Weekly Cryptocurrency Market Analysis: Altcoins Fall Sharply While Cryptocurrencies Return To Previous Lows

Five cryptocurrencies showing the biggest price fall of the week are THORChain, ApeCoin, Rocket Pool, Arbitrum, Pepe. Cryptocurrency analysis by Coinidol.com.

With the exception of THORChain, all cryptocurrencies have dropped significantly to the bottom of the chart. Selling pressure has eased as the altcoins remain above their various support levels. 

THORChain

The price of THORChain (RUNE) had been rising previously. Previously, the cryptocurrency's price had reached a series of higher highs and higher lows. The current uptrend was stopped when it slipped between the moving average lines. It is above the 50-day line SMA, although it is below the 21-day line SMA. The altcoin trends when the moving average lines cross. For example, the uptrend will resume when the bulls break the 21-day line SMA. The price of cryptocurrencies will rise to a high of $3.76. RUNE is currently trading at $1.73. The altcoin will continue to fall to the low of $1.37 if the bears break the support level of the 50-day line SMA RUNE is the worst cryptocurrency due to the following characteristics:

Current price: $1.74

Market capitalization: $867,577,208

Trading volume: $35,231,294 

7–day gain/loss: 12.80%

ApeCoin

ApeCoin (APE) is in a downtrend and has dropped sharply to the bottom of the chart. The moving average lines are opposing higher price moves. The altcoin will fall every time the moving average lines are retested. APE is currently selling for $1.09. The altcoin rose above the moving average lines on October 1, but was stopped by the 50-day line SMA APE reached its previous low of $1.10. The current support has been holding since September 17. APE is the second worst cryptocurrency. Some of its distinguishing characteristics are the following:

Current price: $1.09

Market capitalization: $1,092,688,126

Trading volume: $19,367,086 

7–day gain/loss: 11.56%

Rocket Pool

Rocket Pool (RPL) has reached the bottom of the chart and is in a downtrend. The price of the altcoin fell to a historical low of $20.10 on December 31, 2022. The cryptocurrency has reached a series of lower highs and lower lows. The price bars have hit the resistance of the moving average lines. Every time RPL retests the moving average lines, it drops. The altcoin fell even further after reaching the 50-day line SMA on October 1. Rocket Pool is at the bottom of the chart and has reached the oversold level. It is unlikely that RPL will fall further. Based on the following characteristics, RPL is the third worst cryptocurrency:

Current price: $20.18

Market capitalization: $398,826,705

Trading volume: $1,741,325 

7–day gain/loss: 10.10%

Arbitrum

The price of Arbitron (ARB) is currently declining and has reached bearish exhaustion. Crossing the moving average lines, the cryptocurrency aims to resume its upward correction. The price fell below the moving average lines, ending the upward correction. ARB is currently trading for $0.84. The decline has since stopped after the price collapsed on September 11. The altcoin is still holding above the $0.84 support despite being below the moving average lines. ARB the fourth worst performing of all cryptocurrencies has the following characteristics:

Current price: $0.8479

Market capitalization: $8,471,926,514

Trading volume: $90,700,502 

7–day gain/loss: 9.74%

Pepe

The price of Pepe (PEPE) is in an upward correction and is trapped between the moving average lines after breaking above them. The upward correction quickly broke down below the moving average lines after reaching a high of $0.000001082. Although the altcoin lost ground, it managed to hold above the 21-day line SMA. The price fluctuation will be limited between the moving average lines. PEPE will develop a trend when the moving average lines are broken. PEPE/USD is currently trading at $0.000000708. Selling pressure has eased since the price declined on September 21. PEPE is the fifth worst performing coin this week. It has the following characteristics:

Current price: $0.000007084

Market capitalization: $297.99M

Trading volume: $34.99M 

7–day gain/loss: 9.52%

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.