Weekly Analysis Of The Cryptocurrency Market: Altcoins Are On The Retreat To Previous Lows
Dec 02, 2022 at 09:39 //
PriceCryptocurrencies are in freefall and have moved deeper into the downtrend zone. As it trades in the uptrend zone, the trust wallet token is excellent. When the altcoin holds above the moving average lines, the Trust Wallet Token has the tendency to rise. We will discuss these altcoins in more detail.
Binary
The price of Binary X (BNX) is falling and has reached a low of $137.87. The price of the altcoin is below the moving average lines. The cryptocurrency has been moving in a restricted range below the high of $160 since September 15. The overbought area has preserved the coin. It is unlikely that the value of the currency will continue to rise. The daily stochastic shows that BNX is below the level of 20. The cryptocurrency has reached the oversold area of the market. The characteristics of BNX, the cryptocurrency with the worst performance, are as follows.
Current price: $138.34
Market capitalization: $2,915,680,341
Trading volume: $17,826,006
7-day loss: 11.61%
Chiliz
The price of Chiliz (CHZ) is falling below the moving average lines. The price of the coin has dropped significantly to $0.16. Buyers have failed to get the price to rise above the overhead resistance of $0.28 since August 23. Every time the overhead barrier is retested, the cryptocurrency falls.CHZ is currently declining and approaching its previous low of $0.14.The current slide has reached the oversold area of the market. The daily stochastic value of 20 is not reached by the coin. This indicates that the CHZ bear market has peaked. Buyers will gather in the oversold area to raise prices. The cryptocurrency is the second worst performing cryptocurrency this week and has the characteristics listed below.
Current price: $0.1626
Market capitalization: $1,450,140,961
Trading volume: $183,590,838
7-day loss %:9.85%
Nexo
The price of NEXO (NEXO) is falling as it consolidates above the $0.60 support. NEXO's price fell to a low of $0.69 on November 11, and the altcoin has been drifting sideways below the moving average lines. The cryptocurrency fell further on November 26 after being rejected at the 21-day line SMA. The altcoin recovered today and crossed the 21-day line SMA. At the recent high, NEXO was under selling pressure, which resulted in a further decline. The cryptocurrency asset has reached the bearish trend zone. Its performance this week is the third worst among cryptocurrencies. It has the following characteristics:
Current price: $0.6466
Market capitalization: $643,731,360
Trading volume: $5,882,672
7-day loss %: 7.89%
UNUS SED LEO
The price of UNUS SED LEO (LEO) is falling as the altcoin may continue to fall. LEO saw its price plummet on November 11, taking it to a low of $3.79 before moving sideways. The altcoin is hovering between $3.70 and $4.50, and if sellers break the current support at $3.70, selling pressure could resume. LEO is currently below the Stochastic level of 20 on the daily basis. The oversold area of the market has been reached. It is unlikely to see further selling pressure. It has shown the fourth worst performance of the week among cryptocurrencies. The cryptocurrency's characteristics include
Current price: $3.83
Market capitalization: $3,801,913,915
Trading volume: $3,126,526
7-day loss %: 7.42%
Trust Wallet Token
Trust Wallet Token (TWT) is moving sideways below the $2.40 resistance. Buyers have failed to keep the price above the high of $2.40 since November 14. The cryptocurrency price has retreated below the $2.40 barrier area. The cryptocurrency price has turned upwards above the 21-day line SMA. The rise will continue if the altcoin stays above the 21-day line SMA. If the current resistance is broken, the market will rise to a high of $3.00. If the price falls below the moving average line, selling pressure will resume. The Relative Strength Index for the 14 period suggests that TWT will fall to a low of $1.00. The altcoin is currently at level 58. It is on the upswing and could gain more. The characteristics of a trust wallet token are as follows:
Current price: $2.05
Market capitalization: $2,048,868,690
Trading volume: $45,923,422
7-day loss: 5.29%
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 in funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow