Weekly Cryptocurrency Market Analysis: Altcoins Consolidate at Recent Supports but Are Unable to Rally

WAVES, FTM, NEAR, CRV and AVAX have dropped significantly to the bottom of the chart. The bears have the upper hand as prices continue to fall after each sell at the resistance level. The worst performing cryptocurrencies have shown no signs of recovery. In other words, there is no attempt at a recovery rally.

Waves

Waves (WAVES) is in a downtrend, having fallen to a low of $5.67 on May 12. After the last downward impulse on May 12, the downtrend has eased as the cryptocurrency resumed a sideways movement above the current support. Last week, WAVES consolidated above the $5.67 support. If the bears break the current support to the downside, the downtrend will resume. 

Meanwhile, the altcoin is below the 20% range of the daily stochastic. This means that the downtrend has reached bearish exhaustion. In other words, the market is oversold. Buyers are expected to emerge in the oversold region and drive prices higher. It is the cryptocurrency with the lowest performance in the past week. It has the following characteristics: 

Price: $6.51

Market capitalization: $720,631,699

Trading volume: $289,546,982 

7-day loss: 47.15%

Fantom

Fantom (FTM) is in a downtrend. The downtrend resumed after the formation of a bearish double top. The cryptocurrency has dropped significantly to the low of $0.34. On the weekly chart, a candlestick tested the 78.6% retracement level on March 28. The retracement suggests that FTM will fall but reverse at the 1.272 Fibonacci extension level or the $0.45 price level. Price action shows that FTM has fallen above the 1.272 Fibonacci extension and continues to fall. 

FTM/USD is at level 33 of the Relative Strength Index of period 14, indicating that the altcoin is approaching the oversold area of the market. FTM is the cryptocurrency with the second worst performance this week. It has the following characteristics:

Price: $0.3463 

Market capitalization: $1,099,509,852

Trading volume: $365,277,047 

7-day loss: 40.74%

Curve DAO Token

Curve DAO Token (CRV) is in a downtrend. The cryptocurrency is in a downtrend after reaching the high of $6.00. Today, the altcoin has fallen to a low of $1.36, which is the historical price level of July 2021. 

Meanwhile, on May 12, the downtrend tested the 78.6% Fibonacci retracement level. The retracement indicates that CRV will fall to the 1.272 Fibonacci Extension level or $0.62. CRV is the cryptocurrency with the third worst performance this week. It has the following characteristics:

Price: $1.36

Market capitalization: $4,476,229,500

Trading volume: $141,532,268 

7-day loss: 36.40%

NEAR Protocol

NEAR Protocol (NEAR) is in a downtrend and the altcoin has fallen well into oversold territory in the market. NEAR was trading at $19.54 on April 19 before the recent price drop. Today, the cryptocurrency has fallen to a low of $6.64. Meanwhile, the downtrend has shown a candle body on May 1, testing the 61.8% Fibonacci retracement level. 

The retracement suggests that NEAR will fall to the 1.618 Fibonacci Extension level or $5.61. The altcoin retested the Fibonacci extension and continues to consolidate above it. NEAR is the cryptocurrency with the fourth worst performance last week. It has the following characteristics: 

Price: $6.64

Market capitalization: $6,645,004,125

Trading volume: $482,950,478 

7-day loss: 34.74%

Avalanche

Avalanche (AVAX) is in a downtrend. The cryptocurrency has been in a downtrend since November 2021. Today, the altcoin has fallen from a high of $120 to a low of $33. The $33 price is the historical level from May 3, 2021. In May, the price action was bullish as the altcoin moved back up. 

However, a downtrend occurred on May 12. A retracement candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that AVAX will fall to the Fibonacci extension level of 1.272 or $10.88. The price action shows that AVAX is fluctuating above the support at $22. It is the cryptocurrency with the fifth worst performance in the past week. It has the following characteristics:

Price: $33.47

Market capitalization: $13,266,473,160 

Trading volume: $670,864,315 

7-day loss: 30.33%

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.