Weekly Cryptocurrency Market Analysis: Altcoins Continue Downtrend After Rally Ends

The altcoins listed below have extended their downtrend and fallen below the moving average lines.

The altcoin rally has come to an end and the market is now in a downtrend. A few different cryptocurrencies are discussed.

KuCoin Token

The price of the KuCoin Token (KCS) has fallen below the moving average lines. At its high of USD 16, the altcoin is facing harsh rejection. The current drop is a setback for the cryptocurrency. In the previous price move, the altcoin recovered from a decline. Buyers are driving the altcoin to its previous high of $29.02. 

The uptrend will continue if the buyers break above the $16 barrier. The altcoin will reach the next resistance level at $20. The altcoin is currently trading at $11.17. KCS is the worst performing cryptocurrency. It has the following characteristics:

Price: $11.17

Market capitalization: $1,900,067,674

Trading volume: $4,143,721 

7-day loss: 18.91%

T Bittensor

The price of T Bittensor (TAO) is falling below the moving average lines. The upside correction is facing another rejection at the 21-day SMA. If the buyers sustain the price above the moving average lines, the altcoin will resume its positive trend. Otherwise, the current decline will remain below the moving average lines. At this point, the altcoin is trading at $604. TAO is the second worst performing cryptocurrency. It has the following characteristics:

Price: $575.26

Market capitalization: $12.080.122.460

Trading volume: $64,795,732

7-day loss: 12.77%

Conflux

Conflux (CFX) is in an uptrend as it recovers from a recent decline. The altcoin rose to a high of $0.55 but then fell back. This is the second time the altcoin has encountered rejection at the $0.48 resistance level. Today, the price of the cryptocurrency has fallen below the 21-day SMA. The downside momentum will continue to the low above the 50-day SMA or the $0.35 support. 

On the upside, CFX's uptrend will resume if the resistance at $0.55 is broken. Based on these parameters, CFX is the third worst performing cryptocurrency.

Current price: $0.4003

Market capitalization: $1,995,727,224

Trading volume: $365,899,003

7–day loss: 10.42%

Akash Network

The price of Akash Network (AKT) is falling below the moving average lines. In the recent price action, the altcoin was in a bull market and broke through the overhead barrier at $2.50. Today, AKT has fallen to a low of $4.26. If the price breaks above the moving averages, the altcoin will resume its uptrend. The fourth worst performing altcoin is AKT. Here are some key characteristics: 

Current price: $4.25

Market capitalization: $1,652,710,753

Trading volume: $12,791,095 

7–day loss: 10.29%

Monero

Monero (XMR) sinks below the moving average lines. The cryptocurrency plunges into a downturn. On March 3, the altcoin rose to a high of $150 before being pushed back. The coin fell as it approached its previous low of $99. On the other hand, the altcoin's upward momentum remains uncertain as it risks further rejection. The value of the altcoin now stands at $116.44. XMR is the fifth worst performing cryptocurrency. It has the following characteristics:

Price: $118.48

Market capitalization: $2,180,285,603

Trading volume: $57,722,614 

7–day loss: 9.40%

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.