Weekly Cryptocurrency Market Analysis: Altcoins Can Not Hold Higher Levels Despite Recent Uptrend

The following cryptocurrencies had the worst week of all altcoins.

In the last few days, the price of Bitcoin has seen a dramatic rise as it broke above the overhead resistance level. Many cryptocurrencies have been performing well and climbing to new highs. The prices of the following cryptocurrencies failed to rise despite the recent upward trend. We will discuss a handful of these additional coins in more detail later.

Huobi Token

Huobi Token (HT) is in a downtrend but consolidating above the $4.00 support level. Since November 2022, the price of HT has fluctuated between $4.50 and $6.00. On March 9, when the bulls bought the dips, the value of the altcoin continued to decline, reaching a low of $1.88. At the time of writing, the altcoin is currently trading at $4.02. HT has held steady above $4.00 support over the past week. The presence of doji candlesticks, which have slim bodies and inconsistent behavior, has caused price action to be static. Bullish momentum has stopped above the Stochastic daily threshold of 60. Characteristics of HT, the coin that has performed the worst, include: 

Current Price: $4.02

Market capitalization: $2,008,869,492

Trading volume: $12,982,523 

PAX Gold

The price of PAX Gold (PAXG) has risen above the moving average lines, indicating an uptrend. The 50-day line SMA prevented the bulls from rising above the moving average lines on March 3. The altcoin rallied from support at $1,800 to 0. PAXG climbed to $2,000 before falling back below the $1,940 barrier. At this point, the altcoin is trading at $1,961. The market is almost in an overbought condition, despite signs that the price would continue to rise. During the March 11 bounce, a candlestick attempted to reach the 61.8% Fibonacci retracement level. It is expected that PAX GOLD will continue to rise until it reaches the Fibonacci extension level of 1.618 or $2,113.69. According to the Relative Strength Index for the 14 period, PAXG is currently at 68, which is in the uptrend zone. Fatigue in the current rally is likely. It is the second worst cryptocurrency this week. It has the following characteristics:

Current price: $1,966.69

Market capitalization: $534,289,738

Trading volume: $15,348,451 

7-day gain/loss: 1.63%

UNUS SED LEO

The price of UNUS SED LEO (LEO) is down and has traded in oversold territory for the past three months. At the time of writing, LEO is currently selling for $3.36. On March 13, buyers unsuccessfully attempted to hold the price above the $3.80 resistance level. The rising price move has since been thwarted three times. LEO is currently regaining strength above $3.00 support. Doji candlestick patterns have characterized the price action. These candlesticks indicate no change in price movement. Below level 20 of the daily stochastics, the altcoin is in oversold territory. Bearish fatigue has been reached on the descent. The third worst cryptocurrency is LEO. It has these characteristics: 

Current price: of $3.35 

Market capitalization: $3,300,276,760 

Trading volume: $1,206,483 

7-day gain/loss: 2.0% 

Maker

The price of Maker (MKR) is falling below the moving average lines. The March 1 price increase was stopped at the $950 resistance level in the previous price action. Buyers have failed to keep the price above the moving average lines over the past two weeks, resulting in a decline. At the time of writing, MKR is currently trading at $699.22. The altcoin has surpassed the historical price level of January 14. Over the past two months, the price has held above the current support level of $660. If the altcoin bounces back above the existing support, it will gain value. For the period 14, Maker is at level 42 of the Relative Strength Index. It is vulnerable to a crash as it is in the bearish trend zone. MKR, which is now the fourth worst cryptocurrency, has the following characteristics: 

Current price: $699.78

Market capitalization: $703,176,946

Trading volume: $107,119,064 

7-day gain/loss: 3.98%

XRP

XRP (XRP) is in a downtrend, but is making an upward correction. The altcoin rose above the moving average lines on March 18, but encountered resistance at the high of $0.39. XRP is currently trading for $0.37, but is stuck between the moving average lines. Since March 8, the 50-day line SMA or the $0.39 resistance level has resisted an upward price move. When the moving average lines are broken, the cryptocurrency value oscillating between them will develop a trend. If the price rises above the $0.39 resistance level, the altcoin will return to its previous highs of $0.42. Above the daily stochastic level of 50, the bullish momentum has slowed down. If the price falls below the 21-day line SMA, selling pressure will resume. The fifth worst cryptocurrency is this one. It has the following characteristics: 

Current price: &0.3787

Market capitalization: $37.867.755.710

Trading volume: $718,298,692 

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 in funds.

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