Weekly Cryptocurrency Market Analysis: Altcoins Are Experiencing Harsh Rejection As They Enter Oversold Territory

The worst performing cryptocurrencies will likely continue to lose value in the near term.

Altcoins have broken through moving average lines, which has increased selling pressure. Other coins are consolidating as they approach oversold territory. Later, we will discuss some of these additional coins in more detail.

Stacks

Stacks (STX) is currently losing value and is currently falling between the moving average lines. The decline has reached the oversold area of the market. The bearish argument against STX has been exhausted as the stock falls to a low of $0.90 today. In a downtrend, STX made an upside correction on March 28. A candlestick tested the 78.6% Fibonacci retracement level at that time. The correction predicts that STX will decline but reverse at the 1.272 Fibonacci extension level or $0.76. Based on the price movement, the altcoin seems to be wedged between the moving average lines. This means that STX will most likely have to move within a range between the moving average lines for a few days. The altcoin will develop a trend when the moving average lines are broken. The cryptocurrency asset is oversold and the daily stochastic is below the level of 20. It is likely that buyers will appear in the oversold area. The cryptocurrency STX, which is currently the worst performer, is described as follows: 

Current price: $0.9042

Market capitalization: $1,642,996,398

Trading volume: $106,269,795 

7-day gain/loss: 8.96%

SingularityNET

SingularityNet (AGIX) price has been moving sideways since February 7. On February 8, the altcoin rose to a high of $0.67 before falling again. The price of AGIX fluctuates between $0.30 and $0.60, but is currently at $0.43. Trading below the moving average lines and in the bearish trend zone, the altcoin could fall further. The price of the cryptocurrency is again testing the moving average lines and the resistance at $0.45. The value of the altcoin will rise if the price moves above the moving average lines. The price will resume its downtrend if it is rejected at the recent high. AGIX is in a bearish trend zone at the 48 level of the Relative Strength Index for the period 14. The altcoin, which is the second worst performer among cryptocurrencies, has the following characteristics: 

Current price: $0.4316

Market capitalization: $863,370,309

Trading volume: $109,885,311 

7-day gain/loss: 6.85%

KuCoin Token

KuCoin Token (KCS) is getting more expensive as it reaches a high of $9.50. The moving average lines were broken on March 18 when the uptrend was stopped. The decline has reached the oversold area of the market. At the time of writing, the altcoin is trading for $8.26. It is unlikely that the selling pressure will increase. If the price of the cryptocurrency breaks above the moving average lines, the uptrend will resume. In the oversold zone of the market, KCS is currently trading below the daily stochastic value of 20. The current downtrend is likely to end once buyers emerge. KCS is currently the third worst performing cryptocurrency this week. It has the following characteristics:

Current price: $8.25

Market capitalization: $1,404,251,051

Trading volume: $1,839,784 

7-day gain/loss: 6.13%

Aptos

Aptos (APT) is currently trading in the bearish trend zone and is experiencing a decline in price. There is a possibility that the price will continue to fall if it crosses below the moving average lines. Secondly, the price indicator suggests that the price of the cryptocurrency will continue to fall. At the time of writing, the altcoin has fallen to $11.17. On February 9, when APT was in a downtrend, an upward correction occurred and a candlestick tested the 50% Fibonacci retracement level. APT will rise to the 2.0 level of the Fibonacci extension after this correction, which corresponds to $6.22. The price action indicates that APT is bearish after encountering resistance at the moving average lines. According to the Relative Strength Index for the 14 period, Aptos is currently at level 44 and the price could fall further as it is in a bearish trend zone. APT, the fourth worst performing cryptocurrency, is described below.

Current price: $11.18

Market capitalization: $11.474.238.176

Trading volume: $145,480,465 

7-day gain/loss: 5.88%

Mina

The price of Mina (MINA) is declining as it breaks below the moving average line again. Currently, a new decline in the altcoin is seen towards its previous low. MINA is trading at $0.77 at the time of writing. Resistance at $0.80 and the 21-day line SMA are being tested again. The altcoin will fall even further if it is rejected at its previous high. It will fall to the previous low of $0.60. The uptrend will resume when MINA crosses either the moving average lines or the resistance at $0.80. The value of the altcoin is rising above the daily stochastic value of 25. The momentum of the uptrend was slowed down by the Doji candlesticks. It is currently the fifth worst cryptocurrency this week. It has the following characteristics: 

Current price: $0.7746

Market capitalization: $788,617,672

Trading volume: $25,386,109 

7-day gain/loss: 5.52%

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 in funds.

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