Weekly Cryptocurrency Market Analysis: Altcoins Revisit Previous Lows as Sellers Resume Selling Pressure

This post was originally published on this site
Sep 01, 2022 at 12:43 // Price

Cryptocurrencies are down as altcoins rebound to their respective previous lows. Altcoins face rejection as buyers fail to keep the price above the overhead resistance levels.

Helium

The price of Helium (HNT) is in a downtrend as the altcoin has fallen below the moving average lines. The initial upside moves were rejected at the $12.50 resistance level. The cryptocurrency has fallen well below the moving average lines.

On the downside, selling pressure will intensify as the price falls below the moving average lines. Selling pressure has increased as the bears have broken below the current support at $6.49. HNT is below the 20% area of the daily stochastic. This indicates that the market has reached the oversold area. HNT is the cryptocurrency with the worst performance this week. It has the following characteristics:

Price: $4.94

Market capitalization: $1,109,795,758

Trading volume: $13,769,511

7-day loss: 27.50%

Arweave

Arweave (AR) is in a sideways trend as the cryptocurrency fluctuates below the overriding $16 resistance. Buyers have been trying to keep the price above the overhead resistance since July 16, but without success. On August 11, the altcoin was pushed back as buyers tried to break the resistance level. AR/USD fell below the moving average lines and reached the low of $9.91.

Meanwhile, the altcoin is at level 32 of the Relative Strength Index for the period 14, indicating that AR is in a downtrend but approaching the oversold area of the market. The current downtrend could weaken if the RSI reaches the level of 30. Altcoin is the cryptocurrency asset with the second worst performance this week. It has the following characteristics:

Price: $9.96

Market capitalization: $657,486,512

Trading volume: $14,124,336

7-day loss: 22.67%

EOS

The price of EOS (EOS) is in an uptrend and rose to a high of $1.94. The uptrend ended as the market reached the overbought zone. EOS declined and fell between the moving average lines. This is an indication that EOS will be forced to move between the moving average lines. The altcoin will develop a trend when the price breaks the moving average lines. For example, if it breaks the 21-day SMA line, the uptrend will resume and reach the previous highs of $1.94.

Meanwhile, EOS is at the 50 level of the Relative Strength Index for the 14 period, indicating that there is a balance between supply and demand. It is the cryptocurrency with the third worst performance this week. It has the following characteristics:

Price: $1.47

Market capitalization: $1,503,388,824

Trading volume: $357,112,494

7-day loss: 19.37%

Avalanche

The price of Avalanche (AVAX) is in a downtrend as the altcoin fell to a low of $18. In the previous trend, the cryptocurrency rose to a high of $29. Buyers could not sustain the bullish momentum as the market reached the overbought zone.

AVAX is below the 20% area of the daily stochastics. This means that it has reached the oversold area. The current trend has reached bearish exhaustion. It is the cryptocurrency with the fourth worst performance this week. It has the following characteristics:

Price: $18.89

Market capitalization: $13,603,003,967

Trading volume: $333,904,730

7-day loss: 19.33%

STEPN

STEPN (GMT) has fallen above the lower price area of $0.53. Since August 28, the cryptocurrency’s price has been fluctuating above the $0.53 support. If the current support holds, GMT/USD will start another round of price fluctuations between $0.53 and $1.10. The altcoin will initiate a trend reversal once the fluctuations are overcome.

Meanwhile, the altcoin is at level 32 of the Relative Strength Index for period 14, indicating that GMT is in a downtrend but approaching the oversold area of the market. However, GMT is the cryptocurrency with the fifth worst performance this week. It has the following characteristics:

Price: $0.6698

Market capitalization: $4,020,235,842

Trading volume: $111,320,546

7-day loss: 17.43%

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 own research before investing in funds.