Weekly Cryptocurrency Market Analysis: Altcoins Fall As Bears Consolidate Their Grip

Five cryptocurrencies showing the biggest price fall of the week are Pepe, ApeCoin, Arbitrum, Gala, dYdX. Cryptocurrency analysis by Coinidol.com.

Cryptocurrencies have been steadily falling this week. Altcoins that have been in a bit of a range have seen new selling pressure after an unsuccessful upward correction. We will take a brief look at some of these cryptocurrencies.

Pepe

Pepe (PEPE) is in a fall and has approached the oversold zone of the market. The value of the coin has fallen to $0.000006761. The altcoin has fallen dramatically and may continue to plummet. PEPE has completed an upward correction in August and a retraced candle has tested the 61.8% Fibonacci retracement level. As a result of the correction, PEPE is expected to fall to the Fibonacci extension level of 1.618 or $0.000005651. PEPE/USD is already in the oversold zone of the market based on the price action. Bearish selling pressure has been exhausted. It is unlikely that this trend will continue. The altcoin is below the daily stochastic value of 20. The worst cryptocurrency is PEPE. It has the following characteristics:

Current price: $0.000006758

Market capitalization: $283.97M

Trading volume: $67.57M 

7–day loss: 16.48%

ApeCoin

The price of ApeCoin (APE) has been declining since January 26. The cryptocurrency asset started to fall from a high of $6.41. At the time of writing, ApeCoin has fallen to a low of $1.13. The altcoin fell and surpassed the low of the chart. The APE /USD currency pair is heavily oversold in the market. The altcoin has also reached bearish fatigue. The moving average lines act as price resistance. APE will fall every time the moving average lines push it back. Today, the altcoin is still trading in the oversold zone of the market. The Relative Strength Index for period 14 is at level 46. In terms of performance, APE is the second worst performing coin. It is characterised by the following features: 

Current price: $1.14

Market capitalization: $1,136,435,555

Trading volume: $51,855,271 

7–day loss: 14.45%

Arbitrum

Arbitrum (ARB) slips below moving average lines. The market rose to a high of $1.80 on April 18, but was rejected. The recent high was in an overbought market zone, hence the decline. The price indicator predicts that ARB will decline, but will reverse at the Fibonacci extension of $1.272 and $0.86, respectively. According to the price indicator, the market has fallen below the Fibonacci extension. At the moment, the altcoin has reached the oversold zone of the market. As buyers emerge in the oversold region, selling pressure is likely to ease. ARB is below the daily Stochastic threshold of 20. The following characteristics show that ARB is the third worst cryptocurrency: 

Current price: $0.7784

Market capitalization: $7,779,657,651

Trading volume: $211,258,947 

7–day loss: 13.09%

Gala

Since January 28, the price of Gala (GALA) has been declining. The market has now fallen to the bottom of the chart. The price of the cryptocurrency has fallen from a high of $0.060 to a low of $0.014. The value of the cryptocurrency asset has fallen to its lowest point. Gala has fallen to Relative Strength Index Level 21 for the period 14. The downtrend may continue as the cryptocurrency falls when it is in the oversold zone. Gala is the fourth lowest performing cryptocurrency and has the following characteristics:

Current price: $0.01402

Market capitalization: $700,855,199

Trading volume: $46,995,970 

7–day gain/loss: 10.88%

dYdX 

dYdX (DYDX) is moving sideways below the $2.20 resistance level. Since May 15, buyers have failed to keep the price above the $2.20 level. Each time the resistance level is retested, the cryptocurrency value falls below the moving average lines. The altcoin has now fallen below the moving average and into oversold territory. As the bulls bought the dips, the altcoin plunged to a low of $1.82. The price of the altcoin is rising as it approaches its previous high. As long as the resistance level is not broken, the sideways trend will continue. Meanwhile, DYDX is trading in the oversold zone of the market. It is below the daily stochastic level of 20. It has the following characteristics:

Current price: $1.91

Market capitalization: $1,909,847,359

Trading volume: $27,981,645 

7–day loss %: 10.03%

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.com. Readers should do their research before investing in funds. 

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