Weekly Cryptocurrency Market Analysis: Altcoins Return To Oversold Territory As Bears Remain In Control

Five cryptocurrencies showing the biggest price fall of the week are Conflux, ApeCoin, Uniswap, Shiba Inu, Pepe. Cryptocurrency analysis by Coinidol.com.

Bitcoin and the major cryptocurrencies fell in value last week. The altcoins listed below had the worst performance of the week.

Conflux

Conflux (CFX) is trading at $0.15, which is the lowest price range. Since June 10, the cryptocurrency value has remained between $0.15 and $0.25. On August 16, the bears broke the lower price range and reached a new low of $0.13. The altcoin fell and found support above the historical price level of March 11. The altcoin regained upward momentum and continued its ascent on March 11. Today, the altcoin is stabilizing above the current support level of $0.13. If the current support holds, CFX will continue its uptrend. CFX/USD is now trading at the 20 level of the daily stochastic. The altcoin has reached the oversold zone of the market. Conflux is the worst cryptocurrency as the following characteristics show:

Current price: $0.1252

Market capitalization: $664,688,103

Trading volume: $14,747,988 

7–day loss: 31.85%

ApeCoin

The price of ApeCoin (APE) has fallen well below its moving average lines. The altcoin fell to a low above $2.00 before resuming its downtrend with a series of lower highs and lower lows. APE fell to a low of $1.35 on August 17 and resumed consolidation above current support. The altcoin traded between $1.35 and $2.00 last week. If buyers break through the $2.00 resistance, the altcoin will resume its uptrend. The altcoin's previous highs of $3.00 and $3.50 will be reached again. However, if the current support level of $1.35 is broken, the selling pressure will increase again. With level 31 of Relative Strength for the period 14, the cryptocurrency is in oversold territory. APE is the cryptocurrency with the second lowest performance and has the following characteristics:

Current price: $1.49

Market capitalization: $1,493,161,981

Trading volume: $53,760,252 

7–day loss: 24.14%

Uniswap

The price of Uniswap (UNI) falls below the moving average lines after failing to overcome the overhead resistance at $7.50. Buyers have failed to keep the price above the overhead resistance. At the time of writing, the altcoin has fallen to a low of $4.55. It is approaching the previous low of $4.00. UNI has now entered the oversold area of the market. Selling pressure is likely to ease in the oversold area of the market. For the 14 period, UNI is at a Relative Strength Index of 25, which is the third worst performing coin. The characteristics are as follows:

Current price: $4.57

Market capitalization: $4,606,977,667

Trading volume: $101,037,758 

7–day loss: 23.86%

Shiba Inu

The price of Shiba Inu (SHIB) is falling after being rejected at a high of $0.00001100. Earlier, the cryptocurrency fell to a low of $0.00000600 as bulls bought the dips. The altcoin rallied and surpassed the moving average lines to reach a high of $0.00001100, failing to sustain the bullish momentum as the market entered the overbought zone. The decline continued today as the price fell below the moving average lines. At the time of writing, SHIB is trading at $0.00000789. For the period 14, the crypto asset is in a downtrend zone at level 39 of the Relative Strength Index. It is the fourth worst performing coin. It has the following characteristics:

Current price: $0.000007989

Market capitalization: $4.72B

Trading volume: $168.03M

7–day loss: 22.30%

Pepe

Pepe (PEPE) is trading sideways but has fallen below the moving average lines. Buyers failed to keep the price above the $0.0000020000 overhead barrier in the previous price action. The cryptocurrency is declining and approaching the lowest price range of $0.0000010000. PEPE has just hit a low of $0.0000010749. If the current support is tested again, the altcoin will resume its uptrend. The altcoin is in a bearish trend zone and below the daily stochastic threshold of 25. The fifth worst cryptocurrency is PEPE. It has the following characteristics:

Current price: $0.000001068

Market capitalization: $450.38M

Trading volume: $78.58M 

7–day loss: 21.28%

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.