Weekly Analysis Of The Cryptocurrency Market: Altcoins Will Rally In Negative Trend Zones
The cryptocurrencies listed below are now trading in the downtrend zone of the chart. Algorand and Chain, for example, have fallen dramatically to the bottom of the chart. There is a chance that Chiliz, Trust Wallet Token and Binary will recover. Let us take a look at some of the cryptocurrencies that had the worst performance overall.
The price of Chiliz (CHZ) is falling but moving sideways again. Since August 23, buyers have failed to sustain a price rise above the $0.25 overhead resistance. The cryptocurrency will fall every time the overhead resistance is challenged again. Currently, CHZ is falling and approaching its previous low of $0.14. The oversold zone of the market has been reached by the current decline. The cryptocurrency is below the daily stochastic level of 20, indicating that the bear market in CHZ has run its course. In the oversold zone, buyers will emerge and push prices higher. The cryptocurrency has the characteristics described below and is the worst performing cryptocurrency this week.
Current price: $0.1586
Market capitalization: $1,409,059,504
Trading volume: $204,544,845
7-day loss %:16.72%
Algorand (ALGO), which has dropped to a low of $0.23, is in a downtrend. The cryptocurrency’s price has dropped below the previous low of $0.25, which suggests further loss. During the decline on November 9, ALGO had an upward correction and a candlestick tested the 61.8% Fibonacci retracement level. After the correction, ALGO will fall below the $0.14 level of the 1.618 Fibonacci extension. Meanwhile, it is at the 35 level of the Relative Strength Index of period 14. Algorand is approaching the oversold area of the market. ALGO is the cryptocurrency with the second worst performance this week. It has the following characteristics:
Current price: $0.2315
Market capitalization: $2,291,248,231
Trading volume: $65,267,775
7-Day loss %: 7.09%
The price of Chain (XCN) is down, reaching a low of $0.03. Chain has been in a downtrend since July 9 and has dropped drastically to the bottom of the chart. The Chain has entered the oversold zone of the market and is trading below the level 20 of the Stochastic on the daily chart. It is unlikely that there will be further selling pressure. The altcoin’s performance was the third worst last week. The cryptocurrency’s characteristics include:
Current price: $0.0397
Market capitalization: $2,163,123,169
Trading volume: $14,724,519
7-Day loss %: 7.03%
Trust Wallet Token
Trust Wallet Token (TWT) is in the positive trend zone. The November 14 rise has stalled at the recent high. Below the $2.50 barrier, the cryptocurrency has been moving sideways. The cryptocurrency cost has turned above the 21-day line SMA. If the altcoin maintains its position above the 21-day line SMA, the uptrend will resume. A retracement candlestick on the November 14 upswing tested the 61.8% retracement level. After this adjustment, TWT will rise to the Fibonacci level 1.618 or $3.29. The altcoin is at level 58 according to the Relative Strength Index for the period 14. It is in a positive trend and could gain more. A Trust Wallet token has the following characteristics:
Current price: $1.95
Market capitalization: $1,947,332,392
Trading volume: $51,364,914
7-day loss: 6.69%
The price of Binary X (BNX) has fallen and has broken below the moving average lines. BNX has reached a high of $175.15 but is currently rejected at this level. Since September 15, the cryptocurrency has been moving in a narrow range below the high of $160. The coin has entered the overbought region. It is unlikely that the currency will continue to rise in value. BNX is below the 40 level on the Stochastic on the daily chart. The cryptocurrency is in a bearish momentum. The characteristics of BNX, the fifth best performing cryptocurrency this week, are as follows.
Current price: $146.72
Market capitalization: $3,079,893,452
Trading volume: $17,097,177
7–day loss: 4.97%
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 in funds.
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