Weekly Cryptocurrency Market Analysis: Altcoins Experience A Small Correction And Start A New Rise
This week saw a series of downward moves in cryptocurrencies.
As cryptocurrencies OP, IMX and ARB are in the downtrend zone, there is a risk that they will fall further. On the other hand, CFX and STX could regain their previous highs as long as cryptocurrencies move above the moving average lines. Later, we will discuss a handful of these other coins in more detail.
Arbitrum
Arbitrum (ARB) is in a sideways trend but has climbed above the 50-day line SMA. The cryptocurrency's value fell from a high of $1.55 to a low of $1.26. After the negative trend ended above $1.20 on March 24, a sideways pattern began. ARB is currently trading for $1.26 per unit. The aforementioned data suggests that the altcoin develops a trend when the moving average lines are broken. For example, if the altcoin's price is below the 50-day line SMA, it will continue to fall until it reaches a low of $1.20 or $1.17. The uptrend will resume when the price crosses the 21-day line SMA again. The altcoin will first encounter resistance at $1.35 before rising to a high of $1.55. ARB is in a positive trend above level 25 on the daily stochastic. ARB the worst performing cryptocurrency has the following characteristics:
Current price: from $1.26
Market capitalization: $12,601,791,863
Trading volume: $1,056,591,251
7-day gain/loss: 89.38%
Immutable
The price of Immutable (IMX) has fallen below the moving average lines, indicating a downturn. IMX is currently trading and trapped between the moving average lines at $1.06. After reaching a high of $1.59 on March 18, the altcoin's value has since declined. The value of the cryptocurrency asset will continue to decline if its price falls below the 50-day line SMA. IMX will reach a low of $0.80 if the support level of the 50-day line SMA is broken. On the other hand, the uptrend will resume when the price breaks the 21-day line SMA. The upward momentum will take it to the previous high of $1.60. In the meantime, the IMX is trapped between the moving average lines. The alternative currency is in the downtrend zone at level 46 of the Relative Strength Index for period 14. It is the second worst cryptocurrency this week. It has the following characteristics:
Current price: $1.07
Market capitalization: $2,131,672,947
Trading volume: $40,449,816
7-day gain/loss: 25.54%
Conflux
Conflux (CFX) is moving above the moving average lines and is in an uptrend. The cryptocurrency asset is starting a new climb above the moving average lines. At $0.33, it is currently trading above the 21-day line SMA. The uptrend will continue if the current support level remains above the moving average lines. On the March 19 bounce, a candlestick tested the 50% Fibonacci retracement level. CFX will rise after the retracement to the 2.0 Fibonacci extension level, or $0.83. Based on the price action, the upward momentum will first meet the resistance at $0.50. The upward momentum will take the price to $0.83. The altcoin is moving bearishly below the daily stochastic barrier of 40. The third worst cryptocurrency is CFX. It has these characteristics:
Current price: $0.3379
Market capitalization: $1,783,697,323
Trading volume: $314,917,342
7-day gain/loss: 25.39%
Optimism
Optimism (OP) is in a sideways trend, despite its downward tendency. The sideways trend started on February 3, when the last uptrend ended. On February 3, the price declined as buyers were unable to keep it above the $3.00 resistance. At the time of writing, the price of OP is $2.20. The value of the altcoin has been revised from the previous estimate on February 1. On February 1 and 13, the cryptocurrency value held above the current support, after which it recovered. The current support is likely to remain as the market reaches the oversold zone of the market. The altcoin is moving bearishly below the daily stochastic barrier of 20. Selling pressure has led to bearish fatigue. OP is the fifth worst altcoin. It has these characteristics:
Current price: $2.20
Market capitalization: $9,455,909,829
Trading volume: $103,953,828
7-day gain/loss: 16.19%
Stacks
The price of the cryptocurrency Stacks (STX) is in an uptrend, posting a series of higher highs and higher lows. Since March 17, the uptrend has been stopped above the high of $1.20. However, at the time of writing, the altcoin was worth only $0.95. After rejecting $1.20, STX has rallied above the 21-day line SMA. The altcoin will continue its uptrend if it stays above the moving average. It will climb again at $1.20. However, if the price of the cryptocurrency crosses the moving average lines, the decline will resume. The market will fall to $0.60, the next support level. For STX's period 14, the Relative Strength Index is at 52, with the potential to surpass the previous high. The attributes of STX, currently the fifth worst performing cryptocurrency, are as follows:
Current price: $0.9538
Market capitalization: $1,734,943,654
Trading volume: $200,235,237
7-day gain/loss: 15.42%
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 Coin Idol. Readers should do their own research before investing in funds.
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