Weekly Cryptocurrency Market Analysis: Altcoins in a Downward Correction as Bulls Build Strong Bounce at Lower Price Levels

On February 28, Bitcoin and some altcoins resumed trading in the bullish trend zone as cryptocurrencies broke out above the moving averages. Nonetheless, the altcoins listed below are the biggest losers as cryptocurrencies continue to experience a downward correction.

Convex Finance

Convex Finance (CVX) is in a downtrend. The cryptocurrency was previously in an uptrend. Bulls pushed the altcoin to a high of $50. 

The altcoin resumed its downtrend after being pushed off at the upper resistance of $50. Meanwhile, on January 10, a retracement candlestick tested the 50% Fibonacci retracement level. The retracement suggests that CVX will fall to the 2.0 Fibonacci extension level, or $14.07. It is the biggest loser of the past week. It has the following characteristics:

Price: $18.73

Market capitalization: $1,873,159,695

Trading volume: $55,582,268 

7-day loss: 8.28%

Celsius

Celsius (CEL) is in a downtrend. The cryptocurrency has fallen from a high of $8 to a low of $2.00. CEL rallied at the low of $2.00 as the cryptocurrency rose above the moving averages. The uptrend was resisted at a high of $3.50. Selling pressure resumed after buyers were beaten back twice at the resistance. 

The cryptocurrency price fell between the moving averages. That is, it is below the 21-day moving average but above the 50-day moving average. The altcoin will probably continue to fluctuate for a few more days. CEL is the second biggest loser of the past week. It has the following characteristics:

Price: $3.13

Market capitalization: $2,179,619,144

Trading volume: $5,196,862 

7-day loss: 1.34%

UNUS SED LEO

UNUS SED LEO (LEO) is in a sideways trend, but the altcoin has fallen below the 21-day moving average. Today LEO has fallen to the low of $5.80 at the time of writing. The uptrend will continue if the cryptocurrency finds support above the 21-day moving average line. The altcoin will continue its uptrend and retest the upper resistance at $8. 

However, the sideways trend is likely to continue if the cryptocurrency price falls below the moving average. In other words, LEO will fluctuate between the 21-day line and the 50-day moving average line. The altcoin is the third biggest loser of the past week. It has the following characteristics:

Price: $5.82

Market capitalization: $5,667,987,540

Trading volume: $7,298,537 

7-day loss: 1.05%

PancakeSwap

PancakeSwap (CAKE) is in a downtrend. The cryptocurrency has been in a downtrend since August 28. Today, the altcoin has fallen to a low of $6.96 as of press time. The cryptocurrency's price has a series of lower highs and lower lows. The altcoin is rising and reaching a lower high, possibly rejected by the 21-day moving average line. 

A rejection means further downward price movement. CAKE is the fourth biggest loser of the past week. It has the following characteristics:

Price: $6.94

Market capitalization: $1,884,880,895

Trading volume: $180,211,050 

7-day loss: 0.87%

Mina

Mina (MINA) is in a downtrend. The cryptocurrency has dropped significantly since September 14, 2021. The cryptocurrency reached a high of $6.48. The altcoin has fallen to a low of $1.75, but is correcting upwards. If the bulls break the moving averages to the upside, the uptrend will resume. On the other hand, if the altcoin is rejected at the recent high, the downtrend will resume. The bears will have the advantage as the cryptocurrency is trading in the downtrend zone.

Altcoin is the fifth biggest loser of the past week. It has the following characteristics:

Price: $2.25

Market capitalization: $1,835,356,541

Trading volume: $65,267,359 

7-day loss: 0.58%

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.