Bitcoin and the worst performing altcoins are trading in the bearish trend zone. This means that cryptocurrencies are capable of further downside moves.
Moreover, cryptocurrencies have fallen into the oversold zone of the market, giving the impression that buyers are emerging to push prices higher. It is unlikely that the bears will sink the cryptocurrencies in the oversold region. Let us take a look at each of these cryptocurrencies.
Waves
Waves (WAVES) is in a downtrend as the bears break below the moving averages. The cryptocurrency has fallen to a low of $19 as the bulls have bought the dips. In the previous price action, the altcoin was in an uptrend as it reached the high of $63 on March 31. The uptrend was pushed back when the market reached the overbought area.
Today, Waves is below the 20% area of the daily stochastic. This means that the altcoin has fallen into the oversold area of the market. It is likely that buyers will emerge in the oversold region and push the prices up.
It is the cryptocurrency asset with the lowest performance in the past week. It has the following characteristics:
Current price: $20.64
Market capitalization: $2,225,685,657
Trading volume: $527,361,300
7 -day loss/gain %: 10.29%.
Helium
Helium (HNT) has been in a downtrend since November 6, 2021. The cryptocurrency fell to the low of $19 after reaching the high of $57.
Today, the market is still in a downward movement as the altcoin is rejected from the high of $26. The altcoin has fallen and is retesting the previous low of $19. The selling pressure will continue if the bears break below the previous low of $19. The altcoin is at level 36 on the Relative Strength Index for period 14, indicating that the market is approaching oversold territory.
It is the cryptocurrency asset with the second worst performance in the past week. It has the following characteristics:
Current Price: $19.39
Market capitalization: $4,324,764,205
Trading volume: $28,223,124
7-day loss/gain %: 7.25%
Amp
Amp (AMP) is in a downtrend as the price falls below the moving averages. The altcoin has fallen to the low of $0.022. In the previous price movement, the cryptocurrency moved within a range. The altcoin fluctuated between $0.024 and $0.029 since January 22.
On April 11, the bears broke the lower price range and reached the current support at $0.022. The altcoin is below the 20% range of the daily stochastic. This means that AMP has fallen into the oversold zone of the market. The upward movement is likely to the upside.
It is the cryptocurrency asset with the third worst performance last week. It has the following characteristics:
Current price: $0.02216
Market capitalization: $2,051,091,763
Trading volume: $10,335,252
7-day gain/loss %: 4.38%
Enjin Coin
Enjin Coin (ENJ) is in a downtrend as the price falls below the moving averages.
On November 22, the market reached a high of $4.85. The uptrend ended when the market reached the overbought zone.
On February 21, the cryptocurrency fell to the low of $1.15 when it reached the oversold area of the market. Meanwhile, ENJ is below the 20% range of the daily stochastic.
ENJ is the cryptocurrency with the fourth worst performance last week. It has the following characteristics:
Current price: $1.50
Market capitalization: $1,502,082,089
Trading volume: $150,548,686
7-day gain/loss %: 4.15
Quant
Quant (QNT) is in a sideways trend as the cryptocurrency is trading below the upper resistance level of $150.00. After reaching the $150 high, QNT faces rejection as the market reaches the overbought region.
Since February 7, bulls have retested overhead resistance twice but have been rejected. Today, Quant has fallen to the $110 low as bulls bought the dips. Also, QNT is below the 20% range of the daily stochastic. This suggests that the market has reached bearish exhaustion. The altcoin is rising as buyers appear in the oversold region.
QNT is the cryptocurrency asset with the fifth worst performance last week. It has the following characteristics.
Current price: $116.01
Market capitalization: $1,695,185,333
Trading volume: $40,055,768
7-day gain/loss: 0.21%
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.
Source: https://coinidol.com/altcoins-defend-current-support/