Weekly Cryptocurrency Market Analysis: Altcoins Slide Into Bearish Trend Zone

Cryptocurrencies are falling now that they have reached the superior resistance levels.

Cryptocurrencies have broken below the moving average lines, which means cryptocurrencies will continue to fall. 

Injective

Since April 16, the price of Injective (INJ) has been moving sideways. The crypto asset was on the rise in March and April. The altcoin rose to a high of $9.69 before plummeting. The positive momentum could not be sustained as the altcoin approached the overbought zone. The bulls retested the $9.00 resistance but could not overcome it. At the time of writing, INJ was trading at $8.00. The cryptocurrency value has fallen below the 21-day line SMA, but remains above the 50-day line SMA. For a few days, the altcoin will probably have to stay in a range. However, selling pressure could return if the price falls below the 50-day simple moving average. The market will continue to fall to a low of $6.00. The cryptocurrency asset is at level 45 of the Relative Strength Index for the period of 14. It is in a negative trend and may fall further. INJ is the worst cryptocurrency with the following characteristics:

Current cryptocurrency price: $8.00

Market capitalization: $799,685,327

Trading volume: $25,339,703 

7–day loss: 14.74%

Gala

Gala (GALA) is falling below its moving average lines. The crypto asset has been declining since January 30. GALA is currently trading at $0.02, below the high of $0.060. GALA made an upward correction during the May decline, and a declining candlestick tested the 78.6% Fibonacci retracement level. The correction predicts that GALA will decline but then reverse at the 1.272 Fibonacci extension or $0.02. As the altcoin consolidates above the $0.02 support, the price action is respected. The cryptocurrency value has reached the oversold area of the daily stochastic. It is below the 20 level of the daily stochastic. The market has reached bearish exhaustion and GALA can continue to trade above the current support level. GALA is the second lowest performing cryptocurrency and has the following characteristics:

Current price: $0.0235

Market capitalization: $1,171,760,299

Trading volume: $49,746,266 

7–day loss: 13.03%

Mantle

Mantle (MNT) price has been declining since July 23. The digital currency fell from a high of $0.60 to a low of $0.51. The recent decline has approached the oversold zone of the market. Further declines are unlikely as the cryptocurrency is oversold. The price indicator has confirmed that MNT would fall but will then reverse at the 1.272 Fibonacci extension level or $0.51. MNT is currently trading below the daily stochastic level of 20. It has the third worst performance of all cryptocurrencies. It has the following characteristics:

Current price: $0.5175

Market capitalization: $3,218,669,252

Trading volume: $12,702,640

7–day loss: 12.95%

Pepe

The price of Pepe (PEPE) consolidated after dipping below the moving average lines. The cryptocurrency asset fell to a low of $0.0000013075 before resuming consolidation. The price action is characterised by small uncertain candles known as Doji. Due to the presence of Doji candlesticks, the price action was stopped. Moreover, PEPE is trading in the oversold zone of the market. It is below the daily stochastic value of 20. It is unlikely that the cryptocurrency will fall further. It is the fifth worst performing coin in terms of performance. The characteristics are as follows:

Current price: $0.000001343

Market capitalization: $560.38M

Trading volume: $84.7M 

7–day loss: 12.92%

Bitcoin SV

Bitcoin SV (BSV) price falls below the moving average lines. BSV rose in the uptrend from July 1 to a high of $56 before suddenly dropping. The cryptocurrency value fell below the moving average lines, indicating that it will continue to fall. The altcoin is currently trading at $34.70. BSV reversed the downtrend on July 14 and tested the 78.6% Fibonacci retracement line with a retraced candlestick. After the correction, BSV will fall but reverse at the level of the 1.272 Fibonacci extension or at $29.96. As the Fibonacci extension is approached, BSV will fall. The relative strength index for period 14 shows BSV at level 41. The altcoin can fall even lower. The fourth worst cryptocurrency is Bitcoin SV. It has the following characteristics:

Current price: $34.79

Market capitalization: $729,462,509

Trading volume: $26,542,637 

7–day loss: 10.38%

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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• Source: https://coinidol.com/altcoins-bearish-trend-zone/