Weekly Cryptocurrency Market Analysis: Altcoins Remain At Chart Bottom As Traders Remain Hesitant

The worst-performing altcoins remain at the bottom of the chart.

The cryptocurrency market remains bearish as altcoins trade in a bearish trend zone. Doji candlesticks dominate the price action, so there is little chance of a recovery for altcoins.

Pi

The price of Pi (PI) has fallen to the expected level of $1.11. According to the price indicator, PI will decline but will reverse at the Fibonacci extension of $1.272 or $1.11. The price action shows that the cryptocurrency fell to $0.85 before rebounding. The selling pressure has exhausted itself as the altcoin consolidates above the $1.00 support. Once the current support is maintained, the uptrend will begin.

Based on these parameters, PI is the altcoin that has underperformed.

The current price: $1.00.

Market capitalization: $6,819,013,492.76

Trading volume:  $229,638,785.58

7–day gain: 32.08% 

JasmyCoin

JasmyCoin (JASMY) is falling below the moving average lines as it approaches the bottom of the chart. The price of JASMY has plummeted to $0.011.

Selling pressure should reach a low of $0.0098 according to the price indicator. The uptrend could start if the support at $0.0098 holds. Otherwise, the price of the altcoin will fall to $0.003, its low. JASMY is the second worst performing coin.

The current price: $0.01219

Market capitalization: $603,041,254.58

Trading volume:  $71,495,338.1

7–day loss: 14.96% 

Movement

Movement (MOVE) is now declining. The value of the cryptocurrency reached a high of $1.225 before it began to decline. Today, MOVE has fallen to a low of $0.42, surpassing the low price of $0.59. The strong selling pressure at the recent high is indicated by the extended candle wicks. The oversold area of the market was reached by the decline. Given the doji candlestick shape, a further decline in the cryptocurrency is unlikely.

MOVE is the third worst performing cryptocurrency. These are some of the key components. 

The current price: $0.4284

Market capitalization: $1,049,657,224.57

Trading volume: $37,333,722.26

7–day loss: 9.24% 

OFFICIAL TRUMP

OFFICIAL TRUMP (TRUMP) is consolidating after falling below the moving average lines. The altcoin fell to a low above the support level of $9.59.

The doji candlesticks have helped to keep the price stable above the current support. TRUMP will continue to decline if it fails at the 21-day SMA barrier. The price indicator predicts that TRUMP will fall before rebounding at the Fibonacci extension level of $1.272 or $5.88. TRUMP is the worst-performing cryptocurrency, coming in fourth place. It has the following characteristics:

The current price: $10.97

Market capitalization: $2,195,782,179.39

Trading volume: $297,357,165.15

7-day loss: 8.04%

Worldcoin

Wordcoin (WLD), which had fallen to the bottom of the chart, is now consolidating. The altcoin is now trading at $0.829, its lowest value. WLD has reached bearish exhaustion as shown by the doji candlesticks that are still forming at the bottom of the chart. The doji candlesticks reflect traders' hesitation about the direction of the market.

However, if it continues to fall, the altcoin will reach its low price of $0.15. WLD is the fifth worst performing cryptocurrency. It has the following characteristics.

The current price: $0.8299

Market capitalization: $985,297,728.43

Trading volume: $74,321,718.27

7–day loss: 6.82% 

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.