Weekly Cryptocurrency Analysis: Altcoins Face Strong Resistance At Recent Highs

The worst-performing cryptocurrencies have come under renewed selling pressure after hitting recent highs.

As a result, altcoins have slipped below moving average lines, accelerating their decline. Others have been stranded between the moving average lines as they attempt to trend.

FTX Token

FTX Token (FTT) is in an uptrend as it recovers from its previous decline. Currently, the altcoin has fallen below the moving average lines. Buyers have not been able to keep the price above the $5.50 mark. The altcoin’s slump ended after it fell to a low of $1.44 and then recovered.

The extended candlestick tail points to strong buying at the $1.44 support level. On the upside, the altcoin will resume its positive trend if buyers keep the price above the moving average lines. FTT is now worth $2.14.

According to these characteristics, FTT is the worst altcoin among cryptocurrencies.

The current price: $2.19

Market capitalization: $763,106,441

Trading volume: $196,155,068

7–day loss: 15.88%

Maker

The price of Maker (MKR) is on an upswing as it recovers from the previous decline. The upswing has ended after reaching a high of $2,265.

On January 11, 2024, the altcoin was rejected as it rallied to resistance at $2,200. MKR has now fallen below the 21-day SMA but remains above the 50-day SMA. The price movement is expected to be capped by the moving average lines. In other words, the altcoin will develop a trend after the moving average lines are broken. For example, if the altcoin rallies, it will rise above the 21-day SMA with the upside momentum extending to a high of $2,200.

MKR will trend higher if it breaks above the previous high of $2,200. The second worst performing altcoin is MKR. Below are some notable characteristics:

Current price: $1,959.94

Market capitalization: $1,971,378,313

Trading volume: $52,906,231

7–day loss: 4.29%

Mantle

Mantle (MNT) has resumed its uptrend after crossing the historical price threshold of $0.60. Today, the altcoin is slipping after reaching a high of $0.85. MNT has fallen below the moving average lines. It is predicted that the altcoin will continue to fall.

However, the price indication predicts that MNT will fall and then reverse at the 1.272 Fibonacci extension or $0.52. MNT is currently worth $0.56. MNT’s performance was rated as the third worst. It has the following characteristics:

Price: $0.568

Market capitalization: $3,522,528,398

Trading volume: $106,553,673

7–day loss: 4.21%

KuCoin Token

KuCoin Token (KCS) was in an uptrend but is now in a sideways trend. The cryptocurrency was in an uptrend after recovering from its previous decline. KCS rallied to a high of $14 but was rejected. The altcoin fell above the moving average lines before entering a sideways trend. KCS has fallen from a high of $14.00 to a low of $9.00. Currently, the market is characterized by small, indecisive candlesticks known as doji. These candlesticks slow down the price movement of the coin.

KCS is now the fourth worst performing cryptocurrency.

It has the following characteristics:

Price: $9.47

Market capitalization: $1,609,767,970

Trading volume: $1,639,669

7–day loss: 3.88%

Flow

FLOW (FLOW) is down again after recovering from its previous dip. On January 3, the altcoin fell below the moving average lines but remained above the support of $0.71. Since January 3, 2024, the cryptocurrency’s upward movement has been slowed by moving average lines.

Today, the altcoin is retesting its current support of around $0.71, indicating that it will continue to fall. The current support has not been broken since January 3, 2024. If FLOW loses its current support, it will fall even lower, to $0.37. FLOW is the fifth worst performing cryptocurrency.

The current price: $0.7068

Market capitalization: $1,050,737,631

Trading volume: $47,100,276 

7–day loss: 3.90%

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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