Weekly Cryptocurrency Analysis: Altcoins Fluctuate In A Short-Term Pullback

After recent rises, the cryptocurrencies listed below are on the retreat. The worst performing altcoin of the previous week in the analysis by Coinidol.com.

Altcoins are at risk of further declines if they fall below moving average lines. The least fortunate cryptocurrencies are either in a trading range or trapped.

FTX Token

The price of FTX Token (FTT) has recovered from its previous decline. The price of the cryptocurrency rose above the support level of $1.12 and reached a high of $5.53. The positive momentum could not be sustained above the high of $5.50, which led to the decline. FTT has fallen below the 21-day simple moving average and the negative momentum could extend above the 50-day simple moving average. In other words, the market will fall to its low of $3.09. The altcoin will oscillate between the moving average lines when it is trapped between them. However, if the price falls below the moving average lines, the selling pressure will continue. FTT will fall even lower to $1.20. 

FTT is the worst performing coin. Some characteristic features are as follows:

Price: $3.88

Market capitalization: $1,364,377,044

Trading volume: $101,412,599

7–day loss: 18.81%

Pyth Network

The price of Pyth Network (PYTH) is falling below the moving average lines. The cryptocurrency has fallen from a high of $0.54 to a low of $0.38. Since November 30, the current support level of $0.38 has held. Long candlestick tails at the bottom of the chart indicate significant buying at lower price levels. It is unlikely that the downtrend will continue. 

PYTH is the second worst performing cryptocurrency by these criteria:

Price: $0.3939

Market capitalization: $3.94B

Trading volume: $64.83M

7–day loss: 16.07%

Pepe

Pepe (PEPE) is on an upswing after recovering from a previous downturn. The cryptocurrency reached a high of $0.000001753. The most recent high is the historic price level from July 13. The altcoin is currently testing the resistance zone at $0.000001800. If it pulls back above the moving average lines, the altcoin has the potential to rise even further. If the barrier of $0.000001800 is breached, the market will rise to a high of $0.000002941. 

PEPE ranks third worst in terms of performance. It has the following characteristics:

Price: $0.000001423

Market capitalization: $598.47M

Trading volume: $114.24M

7–day loss: 15.96%

Chainlink

Chainlink (LINK) has reversed its downtrend. The upward correction was halted around the $17.37 resistance. The cryptocurrency has fallen between the moving average lines. In other words, at the time of writing, the LINK price is at $14.33. If the bears break below the 50-day simple moving average, the market will fall to a low of $11. If the moving average lines are broken, the altcoin will develop a trend. 

In terms of performance, LINK is the fourth worst performing cryptocurrency. It has the following characteristics:

Price: $14.33

Market capitalization:$14.325.371.081

Trading volume: $360,083,906

7–day loss%: 13.03%

THORChain

The price of THORChain (RUNE) has recovered from the previous downtrend and has risen to a high of $7.28. The upward movement was halted when it fell between the moving average lines. The altcoin is bearish and approaching the 50-day SMA or the low of $5.38. RUNE will be forced to move sideways if it is trapped between the moving average lines. Currently, the price movement is slow due to the existence of doji candlesticks. 

The reasons why RUNE is the fifth cryptocurrency are as follows:

Price: $5.60

Market capitalization: $2,703,458,632

Trading volume: $150,576,304

7–day loss: 11.49%

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