Weekly Cryptocurrency Analysis: Altcoins Trend Sideways In An Attempt To Resume The Uptrend

The worst-performing cryptocurrencies fall below moving average lines or trend sideways after being rejected at the last high.

Altcoins have lost some of their upside gains. The news magazine brings detailed analysis on some cryptocurrencies.

Klaytn

The price of Klaytn (KLAY) has fallen below the moving average lines. The altcoin is sliding after its rejection at a high of $0.26. The altcoin fell to a low of $0.15 and then recovered. KLAY made another upward correction but was rejected again at $0.20. Since January 7, the altcoin has consolidated above the $0.17 support. If the current support is broken, the cryptocurrency will drop to a low of $0.097.

However, if the current support holds, the altcoin will move upwards in a range. The market will move above the $0.17 support and below the moving average lines. The worst performing altcoin is KLAY. Below are some notable characteristics:

Current price: $0.1909

Market capitalization: $1,122,555,054

Trading volume: $12,303,274

7–day loss: 17.034%

Flare

Flare (FLR) is in a sideways trend after the end of the uptrend on December 9. The cryptocurrency dipped above the 21-day SMA before resuming consolidation above it. The prevalence of doji candlesticks has kept the altcoin's price stable over the past month. The doji candlesticks have slowed down the price movement. FLR is trading at $0.017 at the time of writing. Doji candlesticks represent traders' indifference to the direction of the market. The altcoin will fall if the price drops below the 21-day SMA and the bearish momentum continues. FLR will fall to a low of $0.01.

According to these metrics, Flare ranks second among cryptocurrencies:

Current price: $0.01761

Market capitalization: $1,767,996,586

Trading volume: $9,016,534

7–day loss: 1.13%

Stacks

The price of Stack (STX) is falling below the 21-day SMA. In the current upswing, the price of the cryptocurrency is making a series of higher highs and higher lows, eventually reaching a high of $2.03. The uptrend was interrupted by a dip below the 21-day SMA. If the negative trend continues, the decline will reach a low above the 50-day SMA or $1.30. Nonetheless, the decline will be halted if the bulls buy on dips and the buyers keep the price above the 21-day SMA.

Meanwhile, the altcoin is trading at $1.59 and is trapped between the moving average lines. STX's performance was rated the third worst. It has the following characteristics:

Price: $1.62

Market capitalization: $2,939,782,163

Trading volume: $109,667,263

7–day loss: 0.64%

XDC Network

XDC Network (XDC) is trading sideways, with prices ranging between $0.046 and $0.057. The altcoin has fallen below the moving average lines and is facing rejection at the high of $0.057. The altcoin has fallen to a low of $0.049 and is trading just below the moving average lines. The current support has not been broken since September 26, 2023, and the price of the cryptocurrency is consolidating above it. XDC is now the fourth worst performing cryptocurrency. It has the following characteristics:

Price: $0.04975

Market capitalization: $1,872,214,818

Trading volume: $23,041,441

7–day loss: 0.53%

Bitget Token

Bitget Token (BGB) is in a sideways trend after the end of the uptrend on December 19. The price of the cryptocurrency has tried twice to reach the $0.66 resistance level before falling below the 21-day SMA. The altcoin is now trading below the 21-day SMA but above the 50-day SMA. BGB will resume its positive momentum if buyers keep the price above the 21-day SMA. The cryptocurrency is currently trapped between the moving average lines. If the selling pressure continues, the altcoin will drop even lower and make a bottom above the 50-day SMA or $0.57. The downtrend will resume if the bears break below the 50-day SMA support. For the following reasons, BGB is the fifth worst performing cryptocurrency.

Current price: $0.6015

Market capitalization: $1,202,341,367

Trading volume: $11,456,760

7–day loss: 0.06%

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.