Waves and the other altcoins have continued to fall as cryptocurrencies lose their current support levels.
Cryptocurrencies have fallen into the oversold regions of the market. This means that selling pressure has reached bearish exhaustion. In other words, buyers are expected to take control of the market. Let us examine each of these cryptocurrencies.
Waves
Waves (WAVES) is in an uptrend, but the uptrend was stopped at a high of $63.92. Today, the cryptocurrency fell to the low of $22.74. The bears have undercut the moving averages and the bullish trend line, indicating that the uptrend has ended.
WAVES is below the 20% range of the daily stochastic. This indicates that selling pressure has reached bearish exhaustion. Also, buyers will emerge to push prices higher. The uptrend will continue if the price finds support above $22. It is the cryptocurrency with the lowest performance last week. It has the following characteristics:
Current price: $22.81
Market capitalization: $2,474,687,802
Trading Volume: $1,070,923,629
7-Day Loss/Gain %: 32,64
Celo
Celo (CELO) is in a downtrend. The cryptocurrency has dropped significantly to the low of $3.04 as the bulls bought the dips. In the previous price action, altcoin rose to a high of $5.21, but bounced back. CELO rallied in an overbought region of the market. Subsequently, the altcoin fell well below the moving averages.
Judging by the price action, CELO retested the 1,272 Fibonacci extensions. The altcoin is in a reversal and an upward correction. It is the cryptocurrency asset with the second worst performance in the past week. It has the following characteristics:
Current price: $3.24
Market capitalization: $3,239,818,318
Trading Volume: $93,264,678
7-Day Loss/Gain %: 31,19%
THORChain
THORChain (RUNE) resumed its downtrend as the price falls below the moving averages. The cryptocurrency fell from a high of $13.20 to a low of $7.98. On the daily chart, the altcoin broke above the 50-day line SMA, but fell below the 21-day line SMA. The altcoin should continue to trade in a range for a few more days if the 50-day line SMA holds. On the 4-hour chart, the altcoin has fallen into the oversold area of the market.
Meanwhile, on April 7, the downtrend; candlestick body tested the 78.6% Fibonacci retracement level. The retracement indicates that RUNE will fall, but will reverse at the level of 1.272 Fibonacci Extension or $8.19. The market has fallen below the level of 1.272 Fibonacci extension and retraced. It is the cryptocurrency with the third worst performance last week. It has the following characteristics:
Current price: $7.99
Market capitalization: $3,996,260,332
Trading volume: $165,177,456
7-day gain/loss %: 29.92%
Terra
Terra (LUNA) is in a downtrend as the price falls below the moving averages. The altcoin has fallen from the high of $120 to the low of $80. LUNA is also below the 20% range of the daily stochastic. The market has reached bearish exhaustion. The altcoin has reached the oversold region. It is likely that buyers will appear in the oversold region and push the prices up.
LUNA is the cryptocurrency with the fourth worst performance in the past week. It has the following characteristics:
Current price: $83.66
Market Capitalization: $62.600.801.854
Trading volume: $2,829,045,497
7-day gain/loss %: 27.78%
Aave
Aave (AAVE) is in a downtrend after the price fell below the moving averages. The altcoin is trading above the 50-day line SMA, but below the 21-day line SMA, indicating that the cryptocurrency may be moving within a certain range. In addition, the AAVE is below the 20% range of the daily stochastic. This suggests that the market has reached bearish exhaustion. In other words, the altcoin has reached oversold territory. It is likely that buyers will emerge to push the altcoin higher. If the 50-day line SMA holds, the cryptocurrency will continue its uptrend and retest the previous highs.
AAVE is the cryptocurrency with the fifth worst performance last week. It has the following characteristics.
Current price: $162.60
Market capitalization: $2,601,670,200
Trading Volume: $275,728,082
7-Day Gain/Loss %: 26.62%.
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 research before investing funds.
Source: https://coinidol.com/oversold-region-for-altcoins/