Weekly Cryptocurrency Market Analysis: Altcoins Reaches Oversold Regions as Bulls Attempt Recovery
Gala
Gala (GALA) has been in a downtrend since November 26. The initial downtrend reached the low of $0.15 at a high of $0.84. The cryptocurrency made an upward correction to the high of $0.38. The upward movement was completed at a high of $0.39. The current downtrend retested the high of $0.35 before selling pressure increased again. Further downward movement is likely.
Meanwhile, on February 14, a bearish candlestick tested the 38.2% Fibonacci retracement level. The retracement suggests that GALA will fall to the 2.618 Fibonacci extension level or $0.096. The Fibonacci tool will hold if the price falls below the previous low at $0.15. It was the biggest loser of the past week. It has the following characteristics:
Price: $0.2297
Market capitalization: $8,309,847,177
Trading volume: $1,513,365,475
7-day loss: 31.02%
Harmony
Harmony (ONE) is in a downtrend as the price falls well into oversold territory in the market. Since October 21, buyers have failed to overcome the overriding resistance at $0.35. As a result, the cryptocurrency was in a sideways movement before the recent downtrend. The cryptocurrency price fell below the moving averages when the price reached the low of $0.13.
Meanwhile, a candle body tested the 78.6% Fibonacci retracement level on January 23. The retracement suggests that ONE will fall but reverse at the 1.272 Fibonacci extension level or $0.10. The altcoin was the second biggest loser in the previous week. It has the following characteristics:
Price: $0.1361
Market capitalization: $1,811,983,438
Trading volume: $173,071,643
7-day loss: 29.34%
Oasis Network
Oasis Network (ROSE) is in a downtrend. The price of the cryptocurrency has fallen below the moving averages and reached the low of $0.28. The market resumed the upward movement but encountered resistance at the high of $0.40. This has led to a further downward movement of the prices.
Meanwhile, on January 24, a retraced candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that ROSE will fall but reverse at the 1.272 Fibonacci extension level or $0.19. From the price action, ROSE reverses at $0.22. ROSE is the third biggest loser of the past week. It has the following characteristics:
Price: $0.2296
Market capitalization: $2,296,137,365
Trading volume: $217,237,704
7-day loss: 26.42%
Kadena
Kadena (KDA) is also in a downtrend as the price has dropped significantly to the low $4.50 level. Since November 11, the altcoin has reached a high price of $28. The uptrend could not continue as the market reached an overbought region. Today, the altcoin is in a downward correction below the moving averages.
On December 13, a candlestick tested the 78.6% Fibonacci retracement level, which is in a downtrend. The retracement suggests that KDA will fall but reverse at the 1.272 Fibonacci extension level or $3.79.The altcoin is the fourth biggest loser of the past week. It has the following characteristics:
Price: $6.35
Market capitalization: $6,346,062,562
Trading volume: $59,861,243
7-day loss: 24.74%
Arweave
Arweave (AR) is in a downtrend as the price has fallen below the moving averages. The altcoin has also dropped significantly from the high of $90 to the low of $26. The cryptocurrency has fallen into the oversold zone of the market.
Meanwhile, the January 21 downtrend has tested the 78.6% Fibonacci retracement level with a retracement candlestick. The retracement suggests that AR will fall but reverse at the 1.272 Fibonacci extension level or $17.74. AR is the fifth biggest loser of the past week. It has the following characteristics:
Price: $26.28
Market capitalization: $1,734,325,379
Trading volume: $58,394,384
7-day loss: 24.21%
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 funds.