Weekly Cryptocurrency Market Analysis: Altcoins Fail to Sustain Recent Rallies, Lose Strength on Bear Market

Cryptocurrencies failed to continue recent rallies as altcoins fell back to their previous lows. OMG Network lost all of October's bullish gains and became the biggest loser of the last 7 days.

OMG Network

Since October 4, OMG Network (OMG) has been trading below the overhead resistance of $18. On November 4, buyers pushed the altcoin to retest the overhead resistance. The cryptocurrency formed a bearish double top that led to a downside move. The selling pressure erased the bullish gains from October. The cryptocurrency was the biggest loser of the previous week. Below are some of its characteristics:

Price: $10.31

Market capitalization: $1,469,338,014

Trading volume: $1,390,505,877 

7-day loss: 36.25%

Curve DAO Token

On October 28 Curve DAO Token (CRV) traded up to $5.84. However, the cryptocurrency immediately fell back when it reached the recent high. However, the long candle wicks above the resistance at $5.00 indicate strong selling pressure above the recent high. Buyers were rebuffed three times at the resistance as the altcoin resumed its downward movement. The cryptocurrency is the second biggest loser of the past week. It has the following characteristics:

Price: $3.61

Market capitalization: $11,845,603,696

Trading volume: $352,916,187 

7-day loss: 24.86%

Meanwhile, on November 6, a green candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that DAO will fall to the Fibonacci extension level of 1.618 or $2.72. 

The Graph

The Graph (GRT) is trading in a sideways trend below resistance at $1.05. Since August, buyers have failed to keep the crypto price above the aforementioned resistance. On November 9, the bulls broke through the resistance but failed to sustain the bullish momentum. As a result, the altcoin is sinking into the range bound zone. The altcoin has the following characteristics:

Price: $0.9372

Market capitalization: $9,425,676,479

Trading volume: $288,956,930 

7-day loss: 22.40%

Nonetheless, it is likely that the cryptocurrency will trend if the upper resistance is broken. Meanwhile, the candlestick body of the October 26 uptrend tested the 50% Fibonacci retracement level. The retracement suggests that GRP will rise to the 2.0 Fibonacci extension level, or $1.76. 

Fantom

Fantom (FTM) is in an uptrend. The altcoin rose to a high of $3.100 but was rejected at the recent high. The cryptocurrency has fallen and dropped below the moving averages, indicating further downside. Crypto is the fourth biggest loser. It has the following characteristics:

Price: $2.25

Market capitalization: $7,137,179,459

Trading volume: $726,499,143 

7-day loss: 21.85%

THETA

THETA (THETA) has been in a fluctuation range since March. The cryptocurrency rose to a high of $14 and then was forced to move sideways. The altcoin is the fifth biggest loser over the past week. The altcoin has been trending for six months. THETA ranges between $3.50 and $14. The cryptocurrency value has the following characteristics:

Price: $6.42 

Market capitalization: $6,415,539,781

Trading Volume: $360,808,247 

7-Day Loss: 20.33%.

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 research before investing funds.

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