Weekly Cryptocurrency Analysis: Altcoins Are Bearish As They Approach The Overbought Zone

The price drop on January 3 had a significant impact on the worst-performing cryptocurrencies: HNT, BONK, MINA, IOTA, EGLD.

The fall of cryptocurrencies below the moving average lines has ended the current rise.

Helium

The price of Helium (HNT) is falling as it is rejected at the resistance level of $9.63. The current rise was ended by the rejection. The moving average lines and the price of the cryptocurrency have moved away from each other. As a result, the price of the cryptocurrency has been stuck between the moving average lines. The current decline will end as long as the price of the altcoin remains above the 50-day SMA. In other words, HNT will rise again and fluctuate between the moving average lines. If the price falls below the 50-day SMA support, the selling pressure will increase again. The market will then drop even further, reaching lows between $2.80 and $4.00. 

At the time of writing, the coin is trading at $5.30. The worst performing altcoin is Helium. Below are some of its characteristic features:

Current price: $5.31

Market capitalization: $1,183,439,502

Trading volume: $11,736,623 

7–day loss: 23.34%

Bonk

Bonk (BONK) is showing a progressive decline below the moving average lines. Since the price bars are below the moving average lines, the current decline is expected to continue. Buyers can hold the price above the moving average lines to continue the cryptocurrency’s uptrend. The current price of the coin is $0.00001097. BONK is now trading in the oversold area of the market. By these standards, BONK is the second worst performing of all cryptocurrencies:

Current price: $0.00001101

Market capitalization: $1.1B

Trading volume: $102.41M 

7–day loss: 23.11%

Mina

The price of Mina (MINA) is falling after reaching the $1.69 resistance level. The cryptocurrency is being pushed by buyers to reclaim its historic high of $3.50. The price has broken the uptrend as it moves between the 21-day and 50-day SMA. The price of the coin may fluctuate between the moving average lines as it is trapped between them. The price will resume its positive trend at MINA if it closes above the 21-day SMA. However, the selling pressure will stall above the 50-day SMA. Apart from that, volatility will continue in the areas where the moving average lines are intact. MINA’s performance has been ranked as the third worst. It has the following characteristics:

Price: $1.16

Market capitalization: $1,289,851,394

Trading volume: $120,075,810

7–day loss: 18.66%

IOTA

IOTA (IOTA) is down after an unsuccessful upward correction. The cryptocurrency reversed its previous downtrend and rose. The cryptocurrency fell below the moving average lines after testing the resistance zone twice. The altcoin is currently rising in value. The cryptocurrency will continue to rise if the price rises above the moving average lines and the $0.34 mark. The cryptocurrency is now rising as it climbs above the 50-day SMA. If the price of the cryptocurrency falls back below the moving average lines, it could experience a downturn. IOTA is now the fourth worst performing cryptocurrency in terms of performance. It has the following characteristics:

Price: $0.2481

Market capitalization: $1,141,405,464

Trading volume: $20,424,999

7–day loss: 17.54%

MultiversX

MultiversX (EGLD) has fallen below the moving average lines after being rejected by resistance at $78. The cryptocurrency was rejected at the last high after correcting higher from the previous downturn in the previous price action. If the price breaks below the moving average lines, the selling pressure could continue. The cryptocurrency will continue to drop above the $44 breakout level. Nevertheless, the uptrend will continue if the current support holds. For the following reasons, EGLD is the sixth worst performing cryptocurrency:

Price: $55.25

Market capitalization: $1,735,438,444

Trading volume: $34,332,983

7–day loss: 17.36%

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 the research before investing in funds.

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• Source: https://coinidol.com/weekly-bearish-overbought-zone/