Weekly Analysis Of Cryptocurrency Market: Altcoins Face Continued Rejection After Recent Rallies

The bear market is overwhelming as altcoins trade below their moving averages. In other words, cryptocurrencies are in a downward correction at the bottom of the chart. The biggest losers among the altcoins are trading and buying at lower levels, while the upside is hindered below the moving averages.

Fantom 

Fantom (FTM) is in a downtrend as the altcoin faces rejection at the high of $2.10. Since January 17, the cryptocurrency has been in a downtrend, falling to the low of $1.37. The recent decline has put the altcoin in the bearish trend zone and further selling pressure is expected. Meanwhile, on January 22, the downtrend; a retraced candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that FTM will fall to the Fibonacci extension level of 1.618 or $0.81. The price action shows that the market has fallen to $1.37. It is the biggest loser of the past week. It has the following characteristics:

The current price: $1.37

Market capitalization: $4,349,620,508

Trading volume: $1,652,774,754 

7-day loss %: 25.69%.

Secret

 Secret (SCRT) is in a downward correction as the price falls below the moving averages. The cryptocurrency was previously in a sideways trend. The bulls failed to keep the price above the $10 resistance. Consequently, after the rejection on January 19, the altcoin fell sharply and broke below the moving averages. SCRT fell to the low of $4.26 and is approaching the previous low of $3.69. Selling pressure will ease at the previous low. Altcoin is the second biggest loser of the past week. It has the following characteristics:

Current price: $4.27

Market capitalization: $812,390,719

Trading volume: $25,440,052 

7-day loss %: 21.10%

Harmony

Harmony (ONE)) is in a downtrend. Prior to the recent downtrend, the cryptocurrency had been in a sideways trend since October 25, 2021. On January 17, the altcoin failed at the upper resistance level of $0.35. Harmony fell sharply to the low of $0.16. On January 22, a downtrend occurred; a retreating candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that ONE will fall but reverse at the 1.272 Fibonacci extension level or $0.10. Harmony is the third biggest loser of the past week. It has the following characteristics.

The current price: $0.1295

Market capitalization: $1,736,214,160

Trading volume: $130,909,415 

7-day loss %: 21.19

Uniswap

Uniswap (UNI) is also in a downtrend, but the altcoin has reached the previous low at $8.52. The cryptocurrency's price has reached a series of lower highs and lower lows. Another downward movement is unlikely as the altcoin has reached the oversold region. Meanwhile, on January 24, the downtrend; a retraced candlestick tested the 78.6% Fibonacci retracement level. The retracement indicates that UNI will fall, but will reverse at the level of the 1.272 Fibonacci extension, or $3.79.The altcoin is the fourth biggest loser of the past week. It has the following characteristics: 

Current price: $8.71

Market capitalization: $8,707,629,209

Trading volume: $229,752,805 

7-day loss %: 19.13%.

Tezos

Tezos (XTZ) is in a downward correction as the cryptocurrency consolidates above the $3.00 support. The market has been consolidating above $3.00 since the January 22 price drop. The altcoin has fallen into oversold territory as the bulls have bought the dips. However, if the bears break the current support, the market will fall back to $2.26 and pull back above it. XTZ is the fifth biggest loser of the past week. It has the following characteristics:

Current price: $2.99

Market capitalization: $2,727,821,557

Trading volume: $116,386,106 

7-day loss %: 17.65%.

Disclaimer. This analysis and forecast are the personal opinions of the author 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.