Weekly Cryptocurrency Market Analysis: Altcoins Are In Free Fall After Losing Previous Gains

Following Bitcoin's fall to new lows, the cryptocurrencies with the lowest performance have been hit the hardest.

Prior to the current rally, the cryptocurrencies listed below fell significantly, revisiting previous lows.

ORDI

The price of ORDI (ORDI) is in a bull market but is trading in a sideways pattern. Price action is dominated by doji candlesticks, causing the altcoin to resume its rangebound movement. Since January 2, 2024, the altcoin has been fluctuating below the $90 overhead resistance. ORDI has dipped below the moving average lines but is still above the $38 support. It has turned down twice at the $80 high.

ORDI is consolidating above the $38 support. If the current support level holds, the cryptocurrency will resume its upward momentum. The altcoin is the worst performing cryptocurrency. It has the following characteristics:

Price: $43.20

Market capitalization: $907,116,773

Trading volume: $206,238,422

7-day loss: 45.89%

Ethena

The price of Ethena (ENA) is currently in a bull market, but is moving towards previous lows. On April 10, the altcoin reached a high of $1.50 before being pushed back. Buyers were unable to keep the price above the $1.40 peak. As a result, the altcoin fell from a high of $1.40 to a low of $0.82. The bulls bought the dips, resulting in a long candlestick tail that signaled strong buying pressure near the support at $0.82. 

ENA is the second worst performing cryptocurrency. It has the following characteristics:

Price: $0.9238

Market capitalization:  $13.856.875.616

Trading volume: $599,359,061 

7-day loss percentage: 40.89%

THORChain

THORChain (RUNE) is dropping below its moving average lines. The cryptocurrency has recovered from its previous decline. The recent downturn has reversed the earlier gains of the uptrend. On March 13, RUNE rose to a high of $11.46 before being dumped. Today, the altcoin fell to a low of $4.31 and then recovered. The historical price level for March 5, 2024 is $4.31. On March 5, the existing support was maintained and the altcoin recovered.

However, RUNE will drop to $3.75 if the downtrend falls below the current support level of $4.31. Meanwhile, the currency is currently worth $4.51.

Current price: $4.50

Market capitalization: $1,862,568,859

Trading volume: $429,342,333

7–day loss: 40.48%

T Bittensor

The price of T Bittensor (TAO) is on the downswing despite trading in a bull market. TAO has fallen considerably and is approaching its previous low of $420. If the bears break the previous low of $420 and the negative momentum continues, TAO will fall into the bear market. The altcoin is currently valued at $445. If the current support level of $420 holds, the altcoin will resume its uptrend. The fourth worst performing cryptocurrency is TAO. Here are a few key features: 

Current price: is $437.01

Market capitalization: $9,177,252,796

Trading volume: $43,849,399 

7–day loss: 33.10%

Bonk

Bonk (BONK) is falling below the moving average lines but is still above $0.00001447.On March 4, BONK climbed to a high of $0.00004750 before being dumped. The cryptocurrency is plunging, hitting its previous lows of $0.00001100 and $0.0000056. BONK has lost its previous upside gains. On the downside, BONK is trading above the support of $0.00001300. The previous rise will continue if the existing support holds. BONK is the fifthworst performing cryptocurrency. It has the following characteristics:

Price: $0.00001432

Market capitalization: $1.34B

Trading volume: $107.97M

7–day loss: 32.04%

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.com. Readers should do their research before investing in funds.