Weekly Cryptocurrency Market Analysis: Altcoins Hit Price Lows And Continue Consolidation
Dec 25, 2022 at 10:00 //
PriceThe cryptocurrencies that performed the worst this week are the following altcoins.
Cryptocurrency prices have fallen to their lows and are now consolidating above their respective support levels. We will take a detailed look at these cryptocurrencies.
Chain
Since July 2022, the price of Chain (XCN) has dropped significantly from a high of $0.107 to a low of $0.017. The price of the altcoin has dropped significantly as it is trading in oversold territory. Bearish fatigue has been reached in this price slide. The market has dropped to its lowest level. Doji candlesticks are used to describe price fluctuations as they are very small and lack decisiveness. Altcoin is at level 20 on the Relative Strength Index for period 14, which is where the market is now after spending too much. The current slide is likely to come to an end. Among cryptocurrencies, its performance in the past week is the worst. The cryptocurrency's characteristics include:
Current price: $0.01797
Market capitalization: $960,709,207
Trading volume: $7,611,460
7-day gain/loss %: 32.01%
Lido DAO
Lido DAO (LDO) is in a downtrend after the recent rejection on December 16. The 21-day line SMA rejected buyers' attempts to keep the price above the moving average lines. The decline is expected to continue as the bears have undercut the current support at $0.87. LDO made an upside correction during the downtrend on November 9, and a candlestick tested the 78.6% Fibonacci retracement level. The correction predicts that LDO will fall, but will reverse at a price of 1.272 Fibonacci extension, or $0.63. Among cryptocurrencies, its performance this week is the second worst. It has the following characteristics:
Current price: $0.9487
Market capitalization: $948,463,487
Trading volume: $17,110,450
7-day gain/loss %: 8.28%
Aptos
The price of Aptos (APT) is currently down after falling below its moving average lines. The previous low at the bottom of the chart was reached by the bearish momentum. After hitting a low of $3.54, the decline reversed. The oversold area of the cryptocurrency market was reached. It follows that the downtrend will end. APT reversed the downtrend that started on December 13 and tested the 61.8% Fibonacci retracement level with a retraced candlestick. After the correction, APT will fall to the Fibonacci extension level of $1.618 and $3.64, respectively. The market has reached the Fibonacci extension and is consolidating above the current support. As Aptos is currently at level 31 on the Relative Strength Index for period 14, it has entered the oversold zone. APT aptos, the third worst cryptocurrency stock, is described below.
Current price: $3.75
Market capitalization: $3,734,052,682
Trading Volume: $35,684,274
7-Day Gain/Loss: 8.11%
Algorand
The price of Algorand (ALGO) has dropped from a high of $2.50 to a low of $0.16 since September 13, 2021. The altcoin has fallen well above the $0.16 support today. Bearish exhaustion was reached due to selling pressure. Meanwhile, ALGO reversed the downtrend from November 9 and tested the 61.8% Fibonacci retracement level with a retraced candlestick. After the correction, ALGO will fall to the $0.13 level of the 1.618 Fibonacci extension. The altcoin is likely to fall further due to the price movement. The Relative Strength Index for ALGO is 27, which is the fourth worst performing cryptocurrency. Buyers are attracted by lower prices. Below are the characteristics of ALGO:
Current Price: $0.1695
Market capitalization: $1,696,480,681
Trading Volume: $28,532,542
7-Day Gain/Loss: 7.98%
Tezos
Tezos (XTZ) has lost value and is now trading in the oversold territory of the market. Since October 4, 2021, the altcoin's price has fallen, from a high of $9.14 to a low of $0.76. The cryptocurrency value hit a low of $0.76 today and started to consolidate back above it. Meanwhile, XTZ reversed the downtrend from November 9 and tested the 78.6% Fibonacci retracement level with a retraced candlestick. After the correction, XTZ will fall to the $0.85 level of the 1.272 Fibonacci extension. The Relative Strength Index for period 14 has Tezos at level 28. The cryptocurrency with the fifth worst performance is XTZ. It has the following characteristics:
Current price: $0.80
Market capitalization: $755,554,711
Trading volume: $10,621,897
7-day gain/loss %: 4.91
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