Weekly Cryptocurrency Market Analysis: Altcoins Face Rejection As Sellers Emerge In Oversold Market

This week, the price of cryptocurrencies is below the moving average lines and within the downtrend zone.

As cryptocurrencies are trading in the downtrend zone, there is a chance that their decline will continue. Let us take a look at these cryptocurrencies one by one.

PancakeSwap

The price of PancakeSwap (CAKE) is falling as it approaches the oversold zone of the market. The cryptocurrency's value has fallen to a low of $2.62 today. The altcoin has fallen to a level of 1.618 Fibonacci extension due to the price movement. CAKE has been consolidating above the support of $2.62 for the last week. The altcoin has reached its bearish limit. It is doubtful that the altcoin will fall further. The daily stochastic is currently below the level of 20. The least successful cryptocurrency at the moment is CAKE. It is characterized by the following things: It has the following characteristics:

Current price: $2.62

Market capitalization: $1,961,394,713

Trading volume: $48,862,571 

7-day gain/loss: 20.38%

Zilliqa

Zilliqa (ZIL) has been in a sideways movement since November 2022. The price failed to hold above the overriding resistance of $0.036. The altcoin will fall below the moving average lines after each retest of the overhead barrier. ZIL declined today after being rejected at the overhead resistance. The cryptocurrency's price is at $0.027 at the time of writing. If the selling pressure continues, the negative momentum will move to the low of $0.024. The Relative Strength Index for period 14 shows ZIL at level 41, vulnerable to further declines as it is in the bearish trend zone. Among cryptocurrencies, the altcoin with the second worst performance has the following characteristics:

Current price: $0.02748

Market capitalization: $577,028,772

Trading volume: $31,991,292 

7-day gain/loss: 12.25%

Toncoin

Since April 7, the price of Toncoin (TON) has been moving sideways. Bulls bought the dips as the cryptocurrency's value fell to a low of $2.07. The altcoin reached its previous highs, but the uptrend was retested twice. On April 24, the altcoin retested the overriding resistance of $2.40 but was rejected. The moving average lines are now below the cryptocurrency's value. TON is currently trading at $2.14. Under the level 33 relative strength for the period 14, the cryptocurrency value is in a downtrend zone. TON is likely to fall further. TON is the third worst cryptocurrency. It has the following characteristics:

Current price: $2.13

Market capitalization: $10.659.869.614

Trading volume: $17,849,770 

7-day gain/loss: 8.03%

Flow

The Flow (FLOW) price has fallen below its moving average lines twice, signaling a decline. Approaching its previous low of $0.85, FLOW is bearish. Price signals suggest that the downtrend will resume once sellers break the current support level at $0.85. The altcoin formed an upward correction on March 12 during a downtrend, and a retreating candlestick tested the 61.8% Fibonacci retracement line. After the correction, FLOW will fall to the $0.44 level or the 1.618 level of the Fibonacci sequence. The altcoin is now at a point where the market is oversold. The daily stochastic is currently below the 20 level and if the buyers defend the current support, the Fibonacci tool will not hold. This week it is currently the fourth worst cryptocurrency. These characteristics are present in it: 

Current price: $0.8758

Market capitalization: $1,250,287,033

Trading volume: $15,291,431 

7-day gain/loss: 6.61%

XDC Network

XDC Network (XDC) price is falling as it deviates below the moving average lines. The high of $0.045 marks the end of the uptrend. Now there are more sellers trying to lower the price. The cryptocurrency value has risen into an overbought area of the market. The altcoin is currently trading in an oversold area of the market at $0.037. In the oversold area, buyers will emerge and push prices higher. The daily stochastic is currently below the value of 20. The cryptocurrency with the fifth worst performance is an altcoin with the following characteristics:

Current price: $0.03762

Market capitalization: $1,421,730,684

Trading volume: $4,863,272 

7-day gain/loss: 6.00%

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 in funds.