Weekly Cryptocurrency Market Analysis: Altcoins Are In A Sideways Trend That Requires A Price Recovery At Support Levels

The worst-performing altcoins are either recovering from a previous downtrend or moving sideways after the recent price drop.

Cryptocurrencies are in a long-term sideways trend that requires a price recovery near current support levels. Price analysis of the worst performers of the previous week by Coinidol.com.

Arweave

The price of Arweave (AR) is on an upswing but is recovering from its previous downtrend. The rise was halted when it hit resistance at the high of $47. The altcoin was forced to move sideways below the $44 mark. Since March 9, buyers have failed to resume an uptrend above the $44 resistance level. The price of the altcoin has been fluctuating between $24 and $44.

If the bulls break through the $44 barrier, the altcoin will rise above the next resistance at $70. This will result in the altcoin trading in a bullish market. However, if the altcoin falls below $24, it will lose value. The altcoin is the worst performing cryptocurrency. It has the following characteristics:

Price: $3.46

Market capitalization: $2,604,333,889

Trading volume: $59,550,000

7-day loss: 18.41%

Akash Network

The price of Akash Network (AKT) is in an uptrend as it trades in a bull market. The altcoin entered the market by breaking above the $2.50 mark. The uptrend continued until the price reached a high of $6.24. The uptrend has ended and the price has started a sideways movement below the $6.00 resistance level. AKT is now trading between $3.90 and $6.00. If buyers break through the $6.00 resistance level, the bull market will begin.

Currently, the price of the cryptocurrency is trapped between the moving average lines. AKT is the second worst performing coin. It has the following characteristics:

Price: $5.38

Market capitalization: $2,087,045,082

Trading volume: $22,170,715

7-day loss: 6.89%

Jupiter

The price of Jupiter (JUP) is in a sideways trend while trading in a bull market. In the last price action, the uptrend was broken at a high of $1.80 and quickly fell below the moving average lines. The bulls have stopped the slide above the $0.85 support level. The price of the altcoin is fluctuating between $0.85 and $1.20. If the initial resistance level of $1.20 is broken, the uptrend will continue. Jupiter is currently valued at $1.15. According to these criteria, JUP is the third worst performing cryptocurrency.

Current price: $1.16

Market capitalization:$11.642.865.636

Trading volume: $103,019,154

7–day loss: 5.50%

Fantom

The Fantom (FTM) price is in a sideways trend but has recovered from its previous dip. During the recent upward correction, the altcoin rose to a high of $1.20. The cryptocurrency fell after two rejections at the recent peak. It is moving sideways between the prices of $0.60 and $1.00. The altcoin will rise as long as its price remains above the moving average lines.

If the price breaks through the resistance of $1.20, the altcoin will rise to highs of $1.50 and $1.90. At the time of writing, it is worth $0.84. It is the fourth worst performing cryptocurrency. Here are some key characteristics.

Current price: $0.8445

Market capitalization: $2,681,992,405

Trading volume: $147,707,356 

7–day loss: 5.38%

Internet Computer

The price of Internet Computer (ICP) is in an uptrend as it recovers from the previous decline. The uptrend is encountering resistance near the $20 level, causing it to fall below the moving average lines. ICP fell above the $11.50 support level before reverting to a sideways trend below the moving averages. If the price breaks above the moving average lines, the altcoin will resume its uptrend. The positive momentum will continue up to the previous high of USD 20. 

Currently, the price of the cryptocurrency is testing the 21-day SMA resistance level. The downtrend will continue if the altcoin loses its current support.

ICP is the fifth worst performing cryptocurrency. It has the following characteristics:

Price: $12.50

Market capitalization: $6,485,290,466

Trading volume: $72,218,248

7–day loss: 4.38%

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.