Weekly Cryptocurrency Market Analysis: Altcoins Face Rejections at Recent Rallies, and May Attract Buyers at Lower Levels

BAT, ATOM, XEC, ENJ, and Kava sink to their respective lows as altcoins face rejection on their respective rallies. The 21-day line SMA has put the brakes on any further upward movement in cryptocurrencies.

Basic Attention Token

Basic Attention Token (BAT) is in a downward correction as the price broke below the moving average lines. Buyers have held the cryptocurrency above the moving averages twice, but were repelled at the $0.45 resistance zone. As the price breaks below the moving average lines, there is a tendency for the cryptocurrency to continue its downward movement. 

BAT has dropped significantly as it fell below the previous low of $0.49 in July 2021. Today, BAT has fallen to the support of the May 12 price level. The altcoin will try to continue its uptrend if the current support holds. However, it could drop further to $0.29 and $0.26 if the current support is broken. 

BAT is trading at $0.37 at the time of writing. The altcoin is at level 44 on the Relative Strength Index for period 14. It is the lowest performing cryptocurrency over the past week. It has the following characteristics:

Price: $0.375

Market capitalization: $562,472,047

Trading volume: $65,510,655 

7-day loss: 13.28% 

Cosmos

Cosmos (ATOM) is in a downtrend as the altcoin drops below its moving average lines. In the last price action, the bulls broke out above the moving average lines but were rejected at the $10 resistance zone. There is a tendency for further downward movement of the altcoin. 

Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the altcoin will fall, but reverse at the level of the 1.272 Fibonacci extension or $4.97. 

The altcoin is at level 44 of the Relative Strength Index for the period 14, which indicates that Cosmos is in a downtrend and can continue to fall. It is the cryptocurrency asset with the second worst performance this week. The cryptocurrency has the following characteristics: 

Price: $7.91

Market capitalization: $2,266,244,812

Trading volume: $182,750,314 

7-day loss: 12.67%

eCash

eCash (XEC) is in a downward correction as the altcoin faces rejection at the 50-day line SMA. The bulls had previously broken above the 21-day line SMA twice, but were rejected at the 50-day line SMA. On July 7, the altcoin rallied above the 21-day line SMA, but was also rejected. The cryptocurrency is likely to fall further as it is below the moving average lines. 

Meanwhile, on May 11 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the altcoin will fall, but reverse at the level of the 1.272 Fibonacci extension or the price level of $0.00002290. 

eCash is below the 20% area of the daily stochastic. This indicates that the market has reached the oversold area. It is the cryptocurrency with the third worst performance this week. The cryptocurrency has the following characteristics: 

Price: $0.00003839

Market capitalization: $806,271,052

Trading volume: $5,501,394 

7-day loss: 12.46%

Enjin Coin

Enjin Coin (ENJ) is in a downward correction as the altcoin is once again under selling pressure. The upward movement was slowed down by the 50-day line SMA. Buyers were rejected twice when trying to keep the price above the 50-day line. The cryptocurrency fell to the low of $0.47. 

Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall but reverse at the 1.272 Fibonacci extension level or $0.36. 

Enjin Coin is below the 20% area of the daily stochastic. This indicates that the market has reached the oversold area. ENJ is the cryptocurrency with the fourth worst performance last week. It has the following characteristics: 

Price: $0.4796

Market capitalization: $479,610,485

Trading volume: $56,523,314 

7-day loss: 11.54%

Kava

Kava (KAVA) is in a downward correction as the altcoin falls below the moving average lines. The uptrend is encountering resistance at the $2.00 high. Altcoin has fallen to the low of $1.60 as bulls have bought the dips. The altcoin is retesting the current support. There are bullish candlesticks indicating further upside for the cryptocurrency. 

Kava is below the 20% area of the daily stochastic. This means that the market has reached the oversold zone. Kava is the fifth worst performing cryptocurrency this week and has the following characteristics:

Price: $1.62

Market capitalization: $376,522,163

Trading volume: $11,516,813 

7-day loss: 10.66%

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.