Weekly Cryptocurrency Market Analysis: Altcoins Are In Decline And Correcting Upwards

The worst-performing cryptocurrencies are going downwards, while some have resumed their downward trend after the end of their corresponding rise.

Akash Network

The price of Akash Network (AKT) is in a sideways trend after the end of its previous rise. Previously, the altcoin reached a high of $6.24 before reversing course. The price of the cryptocurrency declined and retested the $6.00 resistance level but was rejected again. The altcoin fell to a low of $3.00 as bulls bought dips. The cryptocurrency's price range is between $3.90 and $6.00. If the bulls break through the $6.00 resistance, the altcoin will resume its climb. AKT is predicted to reach a high of $10.63. AKT is the underperforming cryptocurrency. It has the following characteristics:

Price: $4.62

Market capitalization: $1,796,908,634

Trading volume: $10,656,748

7-day loss percentage: 13.54%

Immutable

Immutable (IMX) is declining and correcting upwards. During the last rally, the altcoin reached a high of $3.60, but has been unable to surpass the current high. The current price range of the altcoin is between $1.80 and $2.60. The bulls will resume their upward movement once they overcome the major obstacle at $2.60, followed by the overhead resistance at $3.60. The value of the altcoin currently stands at $2.22. IMX is the second worst performing coin. It has the following characteristics: 

Price: $2.22

Market capitalization: $4,443,802,868

Trading volume: $54,643,529

7-day percentage loss: 11.14%

Bittensor

Bittensor (TAO) has fallen after being rejected at the $720 overhead resistance. The altcoin has fallen to a low of $386 at the time of writing. On May 21, the cryptocurrency rebounded and rose above the moving average lines. The bullish momentum paused around the 50-day SMA. TAO has slipped below the moving average lines, indicating further downside for the cryptocurrency. However, based on current prices, the altcoin is expected to fall further to a low of $291. According to these characteristics, ETC is the third worst performing cryptocurrency.

Current price: $387.11

Market capitalization: $8,126,241,123

Trading volume: $22,751,761

7–day loss: 10.85%

Ronin

Ronin (RON) is in a downtrend but has returned above the moving average lines. The previous rise was halted when the price reached a high of $4.53. The cryptocurrency was repelled twice at the last high, pushing the altcoin below the moving average lines. RON tested its previous low of $2.50 twice and bounced back. The cryptocurrency broke above the moving average lines and reached a high of $3.30. RON's upward movement started after the retracement and found support above the moving average lines. It is currently valued at $3.13. This is the fourth worst performing cryptocurrency. Here are some key characteristics.

Current price: $3.13

Market capitalization: $3,130,398,863

Trading volume: $20,054,487

7–day loss: 10.41%

Axie Infinity

Axie Infinity (AXS) is trading sideways at the bottom of the chart. It is currently trading in a range of $6.80 to $8.50. The uptrend of AXS has started after it broke above the moving average lines and retested them. The uptrend will start once buyers break above the $8.50 resistance level. If the buyers are successful, the altcoin will reach a high of $11.50. The value of the altcoin currently stands at $8.23. RON is the fifth worst performing cryptocurrency. It has the following characteristics:

Price: $8.30

Market capitalization: $2,224,211,553

Trading volume: $92,120,650

7–day loss: 8.85%

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.