New Update Altcoins Rebound as Bulls Enforce Trend Change

Almost all cryptocurrencies, including those that lost the most, regained momentum as altcoins recovered. The performance of the losers shows that they are having minimal losses or minimal profits.

Arweave

Arweave (AR) is in a downtrend. Since November 5, the cryptocurrency has fallen from a high of $90 to as low as $27. However, on January 22, the downtrend weakened as the bulls turned bearish. The altcoin corrected up but was stuck at the $42.50 resistance. In other words, the altcoin price rose above the 21-day moving average, but failed to break the 50-day moving average. This shows that altcoin prices are likely to fluctuate between the moving averages.

However, if the price breaks above or below the moving averages, altcoins will develop with the trend. The price indicator shows that AR/USD has reversed at the Fibonacci Extension 1.618 or $30,178 level. Arweave was the biggest loser in the past week. It has the following characteristics:

Price: $36.89

Market capitalization: $2,386,332,804

Trading volume: $69.538,455

Takes 7 days: 6.83%

Token dump

Render Token (RNDR) is in a sideways trend but has dropped below the moving averages. The cryptocurrency traded and reached as high as $4. However, buyers were unable to sustain the bullish momentum as the altcoin reached the overbought territory of the market. Render Token is trading at $3.84 at press time.

The market has dipped below the 20% range of the daily stochastic. The market has reached the oversold zone. In the oversold area, buyers will appear to drive the Render Token to the previous high. This is the second sharp drop in the past week. It has the following characteristics:

Price: $3.41′

Market capitalization: $1,830,307,496

Trading volume: 61,419,221 USD

Takes 7 days: 0.72%

Klaytn

Klaytn (KLAY) has been in a downtrend since October 2021. The cryptocurrency fell from a high of $1.90 to a low of $1.19. Today, the cryptocurrency price was rejected by the 50-day moving average.

There is a continuing downward trend in cryptocurrencies. The price bars are below the moving averages. Altcoins are below the 50% range of the daily stochastic. The market is in a downtrend. Altcoins are the third biggest loser in the past week. It has the following characteristics:

Price: $1.19

Market capitalization: 12,887,187,662 USD

Trading volume: $69,715,748

Takes 7 days: 0.31%

Producer

Maker (MKR) has been in a sideways trend since May 2021. The sideways trend started after a bearish impulse on May 17. The cryptocurrency has ranged between $1,850 and $3,800.

On the downside, buyers were unable to overcome the resistance at $3,800. The support is also defended by the bulls. The market will change if these swings are broken. Altcoins are the fourth biggest loser in the past week. It has the following characteristics:

Price: $2,234.53

Market capitalization: $2,250,774,435

Trading volume: $102,076,848

7 day increase: 0.53%

DAO . Token Curve

Curve DAO Token (CRV) is in a downtrend and has also dropped significantly. The downtrend has eased as the bulls buy into the drop. The cryptocurrency price broke the 21-day moving average, but not the 50-day moving average. This suggests that the cryptocurrency price will fluctuate between the moving averages.

During the January 10 downtrend, a candle bar tested the 61.8% Fibonacci retracement level. The retracement suggests that the CRV will drop to the Fibonacci extension of $1,618 or $2.39. CRV reversed after testing the Fibonacci Extension 1.618 and was the 5th biggest loser in the past week. It has the following characteristics:

Price: $3.41

Market capitalization: 11,248.347,574 USD

Trading volume: $404,179,145

Increase 7 days: 1.63%

Disclaimer statement. This analysis and forecast is the author’s personal opinion and is not a recommendation to buy or sell cryptocurrencies and should not be viewed as an endorsement of CoinIdol. Readers should do their own research before investing money.