Weekly Cryptocurrency Analysis: Altcoins Are In A Shaky Move, The Market Is Experiencing Overbought Signals

The cryptocurrencies listed below were not trending last week. RUNE, BLUR, MKR, KAS and TON are overbought. Analysis by Coinidol.com

The worst performing cryptocurrencies are bearish as the asset continues to lose value.

THORChain

THORChain (RUNE) is correcting upwards after recovering from its decline. The upward correction has been halted below the $7.00 resistance zone since November 16. The altcoin has retraced above the moving average lines after being rejected twice at the previous high. RUNE will resume its uptrend if the bulls manage to break the $7.00 resistance level. Selling pressure will increase if the bears drop below the 21-day SMA.

The altcoin will hit a low of $4.80. At the time of writing, the altcoin is currently trading at $6.25. The reasons why RUNE is the worst performing cryptocurrency are as follows:

Price at the end of last week: $6.26

Market capitalization: $3,026,981.57

Trading volume: $269,343,628 

7–day loss: 12.85%

Blur

Blur (BLUR) is in an uptrend but has stalled at the high of the $0.70 resistance zone. The recent high since Nov. 24 was a moderate uptrend. The bears are aiming to break the 21-day simple moving average. The altcoin will decline if it breaks below the 21-day SMA. BLUR will fall above the 50-day simple moving average (SMA) or the low of $0.40. The market’s upside is shaky as it approaches the overbought zone. At the time of writing, the altcoin is trading at $0.50. The second worst performing cryptocurrency is BLUR. Below are some distinguishing features: 

Price at the end of last week: $0.5055

Market capitalization: $1,516,020,020

Trading volume: $139,973,729 

7–day loss: 6.51%

Maker

Maker (MKR) is trading sideways. The upward movement was stalled by resistance at $1,600. The bulls made three attempts to retest the resistance zone as the altcoin fell between the moving average lines. At the time of writing, MKR is trading at $1,435.20. Should the bears drop below the 50-day SMA, selling pressure will increase again. The market will then fall further to a low of $1,273. MKR will regain bullish momentum if the bulls manage to rise above the 21-day SMA. The cryptocurrency rises and retests resistance above $1,600. Based on these criteria, MKR ranks as the third worst performing cryptocurrency:

Price at the end of last week: $1,436.24

Market capitalization: $1,444,722,468

Trading volume: $71,017,092 

7–day loss: 6.49%

Kaspa

Kaspa (KAS) has fallen below the 21-day SMA after ending the uptrend. The cryptocurrency has fallen and is currently consolidating above the $0.13 support level. On the downside, the altcoin could continue to fall above the 50-day simple moving average or the low at $0.09. The presence of doji candlesticks is currently delaying the price movement. Moreover, the altcoin is expected to remain trapped between the moving average lines for a few days. In terms of performance, KAS ranks fourth lowest. It has the following characteristics:

Price at the end of last week: $0.1309

Market capitalization: $3,757,946,668

Trading volume: $39,158,384 

7–day loss: 6.00%

Toncoin

Toncoin (TON) has recovered from an earlier decline but is now trending sideways. The upward movement was stalled by the $2.80 overhead barrier. The price of the altcoin has fallen within the moving average lines. At the time of writing, the cryptocurrency is trading at $2.36. The presence of doji candlesticks has currently delayed the price movement. TON is the fifth worst performing cryptocurrency in terms of performance. It has the following characteristics:

Price at the end of last week: $2.32

Market Capitalization: $11.847.565.566

Trading volume: $41,953,943 

7–day loss: 5.16%

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/weekly-altcoins-in-a-shaky-move/