Weekly Cryptocurrency Market Analysis: Altcoins Tumble In The Bearish Trend Zone

The least successful altcoins, those below the moving average lines, have been forced into a sideways trend. Analysis of the worst performers of the previous week.

As long as they are in the bearish trend zone, cryptocurrencies will fall. We will talk about a variety of altcoins.

Worldcoin

The price of Worldcoin (WLD) is in a sideways trend after the price drop on April 13. The bulls have halted the decline above the support level of $4.24 and initiated a rangebound rise. The price of the altcoin is now hovering between $4.20 and $6.00. The cryptocurrency has been rejected twice from the 50-day SMA or the resistance at $6.00. The bears have broken below the moving average lines and dropped to a low of $4.80. If WLD falls and remains above the current support, the altcoin will continue to trade in this area. The price action has been limited by the presence of doji candlesticks. The altcoin is the worst performing cryptocurrency. 

It has the following characteristics: 

Price: $4.80

Market capitalization: $47,950,888,861

Trading volume: $187,441,558

7-day loss: 16.32%

dogfight

The price of Dogfight (WIF) is falling below the moving average lines in a sideways trend. In recent price action, the altcoin rose to a high of $4.85 before being pushed back. The cryptocurrency has reached an overbought market level. Since the price drop on April 13, 2024, the altcoin has traded between $2.00 and $5.00. WIF is bearish as it approaches the lower price area. At the time of writing, the altcoin has fallen to a low of $2.42. The sideways trend could continue if the current support holds.WIF is the second worst performing cryptocurrency.

It has the following characteristics: 

Price: $2.46

Market capitalization: $2,460,909,558

Trading volume: $679,831,911

7-day loss: 13.46%

Ethena

Ethena (ENA), which was rejected at a high of $1.50, is currently trading below its moving average. The altcoin fell to a low of $0.653. Since May 16, the altcoin has been trading above the $0.650 support. The selling pressure has reached bearish exhaustion. The altcoin is trading above the $0.650 support but below the 21-day SMA. ENA is in a narrow range and could see a breakout. The value of the altcoin currently stands at $0.702. Based on these characteristics, ENA is the third worst performing cryptocurrency.

The current price is $0.7016

Market capitalization: $10,523,487,745

Trading volume: $161,208,017

7–day loss: 12.05%

Toncoin

The price of Toncoin (TON) is in a sideways trend after reaching resistance at $7.00. The recent price action saw TON rise to a high of $7.67 before being rejected. The cryptocurrency fell sharply below the moving average lines and reached a low of $4.60. The cryptocurrency has risen above the moving average lines as the bulls bought the dips. The upside is limited by resistance at $7.00. The altcoin is currently trading between $5.00 and $7.00. The uptrend will continue once the bulls break above the $7.00 resistance. It currently stands at $6.37. The fourth worst performing cryptocurrency is TON. Here are some key characteristics.

The current price: $6.37

Market capitalization:$32.514.108.050

Trading volume: $160,543,957 

7–day loss: 7.62%

Starknet

The price of Starknet (STRK) is declining and has fallen to the bottom of the chart. The altcoin fell from a high of $2.78 to a low of $1.05. The cryptocurrency has entered the oversold territory of the market. Since the price drop on April 13, the altcoin has consolidated above $1.15. The bears have slipped below the current support level of $1.15. The coin is expected to fall back to its previous low of $0.79. STRK is the fifth lowest performing cryptocurrency. It has the following characteristics:

Price: $1.05

Market capitalization: $10.495.475.506

Trading volume: $104,102,207

7–day loss: 7.01%

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.