Weekly Cryptocurrency Market Analysis: Altcoins Fall As Bears Drive Down Prices

The worst performing cryptocurrencies have retreated to the bottom of the chart. ASTR, XLM, MIOTA, KLAY and FLR price analysis from Coinidol.com.

The price of cryptocurrencies is currently in the oversold zone of the market. It is likely that buyers will be attracted as long as the market is oversold. This will put the altcoin on an uptrend.

Astar

Astar (ASTR) has fallen after reaching a high of $0.069. The altcoin was pushed back when the market became oversold. At the time of writing, the cryptocurrency’s price had fallen to a low of $0.050.

The altcoin is expected to continue losing value. ASTR reversed upwards after the September 4 price drop and a retreating candlestick tested the 50% Fibonacci retracement line. The correction suggests that the altcoin will continue to fall to the level of the 2.0 Fibonacci extension or $0.037.

Meanwhile, the altcoin has entered the oversold zone of the market. The selling pressure is expected to ease. It is below the daily stochastic level of 20. ASTR is the worst cryptocurrency with the following characteristics:

Current Price: $0.0508

Market capitalization: $402,068,267

Trading Volume: $5,973,279 

7–Day Loss: 14.89%

Stellar

Stellar (XLM) is down and trending sideways. Buyers have been unable to keep the price above the $0.16 ceiling since July 13. Today, XLM has fallen to a low of $0.11.

Stellar Coin has fallen above the June 30 breakthrough milestone. Since the price drop on August 17, the altcoin has held above the current support level. If the current support level is breached, Stellar will fall to its previous low of $0.10. For the period 14, the altcoin is in the downtrend zone at level 43 of the Relative Strength Index. As long as it is in the downtrend zone, the altcoin has the potential to fall even further.

Stellar is the second worst cryptocurrency. Its distinguishing features include the following:

Current price: $0.1184

Market capitalization: $5,919,122,513

Trading Volume: $52,908,322 

7–Day Loss: 9.18%

IOTA

The price of IOTA (MIOTA) has fallen dramatically above the lower price level. Selling pressure eased on June 10, when the altcoin resumed its sideways movement. The price of the currency now oscillates between $0.14 and $0.20.

Today, the altcoin is retesting the lower price range in an attempt to break through it. At the time of writing, the altcoin was trading at $0.149. IOTA has fallen below the daily stochastic threshold of 20. The altcoin may recover, but selling pressure has reached bearish exhaustion. The following characteristics show that IOTA is the third worst cryptocurrency:

Current price: $0.1504

Market capitalization: $417,961,665

Trading volume: $12,681,174 

7–day loss: 8.19

Klaytn

Klaytn (KLAY) has fallen after reaching a high of $0.36. Today the altcoin has fallen to $0.11. The price of the altcoin has fallen below the price level of October 22, 2022. The value of the cryptocurrency asset has risen above the lowest price level. KLAY is currently trading in the oversold zone of the market. Selling pressure will ease when the market returns to the oversold zone. Klaytn is the fourth worst performing cryptocurrency and has the following characteristics:

Current price: $0.1165

Market capitalization: $673,420,424

Trading volume: $8,475,334 

7–day loss: 5.5%

Flare

The price of Flare (FLR) has dropped to the bottom of the chart. At the bottom of the chart, the cryptocurrency asset is currently in a horizontal trend. The price of FLR has fallen from a high of $0.05 to a low of $0.011. With the appearance of the doji candlesticks, the price movement has remained flat. The altcoin is now trading below the daily stochastic threshold of 20. Flare is trading in an oversold market. The market has reached a point of bearish exhaustion. On the other hand, Flare is the cryptocurrency with the seventh worst performance this week. It has the following characteristics: 

Current price: $0.01109

Market capitalization: $1,115,038,093

Trading volume: $3,350,205 

7–day loss %: 5.22

On September 13, Coinidol.com published the list of altcoins with the worst performance of the previous week: Pepe, ApeCoin, Arbitrum, Gala, dYdX. 

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/altcoins-fall-as-bears-drive-down/