Weekly Cryptocurrency Market Analysis: Altcoins Crash As They Lose Support Levels

Altcoins are vulnerable to a further decline as the worst-performing cryptocurrencies trade in a bearish trend zone.

Cryptocurrencies are losing current support levels. We'll talk about a few different cryptocurrencies.

ORDI

ORDI (ORDI) has fallen below the moving average line but is still above the $48 support. The previous trend has ended after reaching a high of $91 on January 2. The altcoin has been in a downtrend for three weeks. The downward momentum has eased, with ORDI remaining above the $51 support. ORDI is currently worth $56. Current support has been held since December 17, 2023. If the current support holds, ORDI will resume its uptrend. If buyers fail to sustain the price above the recent high, the price will move between $51 and $66. A break above the moving average lines will signal the resumption of the trend. By these standards, ORDI is the worst performing altcoin among cryptocurrencies.

Current price: $56.50

Market capitalization: $1,186,403,063

Trading volume: $187,271,077 

7–day loss: 11.17%

WOO

The price of WOO (WOO) is trading below the moving average lines and could fall further. On January 23, the altcoin fell to a low of $0.32 with bulls buying the dips. The altcoin is falling again as it faces further rejection. If the bears fall below the support level of $0.32, the downtrend will continue to $0.23. If the current support level holds, the sideways trend will resume. The price of the cryptocurrency will move between $0.32 and $0.42. The second worst performing altcoin is WOO. Below are some striking characteristics:

Current price: $0.3541

Market capitalization: $790,172,114

Trading volume: $13,274,065 

7–day loss: 7.57%

Mantle

The price of Mantle (MNT) is falling below the moving average lines while remaining above the $0.59 support level. The altcoin has reached bearish exhaustion and is consolidating above the $0.59 support. The price of the cryptocurrency has been consolidating above the current support over the past week. If the current support is broken, the altcoin will drop lower and reverse above the $0.54 level, according to the price indication. Today, the altcoin has fallen to a low of $0.60 at the time of writing. MNT's performance was considered the third worst. It has the following characteristics:

Current price: $0.6097

Market capitalization: $3,791,705,144

Trading volume: $64,791,360 

7–day loss: 7.39%

Litecoin

Litecoin (LTC) drops below the moving average lines. The altcoin is trading in the previous range of $60 to $70. Litecoin is now worth $67.69. The altcoin's upside correction has ended as it faces rejection of the high at $68. The price of the cryptocurrency will fluctuate within its range as the trend is determined. Litecoin price will resume a positive trend if it rises above the moving average lines or the $70 resistance level. Litecoin is currently the fourth worst performing cryptocurrency. It has the following characteristics:

Current price: $67.68

Market capitalization: $5,683,357,372

Trading volume: $250,897,551 

7–day loss: 6.49%

Astar

Astar (ASTR) is on an upswing as it bounces back from its previous downturn. The altcoin has risen as high as $0.19 today, although adoption at this level is still difficult. Since January 3, the altcoin has been fluctuating below the resistance level of $0.20. On the downside, selling pressure will pick up again if the price of the cryptocurrency falls below the moving average lines. In the meantime, the altcoin is trading above the moving averages but below the barrier level. For the reasons listed below, ASTR is the fifth worst performing cryptocurrency.

Current price: $0.1796

Market capitalization: $1,487,278,842

Trading volume: $29,067,618 

7–day loss: 6.16%

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.