Weekly Cryptocurrency Analysis: Altcoins Fall After Hitting A Barrier At Recent Highs

The altcoins in cryptocurrency analysis by Coinidol.com today are: EGLD, MKR, Bitcoin SV, APE and BCH.

The worst performing cryptocurrencies are either in a sideways trend or in a downtrend. This is due to the fact that the cryptocurrencies are unable to overcome the overarching resistance levels.

MultiversX

The price of MultiversX (EGLD) has recovered from its previous downtrend. The upward correction reached a high of $56.22 before retracing. The upside correction has stalled below resistance at $48 since November 5. The upward correction reached the historical price level of March 20.

The altcoin is pulling back after reaching a new high twice. If the current uptrend retraces and stays above the moving average lines, it could continue. This means that the altcoin will trade sideways between $35 and $48. However, if the price falls below the moving average lines or the $35 support, the downtrend will resume.

EGLD is the worst performing cryptocurrency over the past week for the following reasons: 

Current price: $42.11

Market capitalization: $1,322,859,098

Trading volume: $59,630,799 

7–day loss: 6.46%

Maker

Maker (MKR) has entered a downtrend after hitting a high of $1,648 on October 23. The bulls have tried unsuccessfully to keep the price above the moving average lines. The decline has already reached a low of $1,277. The value of Maker will fall to $1,180 before rising again. The current price level of $1,277 is the historical price level from September 22.

If the current support holds, the market will resume its uptrend. The second worst performing cryptocurrency is Maker. Below are some distinguishing characteristics:

Current price: $1,275.30

Market capitalization: $1,282,462,280

Trading volume: $79,754,893

7–day loss: 6.54%

Bitcoin SV

Bitcoin SV (BSV) is declining, albeit in a sideways pattern. After reaching resistance at $56, the altcoin began a sideways trend. Since October 21, the cryptocurrency value has fallen below the 21-day simple moving average, reaching a low of $48. The current decline will continue until the price reaches a low of $35 or falls below the moving average line. BSV is the third worst performing cryptocurrency according to the following criteria:

Current price: is $48.97

Market capitalization: $1,028,250,703

Trading volume: $65,491,402 

7–day loss: 3.93%

ApeCoin

The price of ApeCoin (APE) is rising, although it is declining. The rising correction has stopped after peaking at $1.60. The long candlestick wick suggests strong selling pressure at higher prices. However, if the altcoin retraces above the moving average lines, a further rise seems speculative. The candle from November 9 has a long wick, indicating strong buying pressure at the current support. If the price of the cryptocurrency remains above the moving average lines, the coin will rise. A break below the moving average line indicates that the decline has resumed.

In terms of performance, APE is the fourth worst performing coin. It has the following characteristics:

Price: $1.39

Market capitalization: $1,391,965,327

Trading Volume: $75,091,854 

7–Day Loss: 3.73%

Bitcoin Cash

Bitcoin Cash (BCH) was in a sideways trend after breaking above the $329 overhead resistance.

The cryptocurrency fell to a low of $164 before starting a sideways trend. The barrier at $269 limits the upside correction. The altcoin is now trading between the moving average lines. The movement between the moving average lines will continue for a few days. At the time of writing, BCH was trading at $234. In terms of performance, BCH is the fifth worst performing coin. It has the following characteristics:

Price: $234.39

Market capitalization: $4,921,999,382

Trading volume: $164,298,107 

7–day loss: 2.92%

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.com. Readers should do their research before investing in funds.

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• Source: https://coinidol.com/analysis-altcoins-fall-after-hitting/