Weekly Cryptocurrency Market Analysis: Altcoins Have Fallen To Their Current Support Levels As They Risk A Further Downfall
July 30, 2022 at 10:20 // Price
The cryptocurrencies listed below are in a downside correction as the altcoins trade below their moving average lines.
There is a tendency for the altcoin to fall further due to rejection on the moving average line. Let’s take a closer look at the worst performing cryptocurrencies this week.
Huobi Token
Huobi Token (HT) is in a downtrend as the price breaks below the 21-day SMA line. There was an upside correction towards the $5.00 high but it was halted. The downtrend resumed as soon as the price broke below the 21-day SMA line. Selling pressure will continue as long as the price bars break below the moving average line.
Meanwhile, the downtrend on June 19; A retracement candlestick tested the 78.6% Fibonacci retracement level. The retracement is showing that HT will decline but will reverse at the 1.272 Fibonacci extension level or $3.80 price level. HT is below the 20% area of the Daily Stochastic. The altcoin has fallen into oversold territory. The market has entered bearish expansion. HT is the least performing cryptocurrency this week. It has the following characteristics:
Current Price: $4.44
Market capitalization: $2,222,144,601
trading volume: $16,845,768
7 day loss: 6.05%.
XDC Network
XDC Network (XDC) price is on a downside as the altcoin struggles below the moving average line. The downtrend is characterized by erratic candlesticks called the Doji. These candles indicate that buyers and sellers are undecided about the direction of the market. XDC is at the 50 level of the Strength Index relative to period 14, indicating that there is a balance between supply and demand. The upside correction is completing the rejection near the $0.030 high.
Meanwhile, XDC is trading below the 20% range of the Daily Stochastic. This is an indication that the market has entered the oversold zone. XDC is the second worst performing cryptocurrency this week. It has the following characteristics:
Current Price: $0.02832
Market capitalization: $1,067,866,657
trading volume: $4,705,583
7-Day Loss: 5.31%.
amp
The AMP is in a sideways movement as the price moves below the moving average lines. Since the price drop on May 12, the altcoin has been fluctuating below the moving average line. The bulls have not broken above the moving average line. Instead, the price movement is characterized by small erratic candles called Dojis. Candles indicate that buyers and sellers are uncertain about the direction of the market. The AMP is at the level of 42 on the Relative Strength Index for 14 periods, indicating that the cryptocurrency is in a downtrend zone and may decline further.
However, AMP is the third worst performing cryptocurrency this week. It has the following characteristics:
Current Price: $0.008684
Market capitalization: $804,262,790
trading volume: $8,354,584
7-Day Loss: 4.48%
looping
Looping (LRC) price is on a downside as buyers struggle below the moving average line. Since July 20, the altcoin has been trending downwards after rejecting the high of $0.47. Today, the cryptocurrency has been blocked from moving beyond the LRC. On the downside, the altcoin is set to decline as low as $0.31 as it breaks away from the recent highs.
Looping is at the level of 48 on the Relative Strength Index for a period of 14, indicating that the altcoin is in a downtrend and may decline. This is the crypto asset with the fourth worst performance of the week. It has the following characteristics:
Current Price: $0.396
Market capitalization: $544,301,991
trading volume: $84,826,340
7 day loss: 3.38%
Festival
Gala (GALA) is in a downtrend as it continues to fluctuate below the moving average lines. The 21-day line SMA acts as resistance for the price bars. Meanwhile, the downtrend on May 12th; A retracement candle body tested the 78.6% Fibonacci retracement level. The retracement level is showing that GALA will decline towards the 1.272 Fib extension or the $0.028 level. The cryptocurrency is at level 44 of the Relative Strength Index for 14 periods, indicating that the altcoin is in a downtrend and may decline.
It is the fifth cryptocurrency with the lowest performance this week. It has the following characteristics:
Current Price: $0.05019
Market capitalization: $1,776,420,306
trading volume: $310,226,308
Disclaimer. This analysis and forecast is the personal opinion of the author and is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing money.
