Weekly Cryptocurrency Market Analysis: Altcoins Slide As Bears Revisit Previous Lows

The worst-performing cryptocurrencies are in various stages of decline.

Some altcoins have slipped into oversold territory in the market. Others are correcting upwards as cryptocurrency prices come back from their recent decline.

dogwifhat 

The price of dogwifhat (WIF) has continued to fall but has reached bearish exhaustion. On August 5, the altcoin fell to a low of $1.07 before recovering. After peaking at $4.85, the altcoin is in decline. The cryptocurrency fell after buyers failed to keep it above the $5.00 resistance level. If the current support of $1.00 holds, the altcoin will trade in a range of $1.00 to $5.00. 

In the meantime, WIF is bearish and approaching the current support level of $1.00. WIF is currently worth $1.33. This is the second week when WIF gets in Coinidol.com worst performers list.

Last week WIF was the worst performing altcoin.

The current price: $1.34

Market capitalization:  $1,340,357,355

Trading volume:  $246,369,449

7-day loss percentage: 20.22%

Sui

Sui (SUI) is slipping below the moving average lines. The cryptocurrency has fallen into the oversold territory of the market. SUI fell to a low of $0.46 before recovering. The altcoin reversed higher and broke out above the moving average lines, reaching a high of $1.11. Buyers have failed to sustain the bullish momentum above the recent high. The cryptocurrency has pulled back above the moving average lines, indicating a continued upward movement. SUI will fall if the price drops below the moving average lines. 

SUI is now worth $0.83. It is the second lowest performing cryptocurrency.

The current price:  $0.8267

Market capitalization:  $8,266,367,411

Trading volume: $200,759,429

7-day loss percentage: 11.90%

Celestia 

The price of Celestia (TIA) has fallen significantly. The altcoin fell from a high of $21 to a low of $4.85. The selling pressure has led to bearish fatigue as the price hovers above the $4.00 support. Since July 5, the altcoin's slide has slowed and the price has fluctuated between $4.00 and $7.00. Today, the altcoin is slipping as the bears retarget the existing support level of $4.00. TIA will resume a positive trend if buyers keep the price above the $7.00 resistance level. TIA is the third worst performing coin according to these metrics.

The current price: $4.85

Market Capitalization: $5,163,106,480

Trading Volume: $57,931,186

7–day loss: 10.32 % 

Bonk 

Bonk (BONK) is in a sideways trend and trading below the ceiling of $0.00003500. The above resistance has been retested three times during the sideways trend. Buyers have not resumed the uptrend above the recent high. The cryptocurrency falls below the moving average lines each time the overhead barrier is retested. BONK is falling below the moving average lines and approaching the current support level of $0.00001500. The sideways movement will continue if the existing support holds. The price action is determined by the doji candlestick, which is slowing down the price movement. 

This is the fourth worst performing cryptocurrency. There are several key components here.

The current price: $0.00001737

Market Capitalization:  $1.61B

Trading Volume:  $96.54M

7–day loss: 9.69% 

Ondo 

Ondo (ONDO) is in a downtrend after reaching resistance at $1.40. The value of the cryptocurrency asset has fallen to $0.67, matching its previous low of April 30. The altcoin has returned to its historic price of April 30. 

On August 5, the altcoin hit a low of $0.50 before recovering to its historical price of $0.68. If the current support level holds, the uptrend will resume. In the meantime, the altcoin is trading above $0.64 but below the moving averages. The uptrend will resume once the price breaks above the moving average lines. ONDO is the fifth worst performing coin.

The current price:  $0.6823

Market Capitalization: $6,824,654,021

Trading Volume:  $79,992,951

7–day Loss: 9.61% 

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.