Weekly Cryptocurrency Market Analysis: Altcoins Reach Bearish Exhaustion As Higher Levels Attract Selling Pressure

Falling prices of the worst-performing cryptocurrencies are below moving average lines.

Selling pressure increased as the altcoin fell below the moving average lines. Bearish fatigue is also indicated by the oversold levels of the cryptocurrencies. Let us look at each of these cryptocurrencies individually.

Pepe

Pepe (PEPE) slipped below the moving average lines. On May 5, the value of the cryptocurrency asset rose to a high of $0.0000044867. The rise ended when the market crossed into the overbought zone. The cryptocurrency value fell from a high of $0.0000044867 to a low of $0.0000013159. The decline brought the oversold area of the market into view. The daily stochastic value of PEPE is below 20. The cryptocurrency has the following characteristics and the worst performance:

Current price: $0.000001318

Market capitalization: $554,515,762

Trading volume: $113,946,761 

7-day gain/loss: 15.64%

Optimism

The price of Optimism (OP) is falling below its moving average lines. Since February 2, OP has been moving sideways as buyers have been unable to break above the $2.80 and $3.00 resistance levels. The cryptocurrency asset has been falling since it was rejected at the $2.80 barrier. Selling pressure increased when the cryptocurrency price fell below the moving average lines. The oversold area of the market is currently under selling pressure. The price of OP is currently at $1.43. The cryptocurrency value for period 14 of the Relative Strength Index is at level 29. The second worst cryptocurrency this week is altcoin. It has the following characteristics: 

Trading volume: $126,457,628 

7-day gain/loss: 11.77%

Fantom

Fantom (FTM) is also dropping below the moving average lines. The cryptocurrency’s value has dropped and is now very close to its previous low of $0.30. FTM has also started to move down after breaking the uptrend at the high of $0.65. Today’s selling pressure is down to $0.32. Above the previous low of $0.30, the downtrend could end. Fantom has fallen into the oversold area of the market. The daily stochastic is currently below the level of 20. The bear market in this altcoin has reached its peak. FTM is the third worst cryptocurrency. It has the following characteristics:

Current price: $0.328

Market capitalization: $1,041,500,121

Trading volume: $92,446,766 

7-day gain/loss: 10.81% 

ApeCoin

ApeCoin (APE) is sliding below the moving average lines. The value of the altcoin has dropped sharply. At the time of writing, APE is trading for $3.17. An indicator of the cryptocurrency’s price predicts further downward movement. During the decline that began on March 12, APE generated an upward correction and a candlestick tested the 78.6% Fibonacci retracement level. APE will decline but reverse at the 1.272 level of the Fibonacci extension, or $2.91. The price movement shows that the altcoin has dropped to $3.19. The coin is at level 34 according to the Relative Strength Index for period 14. It ranks as the fourth worst cryptocurrency at the moment. It is characterized by the following things:

Current price: $3.19

Market capitalization: $3,196,003,213

Trading volume: $37,771,949 

7-day gain/loss: 8.64%

Algorand

Algorand (ALGO) is falling below its moving average lines at the moment. The altcoin has had a significant drop but has continued to fall. At the time of publication, ALGO is currently trading for $0.15. A candlestick tested the 61.8% Fibonacci retracement level after the altcoin bounced from the March 10 decline. ALGO will correct to the $0.11 level of the 1.618 Fibonacci extension. Cryptocurrency prices have been falling and the market is now oversold. ALGO reaches the daily stochastic threshold of 20. The bear market in cryptocurrencies has reached its peak. The altcoin with the following characteristics is the fifth worst performing cryptocurrency:

Current price: $0.1511

Market capitalization: $1,514,552,656

Trading volume: $39,456,420 

7-day gain/loss: 8.14%

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 in funds.

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