Weekly Cryptocurrency Market Analysis: Altcoins In Downtrend As Bears Resume Selling Pressure

The biggest losers among the altcoins are in a downward correction as cryptocurrencies resume previous lows.

Cryptocurrencies are said to be reaching bearish exhaustion as prices reach an oversold area of the market. It is likely that buyers will emerge to push prices higher. Let us take a look at the altcoins below.

Anchor Protocol

Anchor Protocol (ANC) is in a downtrend as the altcoin has fallen to a low of $2.67 and bulls have bought the dips. The altcoin has been trading in the oversold region since March 11. Buyers have emerged to push the altcoin higher. ANC is rising and approaching the moving average lines. The upward momentum will continue if the price breaks above the moving averages. 

Conversely, the downward momentum will continue if the price is rejected at the recent high. Meanwhile, on March 8, the downtrend; a retracement candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that ANC will fall, but will reverse at the 1.272 Fibonacci extension level, or $2.87. The altcoin fell below the level of the 1.272 Fibonacci extension and reversed. 

It is the biggest loser of the past week. It has the following characteristics:

Current price: $2.90

Market capitalization: $2,904,580,442

Trading Volume: $78,334,640 

7-Day Loss %: 18.96%

Fantom 

Fantom (FTM) is in a downtrend as the altcoin fell to a low of $1.13. The cryptocurrency reached the high of $3.32 in the overbought zone of the market. It is likely to fall further down. Meanwhile, the downtrend from January 22 has shown a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that FTM will fall to the 1.618 Fibonacci Extension level or $0.81. The price action shows that the market has fallen to $1.37. It is the biggest loser of the past week. 

It has the following characteristics:

Current price: $1.13

Market capitalization: $3,594,117,524

Trading volume: $1,006,527,897 

7-day loss %: 11.96%.

Celo

Celo (CELO) is in a downtrend as the altcoin falls into oversold territory. The downtrend started in October 2021 after the bulls retested the overriding resistance at $7.56. Today, the altcoin has dropped significantly to a low of $2.42. Meanwhile, on January 27, the downtrend, a declining candlestick, tested the 78.6% Fibonacci retracement level. The retracement suggests that CELO will fall but reverse at the 1.272 Fibonacci extension level, or $2.13. CELO is the third biggest loser of the past week. 

It has the following characteristics.

The current price: $2.43

Market capitalization: $2,426,868,508

Trading volume: $52,272,374 

7-day loss %: 10.97%.

Mina

Mina (MINA) is in a downtrend. The altcoin has fallen sharply back into oversold territory after the recent rejection. On February 28, buyers pushed the altcoin to the previous high but were rejected at the 21-day moving average line. The altcoin fell to the low of $1.58, which was an oversold region of the market. MINA/USD is now in the oversold region of the market. Selling pressure is likely to ease as buyers emerge in the oversold region of the market. Altcoin is the fourth biggest loser of the past week. 

It has the following characteristics: 

Current price: $1.62

Market capitalization: $1,342,463,909

Trading volume: $43,563,094 

7-day loss %: 11.74%.

Filecoin

Filecoin (FIL) is in a downward correction. However, the altcoin is back in a sideways trend after the January 22 price drop. The cryptocurrency fell to a low of $16.92 as bulls bought the dips. FIL/USD is now fluctuating between $16 and $24. 

Today, the bears are testing the lower price range again. The bulls have defended the current support since January 22. The altcoin has reached the oversold area, further selling pressure is unlikely. FIL is the fifth biggest loser of the past week. 

It has the following characteristics:

Current price: $16.94

Market capitalization: $2,982,563,459

Trading Volume: $469,076,138 

7-Day Loss %: 4.77%

Disclaimer. This analysis and forecast are the personal opinions of the author 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.