Weekly Cryptocurrency Analysis: Altcoins In Shaky Price Movement Due To A Pullback

The worst-performing altcoins are either declining or trending sideways. Their upward movement is shaky as cryptocurrencies are stuck in a range.

Conflux

Conflux (CFX) was in a downtrend but corrected upwards last week. The bullish momentum broke through the moving average lines, leading to a high of $0.18. The cryptocurrency has reversed course between the moving average lines as a result of the rejection of the $0.18 high.

If the bears break below the 50-day SMA, the risk for the altcoin will fall on the downside. The decline will resume when the price hits the low of $0.10. In contrast, the altcoin will resume its uptrend if it breaks above the 21-day SMA. CFX has the worst performance of all cryptocurrencies for the following reasons:

Market capitalization: $796,584,457

Trading volume: $32,122,971 

7–day loss: 14.52%

Trust Wallet Token

Trust Wallet Token (TWT) has fallen after dropping from a high of $1.80. TWT fell as it approached the overbought zone at $1.80. The cryptocurrency has fallen between the moving average lines. The price of the cryptocurrency is below the 21-day SMA but above the 50-day SMA. The altcoin fell above the 50-day SMA and retested it to break it. At the time of writing, TWT has fallen to a low of $1.16. TWT will fall even further if the bears break below the 50-day simple moving average. The price of the altcoin will continue to fall, reaching lows of $0.90 and $0.78. TWT is the second worst performing cryptocurrency. Some distinguishing characteristics are as follows:

Market capitalization: $1,159,956,61

Trading volume: $17,590,150

7–day loss: 13.30

Chainlink

Chainlink (LINK)'s rise continues as the cryptocurrency's price retraces above the 21-day SMA. On November 11, the cryptocurrency rose to a high of $16.58 before collapsing. The price of the cryptocurrency has fluctuated between the moving average lines and the $16.58 barrier over the past week.

LINK could continue to rise as long as it stays above the moving average lines. For example, if the buyers break through the resistance at $16.58, the market will rise to a high of $20. However, the recent rise has ended and the cryptocurrency has resumed a horizontal trajectory. If the bears fall below the 21-day SMA support, the downtrend will resume. The price of the cryptocurrency will fall to $10. According to the following characteristics, LINK is the third worst performing cryptocurrency:

Market Capitalization: $14.125.526.342

Trading volume: $584,289,398

7–day loss: 12.51%

Neo

Neo (NEO) is declining after reaching the historic price level of February 21. The cryptocurrency experienced a double rebound after peaking at $15. NEO has dipped below the 21-day SMA while it remains above the 50-day SMA. The bearish momentum is expected to extend to the 50-day simple moving average. In other words, the altcoin will drop to a low of $9.75. If the slide is halted above the 50-day SMA, NEO will be forced to trade sideways between the moving average lines. Selling pressure will reach the bottom of the chart if the price of the cryptocurrency falls below the moving average lines. NEO is the fourth worst performing coin in terms of performance. It has the following characteristics:

Market capitalization: $1,113,869,738

Trading volume: $38,918,546

7–day loss: 11.77%

Gas

Gas (GAS) is falling in the space between the moving average lines. On November 10, the market reached a high of $29, but was unable to sustain the gains. The overbought area of the market was reached by the altcoin. The altcoin has declined to a low of $8.29 as we write this article. The current decline will continue to a low of $5.50 or above the 50-day SMA as it is below the 21-day SMA. The altcoin will resume its sideways trend if it retraces above the 50-day SMA. GAS is the fifth worst performing cryptocurrency in terms of performance. It has the following characteristics:

Market capitalization: $534,847,446

Trading volume: $36,348,241

7–day loss %: 11.58

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.