Weekly Cryptocurrency Market Analysis: Altcoins Continue Their Downward Trend And Are Unable To Break The Recent High

Five cryptocurrencies showing the biggest price fall of the week are Mina, Maker, Stacks, Bitcoin SV, OKB. Cryptocurrency analysis by Coinidol.com.

The cryptocurrencies listed below are the worst performing altcoins this week. The altcoins did not make good moves due to their continued downtrend. Other altcoins have continued to fall to new lows. 

Mina

The price of Mina (MINA) has fallen back after its recent surge. MINA reached a high of $0.97 on the upswing on October 24 and became resilient. At the time of writing, the altcoin had reached a low of $0.57. If the altcoin falls back above the breakout level of $0.50, the current rally will resume. The cryptocurrency will rise, perhaps reaching or surpassing the previous high again to resume its uptrend. Beyond that, the altcoin will oscillate between $0.50 and $0.90 until the uptrend resumes. If the price falls below the $0.50 support, the downtrend will resume. MINA is the worst performing cryptocurrency due to the following factors:

Current price: $0.5764

Market capitalization: $628,352,221

Trading volume: $48,483,330 

7–day loss: 16.40%

Maker

Maker (MKR) is trading sideways after rejecting the high of $1,600. The price of Maker tested the recent high twice before falling below the moving average lines. The altcoin has returned to its previous low of $1,320. Since September 29, the price of the altcoin has been fluctuating between $1,260 and $1,600. If the overriding resistance of $1,600 is broken, the cryptocurrency will resume its uptrend. On the other hand, if the bears drop below the current support level of $1,260, the market would continue to fall. At the time of writing, the market had fallen to a low of $1,304. Maker is the second worst cryptocurrency. Some characteristic features are as follows:

Current price: $1,303.80

Market capitalization: $1,310,786,578

Trading volume: $45,438,284 

7–day loss: 7.43%

Stacks

Stacks (STX) is on the decline after a recent surge. The cryptocurrency’s price has declined and found support above the 21-day simple moving average. On October 23, the cryptocurrency’s price rose to a high of $0.75 before falling again. On July 3, the cryptocurrency was rejected for the first time at its recent high. On August 17, the bearish momentum reached a low of $0.40. At the time of writing, the altcoin is trading at $0.61. If the altcoin stays above the moving average lines or support at $0.61, the uptrend will resume. Selling pressure will intensify if the price falls below the moving average lines. The downtrend will continue to the low of $0.46. The characteristics of the third worst performing coin are as follows:

Current price: $0.6119

Market capitalization: $1,113,839,969

Trading volume: $44,197,524 

7–day loss: 7.05%

Bitcoin SV

Bitcoin SV (BSV) is in a sideways trend as a result of the rejection at $55. On July 1 and October 20, the cryptocurrency’s upward movement was stifled by resistance at $55, resulting in a sideways movement. BSV fell above the 21-day simple moving average and resumed its uptrend. The altcoin was rejected again at the $51 high and continues to fall. If the bears break the moving average lines to the downside, BSV will fall below $35. Based on the following criteria, BSV is the fourth worst cryptocurrency:

Current price: is $47.53

Market capitalization: $997,832,196

Trading volume: $52,643,273 

7–day loss: 4.72%

OKB

OKB (OKB) is in a sideways trend with the price fluctuating between the moving average lines. The altcoin is trading above the moving average lines, but its upward movement is hindered by the $46 resistance level. On the upside, candlesticks with long wicks are present. Long wicks signal that higher price levels are under strong selling pressure. The cryptocurrency is falling above the moving average support lines. It is currently trading at $44.92, which is above the 21-day SMA. If the bears break below the moving average lines, the selling pressure will continue. OKB is the fifth worst performing coin in terms of performance. It has the following characteristics:

Current price: $44.92

Market capitalization: $13,469,884,295

Trading volume: $2,680,140 

7–day loss: 1.54%

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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