Weekly Cryptocurrency Market Analysis: Altcoins Have Fallen to Their Current Support Levels as They Risk Further Decline

Jul 30, 2022 at 10:20 // Price

The cryptocurrencies listed below are in a downward correction as the altcoins trade below their moving average lines.

There is a tendency for the altcoins to fall further as they are rejected at the moving average lines. Let us discuss in detail the cryptocurrencies with the worst performance this week.  

Huobi Token

Huobi Token (HT) is in a downtrend as the price breaks below the 21-day line SMA. The upward correction reached the high of $5.00 but was staved off. The downtrend has resumed as the price broke below the 21-day line SMA. Selling pressure will continue as long as the price bars below the moving average lines. 

Meanwhile, on June 19, the downtrend; a retreating candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that HT will fall, but will reverse at the 1.272 Fibonacci extension level or the $3.80 price level. HT is below the 20% area of the daily stochastic. The altcoin has fallen into the oversold zone. The market has reached a bearish extension. HT is the cryptocurrency with the lowest performance this week. It has the following characteristics:

Current price: $4.44

Market capitalization: $2,222,144,601

Trading volume: $16,845,768 

7-day loss: 6.05%.

XDC Network

The price of XDC Network (XDC) is in a downward correction as the altcoin struggles below the moving average lines. The downtrend is characterized by indecisive candlesticks called doji. These candlesticks indicate that buyers and sellers are undecided about the direction of the market. XDC is at level 50 of the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. The upward correction meets rejection at the high of $0.030. 

Meanwhile, XDC is below the 20% range of the daily stochastic. This indicates that the market has reached the oversold zone. XDC is the cryptocurrency with the second worst performance this week. It has the following characteristics:

Current Price: $0.02832

Market capitalization: $1,067,866,657

Trading Volume: $4,705,583 

7-Day Loss: 5.31%.

Amp

Amp (AMP) is in a sideways movement as the price fluctuates below the moving average lines. The altcoin has been fluctuating below the moving average lines since the price collapse on May 12. The bulls have not broken above the moving average lines. Rather, the price movement is characterized by small indecisive candles called doji. The candlesticks indicate that buyers and sellers are undecided about the direction of the market. AMP is at level 42 on the Relative Strength Index for period 14, indicating that the cryptocurrency is in the downtrend zone and could fall further. 

However, AMP is the cryptocurrency with the third worst performance this week. It has the following characteristics: 

Current price: $0.008684

Market capitalization: $804,262,790

Trading Volume: $8,354,584 

7-Day loss: 4.48%

Loopring

The price of Loopring (LRC) is in a downward correction as buyers struggle below the moving average lines. Since July 20, the altcoin has been in a downward movement after rejecting the high at $0.47. Today, the cryptocurrency has been held back from further upside movement from LRC. On the downside, the altcoin is set to fall to the low of $0.31 as it turns away from the recent high. 

Loopring is at level 48 on the Relative Strength Index for period 14, indicating that the altcoin is in a downtrend and could decline. It is the cryptocurrency asset with the fourth worst performance this week. It has the following characteristics:

Current price: $0.396

Market capitalization: $544,301,991

Trading volume: $84,826,340 

7-day loss: 3.38%

Gala

Gala (GALA) is in a downtrend as it continues to fluctuate below the moving average lines. The 21-day line SMA acts as resistance for the price bars. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that GALA will fall to the level of 1.272 Fibonacci extension or $0.028. The cryptocurrency is at level 44 of the Relative Strength Index for the period 14, indicating that the altcoin is in a downtrend and could decline. 

It is the fifth cryptocurrency with the lowest performance this week. It has the following characteristics:

Current price: $0.05019

Market capitalization: $1,776,420,306

Trading volume: $310,226,308 

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. Readers should do their own research before investing funds.

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