Weekly Cryptocurrency Analysis: Altcoins Are In Decline After A Modest Correction

The cryptocurrencies listed below have moved into a bearish trend zone over the past week.

The altcoins are either trapped between or below the moving average lines. The worst performing cryptocurrencies are facing rejection at higher price levels.

Klaytn

The price of Klaytn (KLAY) is down from a high of $0.22. The altcoin was rejected twice at the high of $0.22 during the uptrend on Nov. 23. The altcoin has pulled back above the 21-day SMA, suggesting that the cryptocurrency could be in an uptrend. If the 21-day SMA support holds, KLAY will resume its uptrend. The altcoin will rise and retest or break through the $0.22 level. KLAY will reach a high of $0.28. If the bears fall below the 21-day SMA, selling pressure will resume. The market will fall above the 50-day SMA or the low of $0.15. 

For the following reasons, KLAY is the worst performing cryptocurrency:

Current price: $0.189

Market capitalization: $1,107,813,585

Trading volume: $20,762,514

7–day loss: 16.62%

Immutable

Immutable (IMX) has reached the predicted price level and retraced above the 21-day (SMA). As the cryptocurrency begins its uptrend, IMX has found support above the 21-day SMA. Price action is being held back by doji candlesticks, which are slowing the uptrend. The upward movement is shaky as the market has reached the overbought territory. The altcoin has also surpassed its historical price from March 18. If the 21-day SMA support is breached, IMX will remain under selling pressure. The altcoin is expected to drop to a low of $0.90. At this point, the cryptocurrency is worth $1.29. The second worst performing cryptocurrency is IMX. 

Below are some of its characteristics:

Current price: $1.30

Market capitalization: $2,592,329,577

Trading volume: $48,257,356

7–day loss: .6.51%

Optimism

Optimism (OP) has fallen below the 21-day SMA after rejecting the high at $1.90. The price of the cryptocurrency is trapped between the moving average lines. The decline is expected to extend to a low above the 50-day simple moving average or $1.50. The altcoin will fluctuate between the moving average lines if the 50-day SMA support holds. At the time of writing, the altcoin is trading at $1.69. If the 21-day SMA or the 50-day SMA barrier lines are broken, the cryptocurrency will develop a trend. Based on the following criteria, OP is the third worst performing cryptocurrency:

Current price: $1.69

Market capitalization: $7,275,921,240

Trading volume: $115,557,876

7–day loss: 7.50%

Uniswap

Uniswap (UNI) price reached a new high of $6.50 on November 23. The crypto asset fell after being rejected twice at its recent high. The altcoin has retreated and found support above the 21-day simple moving average. UNI is currently trading above the 21-day SMA but below the $6.50 resistance line. If these levels are broken, the altcoin will develop a trend. The altcoin has reached the overbought zone of the market. The most recent high is the historical price of August 1. In August, the market resumed selling pressure and UNI fell to $3.83. At the time of writing, UNI/USD is trading at $6.04. 

In terms of performance, UNI is in fourth place. It has the following characteristics: 

Price: $6.03

Market capitalization: $6,034,649,374

Trading volume: $213,550,803

7–day loss: 7.30%

Gas

Gas (GAS) is falling in the space between the moving average lines. The cryptocurrency has fallen below the 21-day SMA and the bearish momentum has extended beyond the 50-day SMA. GAS is stuck between the moving average lines. It rose to a high of $28 on the last rally, but then fell when the market was overbought. On the downside, the bears are trying to break the 50-day simple moving average. If the 50-day SMA is breached, GAS will fall to $3.00. If the 50-day SMA support holds, the altcoin will continue to move between the moving average lines. GAS is the fifth worst performing cryptocurrency in terms of performance. 

It has the following characteristics:

Price: $8.03

Market capitalization: $523,232,762

Trading volume: $523,232,762

7–day loss: 6.82%

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-modest-correction/