Weekly Cryptocurrency Market Analysis: Altcoins in Oversold Regions as Buyers Regroup for a Price Rebound

Bitcoin and the altcoins have all fallen into the oversold regions of the market. This means that buyers will emerge in the oversold region where a price recovery is likely.

For the altcoins that are performing the best today, cryptos have losses from the impact of the recent price drops. Virtually all cryptocurrencies are under selling pressure. Even last week's best performers suffered losses.

Dai

Dai (DAI) is in a sideways trend. The cryptocurrency was launched on March 31, 2021. The altcoin has not developed, but is consolidating above the $1.00 support. The price action is choppy as no resistance and support levels can be identified. 

In December and January, price action was characterized by small indecisive candlesticks called doji and spinning tops. These are responsible for the current movement within the trading range. It is the best performing altcoin in the past week with minimal losses. The cryptocurrency has the following characteristics:

Price: $0.9985

Market capitalization: $9,627,881,154

Trading volume: $476,032,608 

7-day gain: 0.11%

UNUS SED LEO

UNUS SED LEO (LEO) is in an uptrend, but the upward movement encounters rejection at the $4 resistance zone. Since May 10, 2021, buyers have failed to keep LEO prices above the above resistance. On January 17, the bulls made another attempt but were rejected when the price fell above the moving averages. The uptrend continues above the moving averages. 

However, if the price falls below the moving averages, the downtrend will resume. LEO is the second best performing altcoin in the past week with minimal losses. LEO has the following characteristics:

Price: $3.59

Market capitalization: $3,535,437,566

Trading volume: $4,195,686 

7-day loss: 9.31%

Huobi Token

Huobi Token (HT) is in a range-bound movement. Since October 20, the uptrend has been capped below the high of $11. The altcoin was forced to move between the price levels of $8.2 and $11. In the past two months, the trading range has not been broken yet as the altcoin continues to fluctuate in a limited range. 

Should buyers break through the resistance at $11, the altcoin could rise to a high of $18. The crypto is the third best performing altcoin in the past week. The altcoin has the following characteristics:

Price: $8.62

Market capitalization: $4,311,901,112

Trading volume: $116,572,508 

7-day loss: 11.29%

Klaytn

Klaytn (KLAY) is in a sideways trend. The cryptocurrency reached a high of $1.95 but received resistance. Buyers could not sustain the bullish momentum as the market reached an overbought region. 

Today, the altcoin is in a sideways movement below the overriding resistance. KLAY/USD is moving between $0.95 and $1.80. It is the cryptocurrency asset with the fourth best performance in the past week. It has the following characteristics:

Price: $1.12

Market capitalization: $12.093.076.307

Trading volume: $74,007,454 

7-day loss: 12.77%

Decred

Decred (DCR) is in a downtrend after breaking above resistance at $240. The altcoin has been in a downtrend since April 12, 2021. Today, the cryptocurrency fell to the low of $52. DCR/USD is currently retesting a historical price level. Selling pressure is likely to ease if the current support holds. 

Moreover, Decred has reached the oversold area of the market. Buyers are expected to emerge in the oversold region of the market. Decred is the fifth best performing cryptocurrency in the past week. It has the following characteristics: 

Price: $52.42

Market capitalization: $1,100,862,584

Trading volume: $5,868,883 

7-day loss: 17.99%

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 funds.