Weekly Cryptocurrency Market Analysis: Altcoins Tumble Due To Overhead Resistance

Below are the worst performing cryptocurrencies to fall due to overhead resistance.

The majority of altcoins fell below moving average lines, accelerating selling pressure. More details in this weekly price analysis by Coinidol.com.

Ethena

The price of Ethena (ENA) is down since April 11, 2024. ENA has been in a bull market with a vertical rise since April 3, 2024. The price of the cryptocurrency fell from a high of $1.50 to a low of $0.81. According to the price data, the altcoin will continue to fall and reach a low of $0.63. 

Nonetheless, the uptrend will begin if the altcoin retraces and stays above the $0.60 support. At the time of writing, the altcoin is trading at $0.82. The altcoin is the worst performing cryptocurrency. It has the following characteristics:

Price: $0.8221

Market capitalization: $12.321.827.716

Trading volume: $312,815,064

7-day loss: 17.94%

Toncoin

Toncoin (TON) prices are down after a recent surge. The altcoin is now trading in a bull market despite being rejected from its recent high. The altcoin reached a high of $7.67 before being rejected. The price of the cryptocurrency has slipped below the moving average lines, although it remains above the 50-day SMA. The value of the altcoin currently stands at $5.29. If the bears breach the 50-day SMA, the altcoin will drop to a low of $4.60. 

However, if the 50-day SMA support holds, TON will remain trapped between the moving average lines. As a result, the cryptocurrency will oscillate between the moving average lines. TON is the second worst performing cryptocurrency. It has the following characteristics:

Price: $5.28

Market capitalization: $26,938,688,463

Trading volume: $158,078,638

7-day loss: 15.72%

Ronin

Ronin (RON) is in decline after a recent rise. Since October 20, 2023, the cryptocurrency has steadily gained in value. The altcoin rose to a high of $4.53 before being rejected again. RON has fallen below the moving average lines and could fall further. At the time of writing, RON is valued at $2.74. RON is falling, reaching the $2.40 breakout level. If the cryptocurrency maintains its position above the $2.40 breakout level, it will continue its uptrend. If the altcoin loses the $2.40 support, it is likely to fall further. According to these characteristics, RON is the third worst performing coin.

Current price: $2.73

Market capitalization: $2,734,036,757

Trading volume: $29,011,857

7–day loss: 13.81%

Celestia

The price of Celestia (TIA) is in a bull market and has been rising. TIA rose to a high of $20 before declining after two rejections at the current high. The altcoin is now worth $10.10. 

On the downside, the altcoin will fall below its previous low of $8.00. The altcoin will resume its uptrend if either the previous low of $8.00 or the breakout level of $7.40 holds. The fourth worst performing cryptocurrency is TIA. Here are some key characteristics:

Current price: $10.24

Market capitalization: $10,646,707,760

Trading volume: $73,010,256

7–day loss: 10.70%

Internet Computer

Internet Computer (ICP) price is falling below the moving average lines. In recent price action, ICP has recovered from a dip. Today, the upward movement was halted after reaching a high of $20.96. ICP is worth $13.35 after falling below the moving average lines. On the downside, the altcoin has the potential to approach the previous low of $10 or $11, but could also fall again. ICP is the fifth worst performing cryptocurrency. It has the following characteristics:

Price: $13.27

Market capitalization: $6,876,948,807

Trading volume: $101,194,188

7–day loss: 10.50%

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.