Weekly Cryptocurrency Market Analysis: Altcoins Plummet As Downturn Continues

Republished By Plato

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Oct 04, 2023 at 07:54 // Price

The downtrend zone continues to be the trading area for the worst performing cryptocurrencies

Five cryptocurrencies showing the biggest price fall of the week are Toncoin, UNUS SED LEO, Immutable, GateToken, Hedera. Cryptocurrency analysis by Coinidol.com.

The downtrend zone continues to be the trading area for the worst performing cryptocurrencies. The overbought condition of cryptocurrencies has prevented upward corrections in these altcoins.

Toncoin

The price of Toncoin (TON) is rising, but has reached a ceiling of $2.64. The price of the cryptocurrency has declined over the past week, falling below the 21-day line SMA TON is now trading above the 50-day line SMA, but below the 21-day line SMA TON has currently fallen to a low of $2.13. If the bearish momentum continues, the altcoin will fall much further below its low of $1.80 or its 50-day line SMA. In contrast, TON will be forced to move in a range if the cryptocurrency’s price gets stuck between the moving average lines. Meanwhile, the bearish momentum of the daily stochastic has weakened below the 60 level. The following characteristics define TON as the worst cryptocurrency:

TONUSD_(Daily Chart) – Sept. 30.23.jpg

Current price: $2.14

Market capitalization: $10,779,997,488

Trading volume: $22,448,225

7–day loss: 7.14%

UNUS SED LEO

UNUS SED LEO (LEO) has dropped below the moving average lines. The value of the cryptocurrency fell from a high of $4.20 to a low of $3.60. Selling pressure has eased since Sept. 3, when the altcoin traded above the $3.60 support level, but LEO will continue to fall to its previous low of $3.52 if the bears manage to break the current support. Long candlestick tails still point to current support. Candlesticks show clear buying at lower price levels. LEO is in the negative trend zone at level 42 of the Relative Strength Index for the period 14. It is possible that it will fall further into the downtrend zone. The second worst cryptocurrency is LEO. Below are some of its characteristic features:

LEOUSD_(Daily Chart) – Sept. 30.23.jpg

Current price: $3.65

Market capitalization: $3,586,484,381

Trading volume: $622,627

7–day loss: 5.70%

Immutable

Immutable (IMX) is in a downtrend, but correcting upwards. The price of the cryptocurrency has broken through the moving averages lines twice while continuing its positive trend. After falling to a low of $0.48 on September 12, selling pressure has eased. The altcoin is currently trading at $0.60. On September 21, IMX rose to a high of $0.83 before falling rapidly below the 21-day line SMA. Today, it is approaching the previous high of $0.80, with buyers managing to keep the price above the moving average lines. The market is overbought near the previous high. Once the bulls break the resistance at $0.80, IMX will resume its uptrend. If the altcoin is rejected and falls below the moving average lines, the decline will resume. The altcoin has started to build momentum in an uptrend above the daily stochastic threshold of 25. IMX is the third worst cryptocurrency based on the characteristics listed below:

IMXUSD_(Daily Chart) – Sept. 30.23.jpg

Current price: $0.6037

Market capitalization: $1,207,489,571

Trading volume: $17,959,704

7–day loss: 4.62%

GateToken

The price of GateToken (GT) has dropped significantly, returning to the historical price level of June 10. With the bulls buying the dips, the downtrend stalled at a low of $3.59 on June 10. The cryptocurrency asset began to move sideways as the bulls bought the dips. At the time of writing, the price of GT is $3.72. GT the price of the cryptocurrency has been moving between $3.80 and $4.40 in recent price activity. The current price range was broken by the bears, who are now targeting the previous low of $3.59. With a reading of 28 on the Relative Strength Index for the 14 period, the cryptocurrency has slipped into oversold territory. The cryptocurrency with the fourth worst performance is GT and has the following characteristics:

GTUSD_(Daily Chart) – Sept. 30.23.jpg

Current price: $3.74

Market capitalization: $1,120,891,821

Trading volume: $509,662

7–day loss: 5.5%

Hedera

The price of Hedera (HBAR) is down, but is between moving average lines. The recent upward correction was stopped at the high of $0.070. At the time of writing, the altcoin had fallen as low as $0.050. Currently, the price has not changed between the moving average lines. Doji candlesticks have kept the price stable above the $0.04 support since their emergence. However, if the moving average lines are crossed, the cryptocurrency price will move. Currently, the bullish momentum has stalled above the daily stochastic threshold of 25. This week, HBAR is the cryptocurrency with the fifth worst performance. It has the following characteristics:

HBARUSD(Daily Chart) – Sept. 30.23.jpg

Current price: $0.04999

Market capitalization: $2,499,110,930

Trading volume: $28,467,238

7–day loss: 3.49%

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.