It has been difficult to identify the best performing altcoins. This is because cryptocurrency markets are under heavy selling pressure. Cryptocurrency markets are experiencing various degrees of correction.
The major Venezuelan satellite television provider Simple TV has come out to announce that it will accept its subscription payment using a wide spectrum of cryptocurrencies starting with Bitcoin, Ethereum, Litecoin, Dash and Binance Coin. The news has triggered the prices of these coins to increase dramatically.
The cryptocurrencies are in bear markets. The altcoins have all exhausted selling pressure and are in downward corrections. The bulls are making concerted efforts to push the price to the uptrend zone.
Virtually, all the coins are under selling pressure as they trade in the oversold region. Buyers are expected to emerge to push crypto currencies upward. The coins may remain in the oversold region if buyers fail to emerge.
In the week under review, DASH, Dogecoin, Cardano, and TRON were previously making positive moves. In recent times, all the coins have dropped in value as the coins hit the overbought region. Stellar also is in a downward movement as it reaches the overbought condition.
Cryptocurrencies are gradually entering a bull market as the downtrend ends. Bitcoin SV, DASH, Monero and NEO are making impressive moves but their prices dry up at higher price levels. Dogecoin is bearish as it continues its downward move.