Weekly Cryptocurrency Market Analysis: Altcoins in Downward Correction as Cryptocurrencies Struggle to Regain Mullish Momentum
Loopring, Helium, Curve DAO tokens, Ravencoin and Filecoin are in downward corrections.
Cryptocurrencies will likely continue to fall as altcoins trade in bearish trend zones. The current downtrend may subside when the market reaches the oversold regions.
Loopring (LRC) is in a downtrend. The previous uptrend from November 11 and 12 failed to hold above the overriding resistance of $3.50. The cryptocurrency resumed its downtrend as a result of the rejection. From the previous high at $3.50, the market has fallen to the low of $1.49. There is a probability of further downward movement.
Meanwhile, on December 6, the downtrend; a declining candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that LRC will fall to the Fibonacci extension level of 1.618 or $0.46. The altcoin is the biggest loser of the past week.
Nevertheless, it has the following characteristics:
Current price: $1.50
Market capitalization: $2,059,245,091
Trading volume: $236,528,285
7-day loss %: 28.13%.
Helium (HNT) is in a sideways trend. On November 14, the cryptocurrency reached a peak price of $54 in a rally. The uptrend was ended when the market reached an overbought zone. The altcoin fell to the low of $25.52 and continued its uptrend. The upside correction is facing another rejection at $46. The 21-day line and the 50-day moving averages line are horizontally sloped, indicating a sideways trend. The cryptocurrency is the second biggest loser of the past week.
Helium has the following characteristics:
Current price: $33.02
Market capitalization: $7,364,524,388
Trading volume: $21,672,436
7-day loss %: 25.63%.
Curve DAO Token
Curve DAO token (CRV) is in an uptrend. The price of the cryptocurrency has a series of higher highs and higher lows. The altcoin's upward movement is encountering rejection at a higher high of $6. Buyers failed to sustain the bullish momentum above the high of $6. CRV has fallen below the moving averages. The uptrend will continue if price breaks above the moving averages.
However, if the bears break below the trend line, the downtrend will resume. The altcoin is the third biggest loser of the past week. Below are the characteristics of the cryptocurrency:
Current price: $4.78
Market Capitalization: $15,775,515,700
Trading volume: $570,629,963
7-day loss %: 24.71%.
Ravencoin (RVN) is in a sideways trend. In previous price movements, the cryptocurrency was in an uptrend between January and February 2021. The uptrend ended on February 15. The bullish momentum could not be sustained as the market reached an overbought zone. As a result, the cryptocurrency fell to the low of $0.05 and then moved back in a range. Ravencoin fluctuates between $0.05 and $0.20. RVN/USD is the fourth biggest loser of the past week.
It has the following characteristics:
Current price: $0.09937
Market capitalization: $2,086,691,200
Trading volume: $84,455,149
7-day loss %: 22.31%.
Filecoin (FIL) is in a downtrend. The cryptocurrency has been in an uptrend since April. FIL /USD reached a high of $237 in March, but today the market has fallen to a low of $28. There is a probability of further downward movement. Meanwhile, on May 17, the downtrend; a retracement candlestick tested the 78.6% Fibonacci retracement level. The retracement indicates that FIL will fall to the level of 1.272 Fibonacci extension or $15.65. FIL /USD is the fifth biggest loser of the past week.
The cryptocurrency has the following characteristics:
Current price: $28.63
Market capitalization: $4,241,898,886
Trading Volume: $313,636,325
7-Day Loss %: 22.94
Disclaimer. This analysis and forecast are the personal opinions of the author 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.
Back to the list