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Weekly Cryptocurrency Market Analysis: Altcoins Attract Selling Pressure at Higher Levels as Bulls Buy the Dips


coinidol.com 01 December 2021 11:01, UTC
Reading time: ~3 m

Cryptocurrencies' higher price levels attracted heavy selling pressure while altcoins resumed their rally. Bears are holding the upside while bulls are buying the dips. The following altcoins are the top five losers of the past week.

Elrond

Elrond (EGLD) is in reverse after rejection at the $520 resistance zone. Further downside is expected if the price falls below the 21-day moving average line. Selling pressure will extend to support above the 50-day moving average line if price falls below the 21-day line SMA. In other words, the altcoin will move between the two moving averages. Meanwhile, the downtrend tested the 78.6% Fibonacci retracement level on November 26 with a retreating candlestick. The retracement suggests EGLD will fall but reverse at the Fibonacci extension level of 1.272 or $336. Elrond was the biggest loser last week. Below are some of its characteristics:

Price: $387.81

Market capitalization: $12,183,385,474

Trading volume: $233,508,741 

7-day loss: 25.74%

Oasis Network

Oasis Network (ROSE) is in a downtrend. Within the uptrend from November 21, ROSE reached $0.40, buyers were unable to keep prices above the recent high. After three days of fluctuations below the resistance, the market fell back to the support at $0.28. In other words, the altcoin fell above the 21-day moving average line. Meanwhile, a candlestick tested the 50% Fibonacci retracement level on November 23. The retracement suggests that ROSE will fall to the 2.0 Fibonacci extension level, or $0.21. The altcoin was the second biggest loser last week. The cryptocurrency has the following characteristics:

Price: $0.3177

Market capitalization: $3,177,058,931

Trading volume: $222,529,242 

7-day loss: 18.74%

Voyager Token

Voyager Token (VGX) is in a sideways trend below the $4.50 resistance level. At the November 18 uptrend, the cryptocurrency was rejected at the $5.00 high. Another upward move was staved off at the $6.00 resistance. Today, VGX is trading below the $4.50 resistance level. The cryptocurrency price is above the moving averages, indicating a possible upside move. The candlesticks are characterized by long wicks pointing to the resistance zone. This suggests that there is strong selling pressure at the $4.50 and $5.0 price levels. The uptrend will resume if these price levels are broken. The Fibonacci levels will also hold if the resistance levels are broken. VGX was the third biggest loser last week. The cryptocurrency has the following characteristics:

Price: $4.00

Market capitalization: $1,118,617,983

Trading volume: $26,979,378 

7-day loss: 18.62%

IoTeX

IoTeX (IOTX) is falling after forming a bearish double top. The cryptocurrency price is below the 21-day moving averages and above the 50-day moving average. IoTeX is likely to fluctuate between the moving averages. The downtrend will resume if the price breaks below the 50-day line SMA. If, on the other hand, the 50-day line SMA holds, the altcoin will resume its uptrend as selling pressure subsides. The cryptocurrency will fall to a low of $0.075 if the price drops below the 50-day line SMA. The cryptocurrency was the fourth biggest loser in the previous week. The altcoin has the following characteristics:

Price: $0.1592

Market capitalization: $1,591,566,212

Trading volume: $103,442,612 

7-day loss: 15.82%

ICON

ICON (ICX) has been in a sideways trend since September 15. Over the past three months, buyers have failed to keep ICON above the $2.60 resistance zone. On November 22, the altcoin encountered tough resistance as the market retraced sharply to the $1.60 support. Today, the market is still consolidating above the current support. The sideways movement will continue until the overhead resistance is broken. The cryptocurrency seems to be the fifth biggest loser of the past week. It has the following characteristics:

Price: $1.78

Market capitalization: $1,434,356,673

Trading volume: $74,326,055 

7-day loss: 15.71%

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. Readers should do their own research before investing funds.


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