed to keep the price above the moving averages as the altcoin continues to fall. It is likely that the cryptocurrency will regain the previous low at $5.16. However, if the bulls break above the 21-day moving average, the downtrend will be weakened. 

The altcoin is below the 20% area of the daily stochastic. The market has reached the oversold zone. The downtrend is likely to weaken as buyers emerge in the oversold area of the market. Altcoin is the cryptocurrency with the third worst performance this week. The cryptocurrency has the following characteristics: 

Price: $6.79

Market capitalization: $6,792,771,728

Trading volume: $455,427,920 

7-day loss: 9.42%

Solana

Solana (SOL) is in a downtrend and the altcoin has dropped considerably to a low of $45. The bulls have failed to break above the 21-day moving average. The bears have had the upper hand as they continue to sell on every rally. Today, Solana fell to the low of $45 and faces another rejection. 

Meanwhile, on the May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall to the 1,272 Fibonacci Extension level or $27.84. Solana is the cryptocurrency with the fourth worst performance last week. It has the following characteristics: 

Price: $45.05

Market capitalization: $23,112,985,347

Trading volume: $1,221,823,932 

7-day loss: 8.30%. 

Elrond

Elrond (EGLD) is in a downtrend as the altcoin faces a strong rejection at the moving averages. The cryptocurrency fell to a low of $68 on May 12. The altcoin corrected upwards but was rejected at the high of $103. 

Elrond fell back to the previous low of $68. Today EGLD is falling as it fails to break the 21-day line SMA. The downtrend will continue if the bears break below the $68 support. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall to the level of 1.272 Fibonacci extension or the price level of $40.81. It is the cryptocurrency asset with the fifth worst performance last week. It has the following characteristics:

Current price: $80.18

Market capitalization: $2,520,785,742

Trading volume: $91,631,880 

7-day gain %: 6.69%

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 funds.

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