Weekly Cryptocurrency Analysis: Altcoins Plummet As Bears Smash New Support Levels

The worst-performing cryptocurrencies have fallen dramatically and are now at the bottom of the chart.

Altcoins such as FXS, XMR, WEMIX, PENDLE and JUP tend to fall further as long as they are in the downtrend zone.

Frax Share

Frax Share (FXS) is falling below the moving average lines. The previous rise ended when it reached the $11 resistance zone. On February 5, 2024, the altcoin peaked at $10.81 before being pushed back. After rejecting the recent high, FXS fell below the moving average lines.

The cryptocurrency is stabilizing below the moving average lines and forming small, indecisive candlesticks known as doji. Doji candlesticks represent the hesitation of buyers and sellers regarding the market direction. However, the altcoin fears further losses as it is rejected at the 50-day SMA. FXS is now worth $9.00. Based on these characteristics, FXS is the worst performing altcoin among cryptocurrencies.

The current price: $9.06

Market capitalization: $903,039,931

Trading volume: $28,504,855 

7–day loss: 11.07%

Monero

The price of Monero (XMR) is falling below the moving average lines. The altcoin fell dramatically on February 6, 2024 after reaching the $170 resistance level. The price of the cryptocurrency fell to almost $99, but the bulls bought the dips. The altcoin has corrected higher, but it remains below the moving average lines. XMR is now trading at $124.86. The uptrend is currently rejected at the high of $134. If the upward correction fails at the recent high, the altcoin will fall. The second worst performing altcoin is XMR. Here are some key features:

Current price: $125.00

Market capitalization: $2,299,075,059

Trading volume: $112,193,652 

7–day loss: 10.75%

WEMIX

WEMIX (WEMIX) is falling below the moving average lines after being rejected at the $4.00 high. The previous uptrend ended after reaching a high of $3.85 on December 8, 2023. Buyers failed to sustain the uptrend above the $4.00 resistance. At this point, the altcoin is trading at $2.20. The market is defined by doji candlesticks above the existing support. WEMIX's performance is the third worst. It has the following characteristics:

Price: $2.22

Market capitalization: $2,160,252,135

Trading volume: $2,276,801

7–day loss: 4.35%

Pendle

Pendle (PENDLE) is in a smooth uptrend and reached a high of $3.17. The price of the cryptocurrency is fluctuating between higher highs and higher lows. It is currently trading below the $3.40 mark. The uptrend will continue as long as the price bars are above the moving average lines.

The rise will end as soon as the price of the cryptocurrency falls below the moving average lines. For example, a break below the 21-day SMA leads to selling pressure that reaches the low above the 50-day SMA. PENDLE is now the fourth worst performing coin. It has the following characteristics:

Price: $3.15

Market capitalization: $817,582,133

Trading volume: $49,180,325

7–day loss: 3.62%

Jupiter

Jupiter (JUP) is on its way down in the chart. The cryptocurrency is in a vertical price decline and has reached a low of $0.26. The altcoin's decline has slowed down as it consolidates back above the existing support. The altcoin is currently trading at $0.50. Further declines in the cryptocurrency are unlikely. JUP is the fifth worst performing cryptocurrency.

The current price: $0.4788

Market capitalization: $4,794,836,434

Trading volume: $221,689,024

7–day loss: 3.30

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.