Weekly Cryptocurrency Market Analysis: Altcoins Bounce Back And Face A Trend Reversal

The worst performing altcoins are listed below. These cryptocurrencies continue to trade near the bottom of their individual charts.

However, the fact that XCN, JASMY and HNT have broken above their moving average lines suggests that the downtrend may be reversing.

Onyxcoin

The price of Onyxcoin (XCN), which has risen above the moving average lines, is currently in an upward correction. After peaking at $0.027, the bullish momentum started to decline. The altcoin recovered above the $0.016 support or the moving average lines. The cryptocurrency value is trading between $0.016 and $0.028 in the bullish trend zone. The altcoin will rise if it trades above the moving average lines. The highs of $0.028 and $0.040 will be reached.

The worst performing cryptocurrency of the previous week, XCN, has the following characteristics:

The current price: is $0.01756

Market Capitalization: $601,415,861.27

Trading Volume:  $38,508,925.27

7–day Loss: 16.86% 

Ethena

Ethena (ENA) is bouncing below the moving average lines but above the $0.25 support.

The altcoin is currently trading at the bottom of the chart. The moving average lines have rejected the uptrend. ENA has remained stationary as the doji candlesticks limit the price movement. If the buyers keep the price above the moving average lines, the uptrend will resume. If the buyers fail to keep the price above the moving average lines, ENA will continue its sideways trend.

Based on these parameters, ENA was the second worst performing altcoin.

The current price: $0.308

Market Capitalization: $1,631,788,958.21

Trading Volume:  $80,824,697.7

7–day Loss: 13.52% 

JasmyCoin

JasmyCoin (JASMY) fell to its lowest price of $0.0089 before moving back up. The cryptocurrency reached a high of $0.017 after breaking above the moving average lines. By creating support above the moving average lines, the altcoin has rejected the uptrend. JASMY is trading above the moving average lines but below the resistance at $0.018. The uptrend will continue if buyers break the resistance at $0.018.

However, if the bears break below the moving average lines, the bullish scenario is considered false. JASMY is the third worst performing cryptocurrency.

The current price: is $0.01484                                                

Market Capitalization: is $734,253,829.82

Trading Volume: $52,441,418.47

7–day Loss: 12.28%

Helium

The price of Helium (HNT) has risen above the moving average lines and recovered from the support at $2.30. The bullish momentum fell well above the moving average lines and the $3.30 support, although it peaked at $4.50.

The altcoin's price action has stalled as it consolidates above the moving average lines. The extended candle wick pointing to the recent high indicates strong selling pressure at the $4.50 high. HNT will rise again as it is trading in the uptrend zone.

Another worst performing cryptocurrency of the previous week is HNT, which is in fourth place.

The current price: $3.44

Market capitalization: $623,833,964.59

Trading volume: $5,149,958.95

7-day loss percentage: 12.07%

Theta Network

The price of Network Theta Network (THETA) has crossed the lower price level. The cryptocurrency is currently trading below the moving average lines and above the $0.60 support. The lowest value of the altcoin was $0.6725.

The decline has stopped below the moving average lines but above the $0.60 support. The use of doji candlesticks has limited price volatility. If buyers keep the price above the moving average lines, the altcoin will resume its uptrend. THETA is the fifth worst performing coin.

The current price: $0.658

Market Capitalization: $672,315,948.56

Trading Volume: $42,401,591.49

7–day Loss: 19.26% 

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.