Weekly Cryptocurrency Market Analysis: Altcoins Fail to Break Immediate Resistance, Risk Further Decline

Helium, IoTeX, UNUS SED LEO, and Huobi tokens, with the exception of Bitcoin Cash, are struggling to stay above their moving averages. The worst-performing altcoins risk further declines as they trade in the bearish trend zone. Here are some of those cryptocurrencies.

Helium

Helium (HNT) is in a downtrend. The cryptocurrency has fallen after reaching a high of $57.68. Today, HNT is trading at $24.32 at the time of writing. 

On March 22, the altcoin corrected above the moving averages to the upside, but received resistance. The altcoin has fallen below the 50-day moving average but above the 21-day moving average. The market is likely to move between the moving averages. It is the cryptocurrency with the lowest performance in the past week. It has the following characteristics: 

Price: $24.38

Market capitalization: $5,436,947,760

Trading volume: $45,783,028 

7-day loss: 3.62%

Bitcoin Cash

Bitcoin Cash (BCH) is trading above the moving averages. The bulls have risen above the moving averages and reached the high of $387. Last week, the bulls struggled to overcome resistance at $387. Further upside is doubtful as the market has reached the overbought area. 

Meanwhile, on March 22, a declining candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that BCH will rise, but will reverse at the 1,272 Fibonacci extension or $413.79. The altcoin is the cryptocurrency with the second worst performance last week. It has the following characteristics: 

Price: $371.00

Market capitalization: $7,790,918,483

Trading volume: $4,637,809,730 

7-day loss: 2.82%

IoTeX

IoTeX (IOTX) is in a downtrend. The cryptocurrency fell from a high of $0.44 to a low of $0.073. Bulls bought the dips as the altcoin corrected higher. Buyers failed to keep the price above the moving averages as bears continue to sell on every rally. 

Today, the price bars are between the moving averages, indicating that the cryptocurrency may be moving in a certain range. The altcoin is above the 75% range of the daily stochastic. This indicates that the market is approaching the overbought area. In the overbought area, the altcoin will continue to decline. At the time of writing, the altcoin is trading at $0.1085. It is the cryptocurrency asset with the third worst performance in the past week. It has the following characteristics:

Price: $0.09407

Market capitalization: $949,293,567

Trading volume: $74,499,581 

7-day loss: 0.55%

UNUS SED LEO

UNUS SED LEO (LEO) resumed its sideways trend. The cryptocurrency fell from its high to a low of $5.55 on February 17. Today, the cryptocurrency's price fluctuates between $5.25 and $6.20. The altcoin has been range-bound as buyers and sellers are undecided on which direction to take the market. 

Meanwhile, the bulls have failed to break the upper price range after four attempts. A break above resistance will push the altcoin to retest resistance at $8.14. LEO will fall to a low of $4.80 if current support is breached. LEO is the cryptocurrency with the fourth worst performance last week. It has the following characteristics:

Price: $6.01

Market capitalization: $5,930,557,228

Trading volume: $6,586,125 

7-day gain: 2.58%

Huobi Token

Huobi Token (HT) is in a sideways trend. Bulls failed to keep the price above the moving averages. Today, buyers are trying to keep the altcoin above the moving averages. 

A breakout above the moving averages will make the altcoin retest the resistance at $10. The altcoin will fall if it meets rejection at the overhead resistance. HT is the cryptocurrency with the fifth worst performance in the past week. It has the following characteristics:

Price: $9.40

Market capitalization: $4,700,570,860

Trading volume: $37,416,362 

7-day gain: 3.08%

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 own research before investing funds.