Weekly Cryptocurrency Market Analysis: Altcoins Reach A Bearish Limit And Continue Their Sideways Movement

The worst performing altcoins are still struggling in the bearish trend zones. Some cryptocurrencies experienced a downtrend but were unable to re-establish an uptrend.

Curve DAO Token

Curve DAO Token (CRV) prices are falling below the moving average lines. The bearish trend has paused since the price drop on June 14. The altcoin fell to a low of $0.56 before resuming its movement between $0.56 and $0.80. The bulls and bears retested the boundaries of the trading range, but failed to restore the trend. On the downside, further declines are unlikely as the market is approaching the oversold zone. Moreover, the cryptocurrency has reached its lowest price level. The altcoin has fallen below the daily stochastic threshold of 20. The downtrend has run its course. The worst cryptocurrency is CRV, which has the following characteristics:

Current price: $0.5805

Market capitalization: $1,900,804,027

Trading volume: $369,377,127 

7–day loss: 19.06%

Toncoin

Toncoin (TON) has lost value since April 7. The cryptocurrency has fallen from a high of $2.60 to a low of $1.19. According to the price indicator, the cryptocurrency will continue to fall to the previous low of $0.73 of the level 1.272 Fibonacci extensions. The cryptocurrency is currently at the level 30 of the Relative Strength Index for the period 14. The market has reached the oversold zone. The bearish momentum has reached its limit. The cryptocurrency with the second worst performance is TON, which has the following characteristics:

Current price: $1.18

Market capitalization: $5,954,924,671

Trading volume: $24,823,366 

7–day loss: 14.31%

ApeCoin

The price of ApeCoin (APE) is falling and has dropped far below the bottom of the chart. The altcoin has fallen from a high of $6.41 to a low of $1.79. The downtrend has run its course. On July 21, the altcoin corrected upwards, but failed at the $2.20 resistance, or the 50-day simple moving average. Today, the selling pressure continued after it broke the current support level of $2.00. Meanwhile, APE is at a Relative Strength of 30 for the 14 period and bearish momentum is expected to abate. In terms of performance, this is the fourth worst performing coin. Below are the characteristics:

Current price: $1.80

Market capitalization: $1,789,447,423

Trading volume: $76,633,018 

7–day loss: 10.14%

Aave

The price of Aave (AAVE) is moving sideways but has fallen below the moving average lines. The market has entered the oversold zone due to the decline. The altcoin might reach a low of $59 before changing course again. AAVE is currently trading at a low of $64.06. If the price breaks above the moving average lines, the altcoin will resume its positive momentum. The cryptocurrency will rise and retest the overhead resistance of $90. The cryptocurrency is trading in the oversold zone, below the daily stochastic level of 20. It is the third worst performing coin. It has the following characteristics:

Current price: $64.26

Market capitalization: $1,020,307,783

Trading volume: $214,038,141

7–day loss: 8.86%

Synthetix

Synthetix (SNX) price has been moving sideways since February 8. It is currently trading below the 21-day line SMA, but above the 50-day line SMA. At the time of writing, the price of SNX was $2.40. The alternative currency is trading between the moving average lines. If the bears break below the 50-day line SMA, the downside momentum would extend to the previous low of $1.60. On the other hand, if the 50-day line SMA holds, the altcoin will be forced to trade in a range between the moving average lines. Meanwhile, the altcoin is stuck between the moving average lines. SNX is now in the oversold area of the daily stochastic, below level 20. SNX is the fifth worst cryptocurrency. It has the following characteristics:

Current price: $2.41

Market capitalization: $767,082,105

Trading volume: $54,456,379 

7–day loss: 8.19%

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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