Weekly Cryptocurrency Market Analysis: Altcoins Slump As Uncertainty Resolves Between Traders On Downside

Weekly cryptocurrency analysis of Sei, THORChain, Toncoin, UNUS SED LEO and PAX Gold brought to you by Coinidol.com.

The cryptocurrency market is experiencing another slump, with Bitcoin falling significantly to a low of $24,000 before recovering. The cryptocurrencies listed below are the best cryptos to fall due to a sudden drop. 

Sei

Sei (SEI) is in a range above the $0.1500 support. Nonetheless, the cryptocurrency experienced an amazing price surge on August 16, rising from a low of $0.1669 to a high of $1.0000. However, the upswing was short-lived as the altcoin fell back to its previous low. In this case, the vertical rally is not supported by strong fundamentals. Doji candlesticks suggest that the altcoin is now consolidating. It is at level 40 of the Relative Strength Index for the period 14. SEI is the most valuable cryptocurrency with the following characteristics:

Current price: $0.1637

Market capitalization: $1,583,201,900

Trading volume: $562,451,286

7–day gain/loss: 1909%

THORChain

THORChain (RUNE) is rising, but meets resistance at the high of $1.67. The altcoin has risen above the support level of $1.45. The price indicator predicts that RUNE will rise, but then reverse at the recent high. Meanwhile, a candlestick retested the 78.6% Fibonacci retracement line of the August 16 uptrend. The retracement suggests that RUNE will rise but then reverse at the 1.272 Fibonacci extension or $1.88. Nevertheless, the altcoin is rising above the 78 level of the daily stochastic. The cryptocurrency is in the overbought zone. RUNE is the second most popular cryptocurrency and has the following characteristics:

Current price: $1.46

Market capitalization: $729,908,173

Trading volume: $89,798,954 

7–day gain/loss: 36.70%

Toncoin

Toncoin (TON) is down after a failed upward correction. Buyers have unsuccessfully attempted to break through the $1.50 resistance level three times. TON is now trading between moving average lines. At the time of writing, the cryptocurrency was trading at $1.32. It is also trapped between the moving average lines. Breaking the moving average lines determines whether the cryptocurrency will move up or down. For example, if the bears break below the 21-day SMA line, TON will fall to a low of $1.20 or $1.10. The altcoin is in a negative trend below the daily stochastic threshold of 40. It is the third best performing cryptocurrency and has the following characteristics:

Current price: $1.34

Market capitalization: $6,752,822,498

Trading volume: $27,317,942 

7–day gain/loss: 4.00%

UNUS SED LEO

The price of UNUS SED LEO (LEO) is moving sideways below the $4.20 barrier. The cryptocurrency fell below the moving average lines today. On June 29, the uptrend was tested again at the current high, which led to a sideways movement of the coin. At the time of writing, LEO is trading at $3.94. If the price bars below the moving average lines, the altcoin will fall even further. For the period 14, LEO is at level 45 on the Relative Strength Index. It has the fourth highest value of all coins. Below are some of the characteristics:

Current price: $3.91

Market capitalization: $3,854,679,350

Trading volume: $948,727 

7–day gain/loss: 1.10

PAX Gold

PAX Gold (PAXG) is falling below its moving average lines. This means that the cryptocurrency will continue to fall. Since July, the upward movement of the crypto asset was slowed down by the resistance at $1,950. Meanwhile, PAXG completed an upward correction after the June 28 downturn, with the candlestick testing the 78.6% Fibonacci retracement level. PAXG is expected to decline but reverse at the 1,272 Fibonacci extension or $1,843. The altcoin is trading below the daily stochastic level of 20. The altcoin is now in the oversold zone of the market. It is the fifth best performing cryptocurrency and has the following characteristics:

Current price: $1,889.02

Market capitalization: $470,102,071

Trading volume: $15,667,476

7–day gain/loss:1.35%

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-traders-downside/