Weekly Cryptocurrency Market Analysis: Altcoins Drift To The Bottom Of The Chart As Buyers Pull Back
Five cryptocurrencies showing the biggest price fall of the week are Mantle, Rocket Pool, Conflux, Avalanche, Polygon. Cryptocurrency analysis by Coinidol.com.
The cryptocurrencies shown in the chart below have fallen to their lowest levels. Given the fact that the cryptocurrency has formed a range at the bottom of the chart, further upside seems unlikely.
Mantle
The price of Mantle (MNT) has dropped significantly and is currently in a downtrend. The bulls crossed the moving average lines on October 2, but the 50-day line SMA held them back. For three days the altcoin was held between the moving average lines. The break of the 21-day line SMA by the bears signifies the beginning of a new downtrend. MNT is selling for $0.32 at this point. The cryptocurrency asset is oversold. It is unlikely that the cryptocurrency will fall further. Mantle is the worst performing coin due to the following characteristics:
Current price: $0.3276
Market capitalization: $2,037,238,339
Trading volume: $28,993,717
7–day loss: 17.20%
Rocket Pool
The price of Rocket Pool (RPL) has dropped significantly and has reached the bottom of the chart. The altcoin fell to a low of $16.85 on October 13, but the bulls bought the dips. RPL made an upward correction, but the upward movement was limited by the resistance at $21 or the 21-day line SMA. If the barrier at $21 is broken, the altcoin will rise above the moving average lines. The uptrend will continue to a high of $29. If the altcoin fails to break above the moving average lines, it will fall or be forced to trade in a range between $17 and $21. RPL is the second worst cryptocurrency based on the following criteria:
Current price: $20.12
Market capitalization: $397,250,307
Trading volume: $20,217,773
7–day loss: 14.35%
Conflux
Conflux (CFX) has been in a sideways trend since the August 17 decline. Selling pressure eased above the $0.11 support level, and the price has been trading in a range between $0.11 and $0.14 since then. These price ranges have not been crossed yet. The altcoin found support above $0.11 on October 9 when the bears broke below the moving average lines. Doji candlesticks have dominated price action since October 1 as the cryptocurrency resumes consolidation above current support. At the time of writing, the altcoin is currently trading for $0.1149. The third worst cryptocurrency is CFX. Below are some of its distinctive characteristics:
Current price: $0.1149
Market capitalization: $609,074,327
Trading volume: $7,418,186
7–day loss: 11.49%
Avalanche
The price of Avalanche (AVAX) has dropped below its moving average lines and is currently in a downtrend. The altcoin experienced an upward correction on September 24, ending with a high of $12. Today, the altcoin reached a low of $9.15 and dropped below the moving average. On the downside, the decline will continue if the altcoin declines and falls below the existing support at $8.70. However, if the current support holds, the altcoin will be forced to trade sideways between $8.70 and $11.00. The fourth worst cryptocurrency, AVAX, has the following characteristics:
Current price: $9.14
Market capitalization: $6,602,930,984
Trading volume: $53,307,250
7–day loss: 11.29%
Polygon
Polygon (MATIC) has been moving sideways since June 10 after stopping the downtrend above the $0.50 level. Initially, the altcoin rose to a high of $0.89. As the market entered an overbought zone, the positive momentum could not be sustained. MATIC is currently trading above the support level of $0.50. The existing support has already been unsuccessfully tested by the bears three times. At the time of writing, the altcoin is selling for $0.51. The altcoin’s price is currently hovering between $0.50 and $0.59. If Polygon loses its current support, its value will drop even more. The coin with the fifth worst performance this week is MATIC. It has the following characteristics:
Current price: $0.5194.
Market capitalization: $5,199,230,645
Trading volume: $160,133,136
7–day loss: 10.00%
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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