Weekly Analysis of the Cryptocurrency Market: Altcoins Lose Their Recent Gains After a Pullback and Continue Downward Correction

Cryptocurrencies resumed their downward correction as bulls failed to break through the next resistance levels.

On February 8, some altcoins broke the 21-day moving average line, but failed to break the 50-day moving average line. A break above the moving averages would signal the resumption of the bull market. Below are the biggest losers that are in a downward correction.

Oasis Network

Oasis Network (ROSE)) is in a downtrend. On the daily chart, the cryptocurrency is in a downward correction as the price falls below the moving averages. The recent downtrend was rejected at a high of $0.40. Today, the downtrend has weakened as the altcoin drops to a low of $0.28. Bulls buy the dips when the price breaks above the moving averages. Meanwhile, on February 12, the downtrend tested the 78.6% Fibonacci retracement level. The retracement suggests that ROSE will fall but reverse at the Fibonacci extension level of 1.272 or $0.27. The price action shows that ROSE reversed at the 1.272 Fibonacci Extension level or $0.27. 

ROSE is the biggest loser of the past week. It has the following characteristics.

The current price: $0.313

Market capitalization: $3,129,978,602

Trading volume: $175,597,727 

7-day loss %: 14.61%.

NEAR Protocol

NEAR Protocol (NEAR) is in a downtrend. The cryptocurrency has fallen to the low of $10 as the bulls have bought the dips. Buyers are trying to push the altcoin above the moving averages. In the last price move on February 6, the bulls broke the 21-day moving average, but failed to break the 50-day moving average. A break above the moving averages would signal the resumption of the uptrend. Today, NEAR is below the 20% area of the daily stochastic. This indicates that the altcoin is in the oversold region of the market. In the oversold region, buyers will show up and push NEAR up. 

It is the second biggest loser of the past week. It has the following characteristics:

Current Price: $11.17

Market Capitalization: $11,165,097,001

Trading Volume: $441,766,107 

7-Day Loss %: 12.50%

Filecoin

Filecoin (FIL) has been in a downtrend since March 2021. The cryptocurrency reached a peak price of $200 on March 29 after a rally. The altcoin rallied in an overbought region of the market. As a result, the downtrend resumed as the altcoin fell to a low of $16.99. The downtrend has subsided as the altcoin consolidates above the current support. In addition, Filecoin has fallen below the 20% area of the daily stochastic. The market has reached the oversold region. In the oversold region, buyers will emerge and push prices higher. The market is in a bearish momentum. Altcoin is the third biggest loser of the past week. 

It has the following characteristics:

Current price: $21.59

Market capitalization: $3,491,053,470

Trading Volume: $308,995,516

7-Day Loss %: 9.69%

Holo

Holo (HOT) has been in a downtrend since November 4, 2021. On January 22, the downtrend eased as the altcoin fell to the low of $0.003839. Bulls bought the dips as the cryptocurrency price broke above the 21-day moving average. The bullish momentum was pushed back at a high of $0.006152. Today, the altcoin has pulled back above the 21-day moving average. Holo is now trading above the 21-day moving average line, but below the 50-day moving average line. The cryptocurrency is likely to move between the moving averages. The altcoin will develop a trend when the moving average lines are broken. Altcoin is the fourth biggest loser of the past week.

It has the following characteristics: 

Current price: $0.005067

Market capitalization: $908,812,357

Trading Volume: $62,785,596 

7-Day Loss %: 9.33%

Curve DAO Token

Curve DAO Token (CRV) is in a downward correction as the price breaks below the moving averages. Today, buyers are pushing the altcoin to break above the moving averages. In the last price action, the bulls were pushed back at the high of $3.72. On the upside, the altcoin is set to rise to $5.39 if the bulls break out above the moving averages. On the downside, the downtrend has eased after the January 24 plunge. The altcoin returned above the 1.618 Fibonacci extension level. CRV is the fifth biggest loser of the past week. 

It has the following characteristics:

Current price: $3.09

Market Capitalization: $10,193,596,444

Trading Volume: $298,177,916 

7-Day Loss %: 8.98%.

Disclaimer. This analysis and forecast are the personal opinions of the author 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 funds.

• Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.
• Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. FREE ACCESS.
• CryptoHawk. Altcoin Radar. Free Trial.
• Source: https://coinidol.com/weekly-continue-their-downtrend/