Weekly Cryptocurrency Market Analysis: Altcoins Lose Bullish Gains As They Revisit Chart Bottom

Five cryptocurrencies showing the biggest price fall of the week are Astar, Pepe, KuCoin Token, Hedera, Rocket Pool. Cryptocurrency analysis by Coinidol.com.

The weakest altcoins are the ones listed below. While some cryptocurrencies have surpassed the lowest price levels, others have reached the bottom of the chart. The decline in cryptocurrencies has been exacerbated by Bitcoin’s weakness. Let us take a look at the cryptocurrencies that are still losing value.

Astar

The price of Astar (ASTR) has started to resume its upward trend. The price of the cryptocurrency is forming a series of higher highs and higher lows. The uptrend was broken when it reached a high of $0.0690. The cryptocurrency has fallen within the moving average lines. It is expected that ASTR will resume the sideways trend as it is trapped between the moving average lines. The horizontal movement will resume if the price retraces and stays above the 50-day line SMA. Selling pressure will resume when the price falls below the moving average lines. The decline in period 14 has reached the Relative Strength Index of 46. The altcoin is still in a downtrend zone and could fall even lower. It is the worst performing coin in terms of performance. The characteristics are as follows: 

Current price: $0.05671

Market capitalization: $448,860,735

Trading volume: $10,380,650 

7–day loss: 15.34%

Pepe

Pepe (PEPE) has dropped considerably and has undercut its previous low of $0.0000008354. Sellers are planning to push the altcoin to the bottom of the chart. PEPE is currently trading at a low of $0.0000008072. The market has reached the oversold zone. On the downside, the bulls might try to hold the current support of $0.0000008000. If the current support is broken, PEPE will come under selling pressure. The market will fall back to its previous low of $0.0000007792. PEPE has entered the oversold zone of the daily stochastic, which is below the level of 20. The second worst cryptocurrency is PEPE. It has the following characteristics:

Current price: $0.0000007902

Market capitalization: $331.36M

Trading volume: $70.96M 

7–day loss: 13.57%

KuCoin Token

The price of KuCoin Token (KCS) has dropped significantly and is in a steady downtrend. The decline has passed the low point of the chart. The price of KCS has dropped from a high of $9.00 to a low of $3.83. The moving average lines are preventing the coin from moving higher. Today’s decline is concentrated in the oversold zone of the market. The altcoin is approaching the historical price level of January 2021. The altcoin has reached a Relative Strength Index of 18. The following characteristics show that KCS is the third worst cryptocurrency:

Current price: $3.83

Market capitalization: $652,657,764

Trading volume: $1,960,091 

7–day loss: 13.25%

Hedera

The price of Hedera (HBAR) has come under renewed selling pressure after breaking below the moving average lines. HBAR previously made an upward correction, resisting at the high of $0.076. The altcoin is falling, reaching a low of $0.049. The decline could reach the previous low of $0.040. Currently, the selling pressure is easing as the market falls below the daily stochastic level of 20. HBAR has reached the oversold area of the market. The selling pressure will dissipate. HBAR is the fourth lowest performing cryptocurrency and has the following characteristics:

Current price: $0.04950

Market capitalization: $2,479,390,364

Trading volume: $66,601,179 

7–day loss: 11.12%

Rocket Pool

The price of Rocket Pool (RPL) has fallen near the bottom of the chart. The altcoin has fallen from a high of $65.14 to a low of $22.09. The altcoin is in a quiet lull with the moving average lines preventing any upward movement. The market has entered oversold territory as a result of the decline. Moreover, the decline has reached the historical price level of December 29, 2022. Selling pressure on altcoins has reached bearish fatigue. Rocket Pool has a Relative Strength Index of 34. It is the fifth worst performing coin. It has the following characteristics:

Current price: $2.13

Market capitalization: $435,975,883

Trading volume: $3,318,582 

7–day loss: 5.91%

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

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• Source: https://coinidol.com/altcoins-lose-bullish-gains/