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Weekly Cryptocurrency Market Analysis: Altcoins Reach Bottom Price Levels, Set for a Possible Rebound


coinidol.com 23 June 2022 12:53, UTC
Reading time: ~4 m

These altcoins have fallen significantly and have reached the lowest price levels. At the same time, all altcoins have reached the oversold area of the markets. This means that a trend reversal could occur as buyers emerge in the oversold region.

Nexo

Nexo (NEXO) is in a downtrend as the cryptocurrency fell to a low of $0.56 on June 18. Today, the altcoin is in an upward correction to the previous highs. The bears broke the previous low of September 21, 2021, which was $1.31. 

Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the altcoin will fall, but will reverse at the level of 1.272 Fibonacci extension or $0.56. The price action shows that the cryptocurrency has reached the level of 1.272 Fibonacci extension again and is trending upwards.

Meanwhile, NEXO is at level 27 of the Relative Strength Index for period 14, indicating that the market has reached bearish exhaustion. In other words, the altcoin has reached the oversold zone. It is the cryptocurrency asset with the lowest performance this week and has the following characteristics:

Price: $0.6752

Market capitalization: $675,172,536

Trading volume: $8,228,685 

7-day loss: 6.92%

Gala

Gala (GALA) is in a downtrend as the price fell to the low of $0.047 on May 12. Bulls bought the dips as the altcoin corrected upwards and reached the high of $0.10. Since May 12, Gala resumed a sideways movement after rejecting the high at $0.105. Bulls tried to overcome the moving averages but were rejected. 

Today, the sideways movement has continued as the altcoin finds support above the previous low of $0.057. On the other hand, the upside moves are limited by the 21-day line SMA. On the downside, the altcoin will fall to the low of $0.030 if the bears fall below the support of $0.057. 

Meanwhile, on the May 11 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall, but will reverse at the 1.272 Fibonacci extension level or $0.028. The cryptocurrency has fallen to the level 37 of the Relative Strength Index for the period 14. This indicates that the altcoin has reached a bearish trend zone and is capable of further decline. It is the cryptocurrency with the second worst performance in the past week. It has the following characteristics:

Price: $0.05576

Market capitalization: $1,939,402,587

Trading volume: $184,420,957 

7-day loss: 5.15%

Wrapped Bitcoin

Wrapped Bitcoin (WBTC) is in a downtrend as it fell to the low of $17,572 on June 18. Since November 15, 2021, the altcoin has dropped significantly from the high of $66,372 to the low of $17,572. The altcoin is reaching bearish exhaustion. 

Meanwhile, on May 12 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that the altcoin will fall, but will reverse at the level of 1.618 Fibonacci extension or the price level of $16,476. Based on the price trend, the altcoin has fallen to a low of $20,534 at the time of writing. It is the cryptocurrency with the third worst performance this week. The cryptocurrency has the following characteristics:

Price: $20,716.35

Market capitalization: $5,509,078,892

Trading volume: $343,845,700 

7-day loss: 4.81%

Decred

Decred (DCR) is in a downtrend and fell to a low of $19.06 on June 18. The recent price decline has pushed the altcoin into oversold territory in the market. At the time of writing, the altcoin is trading at $22.56. DCR has dropped significantly from the high of $25 to the low of $22. 

Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall, but reverse at the level of 1.272 Fibonacci extension or the price level of $20.83. 

Meanwhile, Decred is at the 29 level of the Relative Strength Index for the 14 period, indicating that the market has reached the oversold zone. The selling pressure has reached bearish exhaustion. The altcoin is the cryptocurrency with the fourth worst performance this week. The cryptocurrency has the following characteristics: 

Price: $23.25

Market capitalization: $488,299,830

Trading volume: $1,535,081 

7-day loss: 4.20%

Gnosis

Gnosis (GNO) is in a downtrend and fell to a low of $95 on June 18. The cryptocurrency has been in a downtrend since April 2022. It has dropped from a high of $400 to a low of $95 on June 18. Gnosis is at level 24 on the Relative Strength Index for period 14, indicating that the altcoin is in the oversold region of the market. Selling pressure has reached bearish exhaustion. 

Buyers will emerge in the oversold region of the market. GNO is the cryptocurrency with the fifth worst performance last week. It has the following characteristics: 

Price: $112.43

Market capitalization: $1,124,347,442

Trading volume: $4,501,113 

7-day loss: 3.42%

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 Coin Idol. Readers should do their own research before investing funds.


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