Weekly Cryptocurrency Market Analysis: Altcoins Fall To Critical Support Levels

The worst-performing altcoins are all in downtrends as they find support again in downtrend zones. Others have fallen to the bottom of the charts.

Kaspa 

Kaspa (KAS) is currently in a sideways trend after hitting resistance at $0.20. The cryptocurrency fell below the moving average lines twice, reaching a low of $0.125. Today, the bulls have bought the dips and KAS is moving upwards. The upside is modest due to the presence of doji candlesticks. 

Moreover, investors face an uphill battle to keep the price above the moving average lines or the resistance at $0.18. Meanwhile, KAS is correcting upwards but could fail at the moving averages. The altcoin is the worst performing cryptocurrency. It has the following characteristics.

The current price: $0.1363

Market capitalization: $3.39B

Trading volume:  $43.76M

7-day loss: 12.53%

Stacks

Stacks (STX) is down after reaching a high of $3.75. The altcoin has fallen and found support above the $1.30 level. The bulls have halted the decline above the $1.30 support but are wavering below the $2.00 resistance level. The price of the cryptocurrency is fluctuating below and above the moving average lines while trading within the range-bound zone. Breaking the moving average lines will determine whether the price moves up or down. 

STX is the second worst performing cryptocurrency.

The current price: $1.75  

Market capitalization: $2.61B

Trading volume: $72.35M

7-day loss: 11.08%

FTX Token

The price of the FTX token (FTT) is falling and has dropped to the bottom of the chart. The altcoin has fallen from its high of $85 to a low of $0.82. Since December 26, the altcoin has been trading in a sideways pattern at the bottom of the chart. Today, the altcoin is trading above the support level of $0.75 but below the resistance of $2.5. FTT is currently falling after reaching resistance at $2.50. The upward movement has been hindered by resistance at $2.50.

The current price: $2.13

Market Capitalization: $701.29M

Trading Volume: $39.87M

7–day Loss: 9.90% 

Flare 

Flare (FLR) is in a downtrend and has fallen to a low of $0.0134. Since August 5, the price of the cryptocurrency has been fluctuating above the current support of $0.014. If the price falls below the current support, selling pressure will increase again.

Meanwhile, the altcoin is trading above the support of $0.014 and below the resistance of $0.018. FLR has reached the oversold area of the market. This is the fourth worst performing cryptocurrency. There are several crucial components here.

The current price: $0.01457

Market Capitalization:  $732.06M

Trading Volume: $3.66M

7–day Loss: 9.86% 

Ethena 

The price of Ethena (ENA) is in decline and has fallen to the bottom of the chart. During the price plunge on August 5, the altcoin plunged to a low of $0.22 as bulls bought dips. The currency is now trading between $0.20 and $0.40. Once the price breaks above the moving average lines or the $0.40 resistance, the altcoin will resume its uptrend. 

The altcoin is now trading at the bottom of the chart. ENA is the fifth worst performing coin.

The current price: $0.336

Market Capitalization: $922.95M

Trading Volume: $205.99M

7–day Loss: 7.52% 

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.