Weekly Cryptocurrency Market Analysis: Altcoins Lose Previous Highs as Bears Resume Selling Pressure

The cryptocurrency market has resumed its downward correction as altcoins are set back from their previous highs. This came after the BTC price fell to its recent high on February 17.

The bulls failed to overcome the overriding resistance of $45,000 after several unsuccessful attempts. However, Bitcoin is struggling to regain the psychological price level of $40,000. This will have a positive impact on the altcoins.

Rally

Rally (RLY) is in a downtrend as the price falls below the moving averages. The altcoin fell to $0.24 as bulls bought the dips. Altcoin also fell below the 20% area of the daily stochastic. This indicates that the downtrend has reached bearish exhaustion as the market has reached the oversold area.

Today, a bullish candle is showing above the current support, indicating a possible upside move. If the price breaks the moving averages to the upside, it would be a sign of resumption of the uptrend. Rally is the best performing altcoin in the past week. It has the following characteristics:

Price: $0.2475

Market capitalization: $3,709,312,364

Trading volume: $3,985,012 

7-day gain: 8.36%

Neo

Neo (NEO) is trading in the downtrend zone as the price falls below the moving averages. The cryptocurrency asset has fallen to the low of $21 as the market has reached the oversold zone. If the altcoin falls into the oversold zone, it means that the selling pressure will ease at the $21 price level.

Meanwhile, the downtrend from February 19 has a candlestick body that tested the 50% Fibonacci retracement level. The retracement indicates that NEO will fall to the 2.0 Fibonacci extension level or $21.96. Price action shows that NEO is retesting the 2.0 Fibonacci extension. The downtrend is likely to end. It is the cryptocurrency with the second best performance last week. It has the following characteristics:

Price: $21.78

Market capitalization: $2,177,263,408

Trading volume: $219,142,567 

7-day gain: 4.74%

Klaytn

Klaytn (KLAY) is in a sideways trend. Bulls have failed to break above the overriding resistance at $1.90 since August 2021. Buyers have tried to break through the resistance four times but were beaten back. The cryptocurrency price has fallen below the moving averages.

Nevertheless, KLAY/USD traded marginally as the price action was dominated by doji candlesticks. The altcoin is the third best performing altcoin in the past week. The cryptocurrency has the following characteristics:

Price: $1.25

Market capitalization: $13,462,199,583

Trading volume: $78,659,972 

7-day gain: 3.75%

Celsius

Celsius (CEL) is in an uptrend. The uptrend encounters rejection at the resistance zone at $3.50. Since February 10, CEL/USD has fluctuated between $3.00 and $3.50. If the bulls break the recent high, the market will rise to $5.00.

Meanwhile, the February 10 uptrend has a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that CEL will rise to the Fibonacci extension level of 1.618 or $4.59. It is the cryptocurrency with the fourth best performance last week. It has the following characteristics:

Price: $3.16

Market capitalization: $2,200,716,570

Trading volume: $4,492,159 

7-day gain: 3.47%

Waves

Waves (WAVES) is in a downtrend. However, since January 22, the downtrend has weakened as the altcoin resumes a sideways movement. Since January 22, the cryptocurrency has been moving between $8.50 and $12.00.

On February 9, the bulls broke the 21-day moving average line, but failed to break the 50-day moving average line. The cryptocurrency was met with resistance at the $12 high. It fell below the moving averages. There is a possibility of further downward movement. The altcoin is the fifth best performing altcoin in the past week. It has the following characteristics:

Price: $9.98

Market capitalization: $1,072,678,284

Trading volume: $168,909,996 

7-day gain: 0.24%

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.