Weekly Cryptocurrency Market Analysis: Altcoins Lose Prior Gains While Holding On To Strong Support Levels

The analyzed altcoins have seen a significant decline this week.

The cryptocurrencies are either between the moving average lines or have fallen below them. The bulls are unable to hold on to their earlier gains. The downtrend may end abruptly above the strong support levels. Let us talk about a few of these cryptocurrencies.

Injective

The price of Injective (INJ) is in an uptrend, but has reached a high of $9.95. The coin's value has been falling since April 17. The previous uptrend was broken when the cryptocurrency's price fell below the 21-day line SMA. At the time of writing, INJ is currently trading at $6.69. The oversold area of the market is getting closer and closer to selling pressure. The altcoin is currently pinned between the moving average lines. The 50-day line SMA will provide support if INJ drops. If the cryptocurrency value finds support above the 50-day line SMA, it will be forced to trade in a range for a few days. On the other hand, if the 50-day line SMA is broken, the downward momentum would strengthen to the low of $3.00. The altcoin is moving lower on the daily stochastic below the 30 level. INJ is the coin that is performing the worst. It has the following characteristics:

Current price: $6.71

Market capitalization: $671,793,132

Trading volume: $92,832,533 

7-day gain/loss: 28.34%

WOO Network

The price of WOO Network (WOO) is down as a result of the rejection of $0.35. The break of the price below the 21-day line SMA has ended the current uptrend. The low above the 50-day line SMA could be reached due to the negative momentum. The altcoin is currently trapped within the moving average lines. On the downside, the negative momentum is approaching the 50-day line SMA. If the 50-day support SMA is broken, WOO will continue to fall to its lows of $0.18 and $0.16. If the 50-day support SMA holds, the cryptocurrency will be forced to trade in a range between the moving average lines. For the period 14, WOO is at 48 on the Relative Strength Index. In the bearish trend zone, the price of WOO Network is likely to fall further. The altcoin with the second worst performance among cryptocurrencies has the following characteristics:

Current price: $0.2451

Market capitalization: $551,709,374

Trading volume: $57,668,349 

7-day gain/loss: 22.41%

Rocket Pool

Rocket Pool (RPL) is moving within the moving average lines, although it is in a sideways trend. The cryptocurrency's value is currently at $66, down from a high of $65. The bearish momentum has reached the oversold area of the market. As the altcoin is stuck between the moving average lines, it will develop a trend if they are broken. Below the daily stochastic barrier of 23, RPL shows negative momentum. The third worst cryptocurrency is RPL. It has these characteristics: 

Current price: $46.39

Market capitalization: $896,515,477

Trading volume: $8,897,618 

7-day gain/loss: 22.02 %

Fantom

The price of Fantom (FTM) is moving sideways but falling below the moving average lines. Since February 15, the cryptocurrency's price has been moving in a range between $0.35 and $0.55. The altcoin has fallen to a low of $0.41 today as it moves towards the lower price range. If the lower price range is broken, FTM will continue to fall to the low of $0.20. On the Relative Strength Index for the 14 period, FTM is at level 39. The altcoin is vulnerable to further negative swings. It is currently the fourth worst cryptocurrency this week. It has the following characteristics: 

Current price: $0.4187

Market capitalization: $1,329,412,996

Trading volume: $116,810,067 

7-day gain/loss: 20.34%

Aptos

The price of Aptos (APT) is declining and has moved sharply away from the moving average lines. APT has recently fallen to a low of $10.07. There is a possibility that the cryptocurrency will continue to fall. The price indicator predicts that APT will fall to the 2.0 level of the Fibonacci extension, or $5.56. The altcoin is currently retesting the $10 support level. If the current support is broken, the Fibonacci extension will be reached. The oversold area of the market is where Aptos fell. The daily stochastic is currently below the level of 20. Below is a description of APT, the cryptocurrency with the fifth worst performance.

Current price: $10.0

Market capitalization: $10.395.752.052

Trading volume: $154,157,805 

7-day gain/loss: 19.89%

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 in funds.

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