Weekly Cryptocurrency Market Analysis: Altcoins Revisit Previous Lows As Selling Pressure Resumes

Altcoins are in a downtrend as the price falls below the moving averages. Recent recoveries have all been staved off as cryptocurrencies face renewed selling pressure. Some of the altcoins have reached lower price levels.

Synthetix

Synthetix (SNX) is in a downward correction as the price fluctuates between moving averages. On June 19, the altcoin rallied and broke above the moving averages. On June 20, the bulls could not sustain the upward momentum above the moving averages, hence the decline. 

SNX has declined but is trading between the moving averages. The cryptocurrency will perform when the moving averages are broken. The altcoin is above the 40% area of the daily stochastics. This indicates that the market has developed bullish momentum again. It is the cryptocurrency with the lowest performance last week. It has the following characteristics:

Price: $2.61

Market capitalization: $553,807,263

Trading volume: $155,968,297 

7-day loss: 22.69% 

Waves

Waves (WAVES) is in a downtrend as the cryptocurrency drops to the low of $5.22. The cryptocurrency has been in a downtrend since March 30, after being rejected from the high of $63. On the upside, the uptrend was resisted by the 21-day line SMA. On May 30 and June 21, the upside was rebuffed as the altcoin traded below the moving averages. 

On the downside, the cryptocurrency will continue to fall as it is rejected at the moving averages. The altcoin is at level 41 of the Relative Strength Index for period 14, indicating that Waves is in the downside zone and can fall further. It is the cryptocurrency asset with the second worst performance this week. The cryptocurrency has the following characteristics: 

Price: $5.22

Market capitalization: $574,698,274

Trading volume: $200,536,475 

7-day loss: 19.67%

XDC Network

XDC Network (XDC) is in a downtrend as it is falling significantly. Today, the altcoin has fallen to the low of $0.02 at the time of writing. The cryptocurrency has been in a downtrend since August 2021. The altcoin has fallen into the oversold zone of the market. 

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 $0.02 price level. Moreover, XDC is at the level 22 of the Relative Strength Index for the period 14, indicating that the market has reached the oversold area. The selling pressure has reached the bearish exhaustion. The altcoin is the cryptocurrency with the third worst performance this week. The cryptocurrency has the following characteristics: 

Price: $0.02482

Market capitalization: $932,096,953

Trading volume: $8,419,229 

7-day loss: 18.61%

Elrond

Elrond (EGLD) is in a downtrend, but the upward correction was completed at the recent high. The bears have broken below the 21-day line, while the altcoin has regained the previous low at $37. 

Meanwhile, the May 12 downtrend has shown a candlestick testing the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall but reverse at the 1.272 Fibonacci extension level or $40.15. Nevertheless, the cryptocurrency is at level 39 of the Relative Strength Index for the period 14. It is in the downtrend zone and is capable of further downward movement.

EGLD is the cryptocurrency with the fourth worst performance in the past week. It has the following characteristics: 

Price: $50.92

Market capitalization: $1,606,399,504

Trading volume: $58,406,443 

7-day loss: 15.95%

Nexo

Nexo (NEXO) is in a downtrend as the altcoin resumes its move above the $0.55 support. Today, the bears are testing the current support again in order to break it. In other words, the downtrend will resume when the bears break the current support. 

Meanwhile, the May 12 downtrend has shown a candlestick body testing the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall but reverse at the 1.272 Fibonacci extension level or $0.56. The price action shows that the cryptocurrency has retested the level of 1.272 Fibonacci extension and is trending upwards again. 

Nevertheless, NEXO is at the 29 level of the Relative Strength Index for the 14 period, indicating that the market has reached its bearish exhaustion. NEXO is the lowest performing cryptocurrency this week and has the following characteristics:

Price: $0.6059

Market capitalization: $606,722,235

Trading volume: $10,881,444 

7-day loss: 13.84%

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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