Weekly Market Analysis: Altcoins Retreat As They Reach Bullish Exhaustion

TAO, HNT, OP, KAS and AXL are the altcoins with the lowest weekly performance.

Despite trading in a bull market, altcoins failed to make any progress last week. The cryptocurrency market is falling below the moving average lines after past setbacks, as reported by Coinidol.com.

Bittensor

The price of Bittensor (TAO) has fallen below the moving average lines. The crypto asset was previously trading in a bull market, rising to a high of $760 on March 7, 2024. The slide has slowed above the $600 support. If the bulls break above the 21-day SMA, the cryptocurrency will resume its uptrend. The value of the altcoin now stands at $616.

If the bears fall below the current support, TAO will drop to the previous low of $531. TAO is the worst performing cryptocurrency. It has the following characteristics:

Price: $614.81

Market capitalization: $12.910.634.302

Trading volume: $47,495,658

7-day loss: 15.36%

Helium

Helium (HNT) is currently on an upswing as it trades in a bull market. The altcoin rose to a high of $10, but then fell again. Since December 19, 2023, the uptrend has stalled, resulting in a horizontal pattern. HNT is currently trading between $5.50 and $10. Currently, HNT is declining as it reaches a lower price level.

If the price breaks above the 21-day simple moving average, the altcoin will resume its uptrend. The positive momentum will continue to break above the resistance at $10. A break above the resistance level will allow the altcoin to resume its uptrend.

The second worst performing altcoin is HNT. Here are a few key features:

Current price: $8.01

Market capitalization: $1,786,688,009

Trading volume: $47,948,226 

7–day loss: 11.50%

Optimism

The price of Optimism (OP) has resumed its uptrend after breaking above the overhead resistance at $3.00. The price of the cryptocurrency retested the $3.00 support level before resuming its uptrend. The altcoin is currently trading in a bull market.

The altcoin rose to a high of $4.86 before falling back. OP has pulled back above the 21-day SMA. The current rise will continue if the 21-day SMA support holds. Selling pressure will return if the price falls below the 21-day SMA. OP is currently worth $4.18.

The third worst performing altcoin is OP. Here are a few key characteristics:

Current price: $4.18

Market capitalization: $17.972.993.415

Trading volume: $450,235,751 

7–day loss: 9.8%

Kaspa

Kaspa (KAS) is currently on the upswing and is trading in a bull market. The price of the cryptocurrency has a series of higher highs and higher lows.

On November 19, 2023, the altcoin reached a high of $0.155, signaling the end of the rally. Since November 19, 2023, KAS has been in a sideways trend, trading below the $0.155 resistance.

Today, KAS has moved between the moving average lines. The trend will continue once the moving average lines are broken. The value of the altcoin currently stands at $0.144. Due to these factors, KAS is the fourth worst performing coin.

The current price: $0.1449

Market capitalization: $4,158,185,059

Trading volume: $93,255,278 

7–day loss: 9.59%

Axelar

Axelar (AXL) is now on the upswing and trading within a bull market. The price of the cryptocurrency is resuming a strong trend after breaking above resistance at $0.85. AXL has resumed its uptrend after retesting the $0.85 level. AXL rose to a high of $2.72 before falling back.

The altcoin has pulled back above the moving average lines but remains below the $2.30 resistance level. The decline will continue if the price falls below the moving average lines. The value of the altcoin currently stands at $2.04. AXL is the fifth worst performing coin.

It has the following characteristics:

Price: $2.04

Market capitalization: $2,324,658,777

Trading volume: $38,598,184 

7–day loss: 8.44%

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.