Weekly Cryptocurrency Market Analysis: Altcoins in Downward Correction as They Move Close to a Price Rebound
Aug 04, 2022 at 09:36 //
PriceThe altcoins listed below are in a downward correction as cryptocurrencies fluctuate below their moving average lines. In other words, they risk further decline while facing rejection at the 21-day line SMA.
Huobi Token
Huobi Token (HT) is in a downward correction as the altcoin trades below the moving average lines. The upward movement is slowed down by the 21-day line SMA, which indicates further downward movement of the cryptocurrency.
Meanwhile, on June 20 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that HT will fall, but reverse at the level of 1.272 Fibonacci extension or the price of $3.80. The price action shows that the market has fallen to the low of $4.37.
HT is below the 20% area of the daily stochastic. The altcoin has fallen into the oversold zone. The market has reached bearish exhaustion. HT is the cryptocurrency with the lowest performance this week. It has the following characteristics:
Price: $4.37
Market capitalization: $2,184,842,731
Trading volume: $8,441,704
7-day loss: 0.98%
UNUS SED LEO
The price of UNUS SED LEO (LEO) is in a downtrend as it falls below the moving average lines. On August 2, the altcoin faced another rejection at the 21-day line SMA while approaching the previous low at $4.90. Further downward movement of the coin is unlikely as the altcoin reaches an oversold region of the market.
Meanwhile, LEO is below the 20% area of the daily stochastic. This indicates that the market has reached the oversold region. LEO is the cryptocurrency with the second worst performance this week. It has the following characteristics:
Price: $5.02
Market capitalization: $4,920,364,038
Trading volume: $4,204,846
7-day loss: 3.06%
KuCoin Token
KuCoin Token (KCS) is in a sideways movement as its price has been fluctuating below the moving average lines since January, when bulls have failed to overcome the upper resistance zone of $22.
However, on April 11, the cryptocurrency was trading in the oversold region of the market. The altcoin is below the 20% area of the daily stochastic. This indicates that the market has reached bearish exhaustion.
KCS is the cryptocurrency with the third worst performance this week. It has the following characteristics:
Price: $10.09
Market capitalization: $1,716,856,514
Trading volume: $2,351,689
7-day loss: 3,56%
Monero
Monero (XMR) is in an uptrend as the price is moving above the average lines. The uptrend has reached the high of $163. XMR is fluctuating below the recent high.
The price is stuck. When the bear's beak is below the moving average lines or the trend line, the downtrend resumes.
Meanwhile, the altcoin is above the 70% area of the daily stochastic. It is in a bullish momentum and approaching the overbought area of the market. It is the cryptocurrency asset with the fourth worst performance this week. It has the following characteristics:
Price: $157.70
Market capitalization: $2,859,931,216
Trading volume: $108,869,981
7-day loss: 3.98%
Helium
Helium (HNT) is in a downtrend as it continues to fluctuate below the moving average lines. The altcoin has been in a sideways movement since the breakdown on July 1. The cryptocurrency fluctuates between $8.50 and $10 price levels.
Today, HNT is testing the lower price range again while moving upwards. The altcoin is also trading marginally due to the presence of small indecisive candlesticks called doji. Doji candlesticks are responsible for the current sideways movement. They indicate the indecision between buyers and sellers about the direction of the market.
The coin is below the 20% range of the daily stochastic. It is the cryptocurrency with the fifth worst performance this week. It has the following characteristics:
Price: $8.69
Market capitalization: $1,937,320,505
Trading volume: $6,475,103
7-day loss: 5.13%
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 Coin Idol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow