Weekly Analysis: 5 Altcoins in a Slight Retracement

Some of the cryptocurrencies under consideration are falling and in a downward correction. For example, Klaytn and THORChain have fallen significantly to the downside. This has led to a downtrend that is erasing price gains.

THORChain

THORChain (RUNE) was previously in an uptrend, but was rejected at $17. The altcoin fell drastically to a low of $13, retested the high of $14 and continued its downward movement. The cryptocurrency has continued to fall after dropping below the moving averages. 

The current selling pressure is likely to extend to the low of $12

Current Price: $13.06

Market Capitalization: $6,531,660,880

Trading Volume: $125,565,006 

7-Day Loss %: 24.65% 

Meanwhile, on November 6, the downtrend tested the 78.6% Fibonacci retracement level with a retreating candle. The retracement suggests that RUNE will fall to the Fibonacci extension level of 1.272 or $12.28. 

SHIBA INU

SHIBA INU (SHIB) has been in a downtrend since October 28. Today, SHIB has retraced from the high at $0.00008799 to the low at $0.00004277. There is a likelihood of further downside if the price falls below the moving averages. The altcoin is the second biggest loser of the past week.

Below are the cryptocurrency's characteristics:

Current Price: $0.00005526

Market Capitalization: $32.851.391.145

Trading Volume: $3,399,376,256 

7-Day Loss %: 21.13%.

Meanwhile, the November 4 downtrend has a green candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that SHIB will fall to the 1.272 Fibonacci extension level or $0.00001571. If SHIB/USD holds above the moving averages, the bearish scenario will be invalidated by the price action. 

Decentraland

Decentraland's (MANA/USD) uptrend was terminated as bulls fail to keep MANA price above the $5 resistance zone. The cryptocurrency fell to the $2.55 support and continued to fluctuate below the $3.50 resistance level. Buyers tried to correct upwards but were rejected at the high of $3.50. The altcoin retreated and broke below the moving averages. This suggests that further downside is likely. MANA/USD is the third biggest loser of the past week. 

These are some of its characteristics:

Current price: $2.60

Market capitalization: $5,639,915,735

Trading Volume: $938,992,813 

7-Day Loss %: 16.43%

However, as the bears break below the moving averages, the altcoin could fall further. Meanwhile, on October 31, the downtrend; a retreating candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that MANA will fall but reverse at the 1.272 Fibonacci extension level or $1.95. 

ICON

ICON (ICX) is in an uptrend but it stuck at the $2.40 resistance level. ICON will test the trend line and bounce to reach the resistance level. The uptrend will continue if the bulls break the high at $2.40. On the other hand, the downtrend will resume if the bears fall below the uptrend line. In the meantime, the cryptocurrency is in a range-bound move below the recent high. ICON (ICX) has the following characteristics. 

Current Price: $2.14

Market Capitalization: $1,718,262,533

Trading Volume: $101,398,289 

7-Day Loss %: 12.02%

Klaytn

Klaytn (KLAY) was previously in an uptrend but was rejected at the high of $1.87. After the rejection, however, Klaytn resumed a downtrend. The downtrend has erased the upside gains from November. The altcoin's price has broken below the moving averages as the price continues to fall. 

The cryptocurrency has the following characteristics:

Current Price: $1.58         

Market Capitalization: $17,042,245,016

Trading Volume: : $110,721,581 

7-Day Loss %: 11.30%

Meanwhile, on November 5, the downtrend tested the 78.6% Fibonacci retracement level with a declining candle. The retracement suggests that KLAY will fall but reverse at the 1.272 Fibonacci extension level or at $1.47.