Weekly Cryptocurrency Analysis: Altcoins Threaten To Fall As They Fail To Break Recent Highs

In the previous week, altcoins slipped after reaching recent highs.

Cryptocurrencies have risen above moving average lines after failing to break their previous highs. Cryptocurrencies are expected to recover when the decline ends above the moving average lines. The value of cryptocurrencies will fall when the moving average lines are broken. Each of these cryptocurrencies is examined in depth below.

SATS

SATS (1000SATS) has returned to a horizontal trend after reaching a high of $0.0009302. The cryptocurrency is moving sideways below the barrier of $0.0008000. Doji candlesticks mark the price movement and limit the price fluctuations. The price bars are below the horizontal lines of the moving average. This indicates that the altcoin has the potential to fall in value. SATS is worth $0.00006484 at the time of writing. The worst performing cryptocurrency is SATS. Below are some distinguishing characteristics:

Market capitalization: $1.34B

Trading volume: $85.97M

7–day loss: 14.23%

Bonk

Bonk (BONK) is falling after hitting a high of $0.00002500. Today, the market has pulled back above the 21-day simple moving average to a low of $0.00001880. If the current uptrend retraces above the 21-day SMA, it will resume the uptrend. On the other hand, the uptrend will expire if the price falls below the 21-day SMA. The bearish momentum will continue above the 50-day simple moving average or $0.000007464. In the meantime, the price bars are above the moving average lines, suggesting that the downtrend is still ongoing. 

Bonk is the second worst performing cryptocurrency based on these criteria:

Market capitalization: $1.87B

Trading volume: $226.34M

7–day loss: 13.57%

Internet Computer

Internet Computer (ICP) is in an upward correction as it recovers from its previous collapse. The altcoin rose to a high of $11.90 before falling back. ICP is currently trading below the $10.50 mark. Over the past week, the cryptocurrency has remained below its recent high. The upswing will start again as soon as the $10.50 level is broken. ICP will rise higher and reach a high of $16.50. At the time of writing, ICP is trading at $9.95. 

In terms of performance, ICP has been ranked as the third worst performer. It has the following characteristics:

Market capitalization: $4,868,583,518

Volume traded: $134,962,010

7–day loss: 10.92%

BitTorrent (New)

BitTorrent (New) (BTT) is correcting higher as it recovers from its recent downturn. The cryptocurrency reached a high of $0.00000160 before falling back. On a positive note, the long candlesticks are pointing upwards. These candlesticks indicate strong selling pressure at higher price levels. At the time of writing, BTT is trading at $0.00000112. The uptrend will resume if the recent pullback stays above the 21-day $MA. BTT will continue to rise and reach a high of $0.00000260. 

BTT is the fourth worst performing cryptocurrency in terms of performance. It has the following characteristics:

Market capitalization: $1.11B

Trading volume: $37.64M

7–day loss: 9.24%

XDC Network

XDC Network (XDC) price is on the rise, reaching a high of $0.09.

The upward correction turned into a horizontal trend after the uptrend was broken. The currency is now trading between $0.046 and $0.057. The moving average lines are sloping horizontally, indicating a sideways trend. The price bars are below the moving average lines, causing the cryptocurrency to fall. At the time of writing, XDC is currently worth $0.049.

Below are the reasons why XDC is the fifth worst performing cryptocurrency:

Market capitalization: $1,846,964,955

Trading volume: $15,200,232

7–day loss: 3.87%

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 the research before investing in funds.