Weekly Cryptocurrency Market Analysis: Altcoins Reaches Oversold Regions as Bulls Attempt Recovery

Cryptocurrencies have fallen to their previous lows, including the largest cryptocurrency. Most altcoins have reached the oversold region of the markets. Can the altcoins recover from their previous lows? Let us examine the individual charts.

Gala

Gala (GALA) has been in a downtrend since November 26. The initial downtrend reached the low of $0.15 at a high of $0.84. The cryptocurrency made an upward correction to the high of $0.38. The upward movement was completed at a high of $0.39. The current downtrend retested the high of $0.35 before selling pressure increased again. Further downward movement is likely.

Meanwhile, on February 14, a bearish candlestick tested the 38.2% Fibonacci retracement level. The retracement suggests that GALA will fall to the 2.618 Fibonacci extension level or $0.096. The Fibonacci tool will hold if the price falls below the previous low at $0.15. It was the biggest loser of the past week. It has the following characteristics:

Price: $0.2297

Market capitalization: $8,309,847,177

Trading volume: $1,513,365,475 

7-day loss: 31.02%

Harmony

Harmony (ONE) is in a downtrend as the price falls well into oversold territory in the market. Since October 21, buyers have failed to overcome the overriding resistance at $0.35. As a result, the cryptocurrency was in a sideways movement before the recent downtrend. The cryptocurrency price fell below the moving averages when the price reached the low of $0.13.

Meanwhile, a candle body tested the 78.6% Fibonacci retracement level on January 23. The retracement suggests that ONE will fall but reverse at the 1.272 Fibonacci extension level or $0.10. The altcoin was the second biggest loser in the previous week. It has the following characteristics:

Price: $0.1361

Market capitalization: $1,811,983,438

Trading volume: $173,071,643 

7-day loss: 29.34%

Oasis Network

Oasis Network (ROSE) is in a downtrend. The price of the cryptocurrency has fallen below the moving averages and reached the low of $0.28. The market resumed the upward movement but encountered resistance at the high of $0.40. This has led to a further downward movement of the prices.

Meanwhile, on January 24, a retraced candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that ROSE will fall but reverse at the 1.272 Fibonacci extension level or $0.19. From the price action, ROSE reverses at $0.22. ROSE is the third biggest loser of the past week. It has the following characteristics:

Price: $0.2296

Market capitalization: $2,296,137,365

Trading volume: $217,237,704 

7-day loss: 26.42%

Kadena

Kadena (KDA) is also in a downtrend as the price has dropped significantly to the low $4.50 level. Since November 11, the altcoin has reached a high price of $28. The uptrend could not continue as the market reached an overbought region. Today, the altcoin is in a downward correction below the moving averages.

On December 13, a candlestick tested the 78.6% Fibonacci retracement level, which is in a downtrend. The retracement suggests that KDA will fall but reverse at the 1.272 Fibonacci extension level or $3.79.The altcoin is the fourth biggest loser of the past week. It has the following characteristics:

Price: $6.35

Market capitalization: $6,346,062,562

Trading volume: $59,861,243 

7-day loss: 24.74%

Arweave

Arweave (AR) is in a downtrend as the price has fallen below the moving averages. The altcoin has also dropped significantly from the high of $90 to the low of $26. The cryptocurrency has fallen into the oversold zone of the market.

Meanwhile, the January 21 downtrend has tested the 78.6% Fibonacci retracement level with a retracement candlestick. The retracement suggests that AR will fall but reverse at the 1.272 Fibonacci extension level or $17.74. AR is the fifth biggest loser of the past week. It has the following characteristics:

Price: $26.28

Market capitalization: $1,734,325,379

Trading volume: $58,394,384 

7-day loss: 24.21%

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.

Source: Read Full Article