Weekly Cryptocurrency Market Analysis: Altcoins Trades Near Past Lows, Indicating A Potential Breakout

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

The coins listed below have significantly underperformed this week. Bitcoin and the major altcoins are trying to recover as they struggle to break through the next resistance level. Let us take a look at the cryptocurrencies that are still in a downtrend.

Pepe

Pepe (PEPE) is declining and has fallen far below the moving average lines. The decline continued after the previous low of $0.0000008600. On August 25, PEPE fell further to a low of $0.0000007792 before recovering. The cryptocurrency is now consolidating above the support level of $0.0000008500, and the recent decline has approached the oversold zone of the market. As the altcoin approaches the oversold zone, selling pressure is expected to ease. PEPE is trading in the oversold zone of the market. It is below the daily stochastic value of 20. PEPE is the worst performing of all cryptocurrencies. It has the following characteristics:

Current price: $0.0000008592

Market capitalization: $361.44M

Trading volume: $66.57M 

7–day gain/loss: 20.62%

THORChain

The price of THORChain (RUNE) is falling, although it has found support above the moving average lines. The downtrend has slowed as the price remains above the moving average lines. If RUNE stays above the moving average lines, it will resume a new uptrend. On the other hand, selling pressure will resume if the price falls below the 21-day line SMA. The altcoin is expected to fall to its previous low of $1.15. RUNE is trading at $1.46 at the time of writing. For the period 14, the altcoin is in the positive trend zone at level 55 of the Relative Strength Index. RUNE is the second worst cryptocurrency as shown by the following characteristics: 

Current price: $1.46

Market capitalization: $730,593,804

Trading volume: $38,665,844 

7–day gain/loss: 17.65%

Hedera

Hedera (HBAR) has fallen below its moving average lines. HBAR was in an uptrend during the last price action, but was bounced at the high of $0.076. The altcoin is falling as it approaches the overbought zone of the market. At the time of writing, the altcoin is trading at $0.053. The altcoin is expected to fall even further as it is below the moving average. If the selling pressure continues, the altcoin will fall to a low of $0.045. The cryptocurrency asset is in a downtrend zone at Relative Strength level 43 for the period 14. HBAR is the third lowest performing cryptocurrency and has the following characteristics:

Current price: $0.05421

Market capitalization: $2,710,393,181

Trading volume: $50,604,468 

7–day gain/loss: 10.81%

KuCoin Token

KuCoin Token (KCS) is in a downtrend and has dropped to the bottom of the chart. The negative trend has broken the historical price level of December 23, 2022. The price of the cryptocurrency fell below the historical low of $6.30 and reached another low of $4.35. The altcoin has reached the oversold zone of the market. As KCS reaches bearish exhaustion, the current slide may slow down. It is below the stochastic level of 20 on the daily basis. In terms of performance, it is the fourth worst coin. Below are the characteristics: 

Current price: $4.35

Market capitalization: $740,572,114

Trading volume: $976,205 

7–day gain/loss: 10.00%

Rocket Pool

Rocket Pool (RPL) price is dropping below the moving average lines. The weekly chart shows that the downtrend is reversing the gains of the uptrend. The cryptocurrency asset is approaching the low of $18.50, the historical price level of December 5, 2022, and the recent decline may continue as the market approaches the oversold area of the market. The altcoin is at level 34 of the Relative Strength Index. It is the fifth worst performing coin. It has the following characteristics:

Current price: $22.95

Market capitalization: $451,110,985

Trading volume: $3,100,527

7–day gain/loss: 7.42

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-trades-near-past-lows/