Weekly Cryptocurrency Analysis: Altcoins Continue Consolidation While Cryptocurrencies Reach Oversold Regions
The undervalued altcoins have all fallen well below their moving averages. In other words, cryptocurrencies are trading in the bearish trend zone.
The altcoins are the worst-performing cryptocurrencies trading in the oversold regions, and these altcoins show no signs of recovery. Let us take a look at these altcoins that have similar characteristics.
Zilliqa
Zilliqa (ZIL)) is in a downtrend and has fallen to the low of $0.067. The cryptocurrency was previously in an uptrend when the altcoin peaked at $0.23 on April 1. Bulls could not sustain the bullish momentum as the market reached the overbought zone. The altcoin fell sharply and broke below the moving averages. It is at the level 32 of the Relative Strength Index for the period 14, which means that the altcoin is approaching the oversold area of the market. The downtrend has also reached its bearish exhaustion.
Meanwhile, the downtrend has shown a candle body on April 19, testing the 78.6% Fibonacci retracement level. The retracement suggests that ZIL will fall to the 1.272 Fibonacci Extension level or $0.079.
ZIL is the cryptocurrency with the lowest performance in the past week. It has the following characteristics.
The current price: $0.07127
Market capitalization: $1,496,623,482
Trading volume: $283,253,527
7-day loss: 32.20%.
Kyber Network Crystal v2
Kyber Network Crystal v2 (KNC) is in an uptrend, but the upward movement has ended. The altcoin reached the high of $5.68, which is an overbought region of the market. The bears have fallen below the moving averages and the bullish trend line. KNC has fallen to the low of $3.76 and could fall further.
The current uptrend has ended as the price has broken below the trend line. The altcoin is below the 20% range of the daily stochastic. This indicates that the downtrend has reached bearish exhaustion.
It is the cryptocurrency asset with the second worst performance in the past week. It has the following characteristics:
Current price: $3.87
Market capitalization: $682,469,727
Trading volume: $195,276,633
7-day loss: 31.25%
Axie Infinity
Axie Infinity (AXS) is in a downtrend and the altcoin has dropped significantly to a low of $26.59. On March 25, the cryptocurrency asset took an upward correction to the high of $74, but was rejected. This led to a further downward movement of the altcoin. The bears broke through the moving averages and reached the low of $26.59. The altcoin is consolidating above the current support. Selling pressure will resume if the current support is broken. Altcoin is at level 25 on the Relative Strength Index for period 14, indicating that Altcoin has reached the oversold area of the market. Further downward movement of the altcoin is unlikely.
AXS is the cryptocurrency asset with the third worst performance last week. It has the following characteristics.
Current price: $30.29
Market capitalization: $8,177,886,931
Trading volume: $266,651,165
7-day loss: 29.63%.
Audius
Audius (AUDIO) has been in a downtrend since August 2021. On April 4, the altcoin saw an upward correction to a high of $1.81. The uptrend was staved off when the market reached an overbought zone. The cryptocurrency price dropped well below the 21-day line SMA, but retested resistance at $1.40 before selling pressure increased again. The altcoin fell to a low of $0.78 as the bulls bought the dips.
Meanwhile, the downtrend from April 11 showed a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that the altcoin will fall to the 1.618 Fibonacci extension level or $0.51.
AUDIO is the cryptocurrency with the fourth worst performance last week. It has the following characteristics.
Current price: $0.8527
Market capitalization: $940,024,551
Trading volume: $25,599,019
7-day loss: 27.52%.
Cronos
Cronos (CRO) is in a downtrend after the altcoin rose to the high of $0.98. The cryptocurrency has been in a downtrend since November 24, 2021. The cryptocurrency has made an upward correction and tested the resistance at $0.50 twice, but failed to overcome it. Selling pressure intensified after the retest.
Today, the market fell to the low of $0.2650 as the bulls bought the dips. CRO is below the 20% area of the daily stochastic. This indicates that the market has reached the oversold area.
Cronos is the cryptocurrency with the fifth worst performance last week. It has the following characteristics.
Current price: $0.291
Market capitalization: $8,805,331,969
Trading volume: $216,991,827
7-day loss: 27.32%.
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. Readers should do their own research before investing funds.
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