Weekly Cryptocurrency Market Analysis: Altcoins Continue Horizontal Trend After Retesting Previous Lows

Cryptocurrency analysts of Coinidol.com report, the coins listed below have all fallen drastically and are considered the worst performing cryptocurrencies.

BIT SUI and TWT are trading below their moving average lines and are expected to fall further. RPL and MKR have reached bearish exhaustion and are currently trading sideways. I will briefly discuss some of these cryptocurrencies.

BitDAO

The price of BitDAO (BIT) is falling below the moving average lines. Today, the cryptocurrency’s value fell to a low of $0.36, but it is still vulnerable to further depreciation. On the downside, altcoin is targeting the previous low of December 29, 2022. After a price decline on March 11, BIT completed an upside reversal and a candlestick tested the 50% Fibonacci retracement level. The correction means that BIT will fall below the Fibonacci extension level of 2.0 or $0.28. The altcoin has reached the oversold zone of the market. It is below the daily stochastic level of 20. The cryptocurrency has had the worst week of its performance. It has the following characteristics:

Current price: $0.3661

Market capitalization: $3,655,432,159

Trading volume: $22M 

7–day gain/loss: 11.49%

Rocket Pool

Rocket Pool (RPL) is trading sideways. The cryptocurrency asset rose to a high of $55 before settling into a horizontal trend. Today, the altcoin fell below the moving average lines and reached a low of $37. The price of the cryptocurrency is expected to fall further when it hits the resistance of the moving average lines. The altcoin is approaching the previous low of $30. RPL has reached the oversold zone. For the period 14, the Relative Strength Index is at 30. According to the price indicator, the market is oversold. It is the second worst performance of all cryptocurrencies. It has the following characteristics:

Current price: $37.72

Market capitalization: $736,521,621

Trading volume: $5M

7–day gain/loss: 9.81%

Sui

Sui (SUI) has fallen below the moving average lines. The cryptocurrency fell from a high of $1.20 to a low of $0.51. When the cryptocurrency fell to a low of $0.51, the bulls pounced. During the upward correction, the market reached a high of $0.85. SUI is currently trading at $0.71. The altcoin is in a negative trend below the daily stochastic level of 50. Below are the characteristics of the cryptocurrency with the third worst performance.

Current price: $0.7103

Market capitalization: $7,090,854,160

Trading volume: $156M 

7–day gain/loss: 8.49%

Maker

Maker (MKR) has been moving sideways since March 16. On March 5, the cryptocurrency reached a high of $975. The recent high was in an overbought zone. The bulls were unable to continue the rise. After three failed attempts to break the recent high, the makers resumed selling pressure. MKR is trading at $679 at the time of writing. The altcoin is now trending sideways. The trend is indicated by the horizontal descending moving average. As long as the price bars are above the moving average lines, the cryptocurrency will rise. The altcoin is in a negative trend below the daily stochastic threshold of 60. It is currently the fourth worst cryptocurrency on the market. It has the following characteristics:

Current price: $679.57

Market capitalization: $682,413,828

Trading volume: $22M 

7–day gain/loss: 5.22%

Trust Wallet Token

Trust Wallet Token (TWT) is in decline below the moving average lines. The cryptocurrency value has dropped significantly as it approaches the bottom of the chart. TWT has fallen to the low of $0.71 as the bulls bought the dips. The altcoin corrected higher as it broke out above the 21-day line SMA. TWT is now between the moving average lines. The altcoin is now trapped between the moving average lines. The altcoin may be forced into a range bound move when trapped. The Altcoin will develop a trend when the moving average lines are broken. The altcoin is in a bearish momentum below level 80 of the cryptocurrency. The fifth worst cryptocurrency is TWT. It has the following characteristics:

Current price: $0.9178

Market capitalization: $917,842,895

Trading volume: $8M 

7–day gain/loss: 2.48%

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 own research before investing in funds.

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• Source: https://coinidol.com/altcoins-horizontal-trend/