Altcoins Resume New Drops To Oversold Regions As Bulls Buy Dip

The cryptocurrency is trading in the downtrend zone and has fallen significantly. Many cryptocurrencies have reached oversold territory in the market. Altcoins are experiencing a temporary respite, perhaps because buyers are showing up.

Axie Infinity

Axie Infinity (AXS) is in a downtrend, dropping to a low of $9.04. The current decline comes after an upward correction to the July 30 high of $20. Buyers failed to sustain the bullish momentum above recent highs.

On Aug. 13, the bulls retested the recent high and got rejected. On the downside, AXS made an upward correction on Sept. 19 and the candlestick tested his 61.8% Fibonacci retracement level. This correction means that the AXS will fall to the 1.618 Fibonacci extension or the $9.58 level.

The cryptocurrency has fallen into the oversold zone of the market. Axie Infinity has reached the oversold territory of the market. The current downtrend has reached bearish exhaustion and has broken below his 20% area of ​​the daily Stochastic. AXS is the worst performing cryptocurrency this week. It has the following features:

price: $9.07

Market capitalization: $2,459,205,858

Trading volume: $160,742,097

7 days loss: 19.58%

Ethereum PoW

EthereumPoW (ETHW) is in a downtrend, dropping to a low of $6.07. The cryptocurrency is nearing its previous low of $4.10. On September 15th, the cryptocurrency hit a new all-time high of $30.67.

Today, the altcoin dropped significantly to a low of $6.07. ETHW is approaching the oversold zone at level 35 of the Relative Strength Index for period 14. The altcoin is in a downtrend zone and may continue to fall. Altcoins are the second worst performing cryptocurrency this week. Virtual currency has the following characteristics.

price: $6.11

Market capitalization: $653,049,748

Trading volume: $54,739,833

7 days loss: 18.45%

ethereum name service

Ethereum Name Service (ENS) is trending higher, but buyers are challenging resistance at $18.00. The initial uptrend was interrupted on his August 6th and turned sideways again. On October 13th, the bull market broke through resistance and reached a high of $20. Altcoins broke below $18 highs. It also fell below the 21-day SMA.

As a result, the ENS is forced to move between the moving averages. Altcoins will resume their trend once the moving average breaks. ENS is on bearish momentum but below his 40% area on the daily stochastic. ENS is the third worst performing cryptocurrency this week. It has the following features:

price: $16.94

Market capitalization: $1,687,861,238

Trading volume: $65,083,375

7 days loss: 13.45%

compound

Compounds (COMP) have been flat since June. Altcoins fluctuate between $45 and $70. The presence of homozygous candlesticks is the cause of the range bound movement. An indecisive candle with a small body indicates that buyers and sellers are undecided about the direction of the market. The altcoin is trading at $49.15 at the time of writing. The coin has reached the oversold territory and is below his 20% territory on the daily stochastic. His 4th worst performing cryptocurrency asset this week. It has the following features:

price: $49.86

Market capitalization: $500,504,050

Trading volume: $24,724,943

7 days loss: 11.95%

graph

The chart (GRT) is in a downtrend but has resumed a new decline. Selling pressure was triggered by the failure of the September 12th upward revision. The altcoin was pushed aside at the $0.14 resistance zone when the price broke below the moving averages.

On the downtrend on August 19, the GRT made an upward correction and the candlestick tested the 50% Fibonacci retracement level. The correction suggests the coin will drop to the 2.0 Fibonacci extension level or $0.0495. The chart has dropped significantly as we have reached the oversold territory. Altcoins are the fifth worst cryptocurrency, with the following characteristics:

price: $0.07827

Market capitalization: $788,590,001

Trading volume: $18,242,032

7 days loss: 11.21%

Disclaimer. This analysis and predictions are the author’s personal opinion and are not recommendations to buy or sell cryptocurrencies and should not be considered endorsements by CoinIdol. Readers should do their own research before investing.