Weekly Cryptocurrency Analysis: Altcoins Consolidate As Bullish Moves Meet Resistance

The cryptocurrency market has recovered from its previous dip, but buyers have failed to maintain positive momentum above the recent peak.

The upward movement is being hampered by strong resistance at higher price levels. Several altcoins have shown the worst results.

Flare

Over the past week, the price of Flare (FLR) has regained its upside momentum and has risen above the overhead barrier at $0.035. The cryptocurrency is in an uptrend during a bull market. However, the bullish momentum has encountered resistance at $0.05. The altcoin is falling back towards its current support of $0.035. FLR will remain under selling pressure if the bears break the current support of $0.035. On March 4, the altcoin bounced when it retested the current support. The extended candlestick tail signals strong buying above the current support.

In the meantime, the altcoin is losing value above the current support level. FLR is the worst performing cryptocurrency. It has the following characteristics: 

Price: is $0.039

Market capitalization: $4,040,972,405

Trading volume: $16,558,769 

7-day loss percentage: 17.02%

Kaspa

Kaspa (KAS) is moving upwards but is in a sideways trend below the $0.155 resistance level. The cryptocurrency has been trading in a narrow range of $0.10 to $0.155. On February 19, 2024, the altcoin rose to a high of $0.18 before being pushed back. KAS has fallen between the moving average lines. The altcoin trends when the moving averages cross. Meanwhile, the price action has slowed down due to the presence of doji candlesticks. The altcoin is currently worth $0.156. According to these criteria, KAS is the second worst performing cryptocurrency.

The current price: $0.152

Market capitalization: $4,498,504,213

Trading volume: $98,423,648

7–day loss: 11.52%

Sei

Sei (SEI) is now in an uptrend and has fully recovered from the previous downtrend. The cryptocurrency price is retesting the overhead resistance at $1.00. It is difficult for buyers to penetrate the $1.00 area. SEI will fully recover from its downtrend if buyers overcome this resistance. Currently, the altcoin is fluctuating between $0.55 and $1.10 price levels. SEI is worth $0.91 at the time of writing. The price action is characterized by doji candlesticks, which dictate the price movement. The third worst performing altcoin is SEI. Here are a few key features:

Current price: $0.8482

Market capitalization: $9,127,503,190

Trading volume: $733,018,772

7–day loss: 6.14%

Sui

Sui (SUI) is currently on an upswing and has fully recovered from its previous slump. The price of the cryptocurrency broke above the overhead resistance at $1.10 and resumed its uptrend. The altcoin is trading in a bull market, although the upside momentum is stalled at the $2.00 high. SUI has dropped between the moving average lines. Once the 21-day SMA and the $2.00 barrier are breached, the uptrend will begin. SUI is currently worth $1.57. SUI is the fourth worst performing cryptocurrency.

Current price: $1.53

Market capitalization:  $15.795.973.376

Trading volume: $393,285,081

7–day loss: 9.32%

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.