Weekly Cryptocurrency Analysis: Altcoins are in a sideways trend that requires a price recovery at support levels

Weekly Cryptocurrency Analysis: Altcoins are in a sideways trend that requires a price recovery at support levels

May 29, 2024, 10:49 am // Price

The altcoins that are performing the worst either recover from a prior downtrend or move sideways following a recent price drop.

Cryptocurrencies have been in a sideways long-term trend, which requires that prices recover near their current support levels. CryptoGuestPosts has conducted a price analysis of the worst performers from the previous week.

Arweave

Arweave's (AR) price is in an upward trend, but it is also recovering from a previous downward trend. The price of Arweave (AR) was stopped when it reached resistance at $47. The altcoin had to move in a sideways pattern below $44. Since March 9, buyers failed to resume a trend upwards above the $44 level of resistance. The altcoin's price has fluctuated between $24 and $40.

If the bulls are able to break through the $44 barrier then the altcoin is likely to rise above the next obstacle at $70. The altcoin will then trade in a bullish environment. If the altcoin drops below $24, its value will decrease. Altcoins are the worst-performing cryptocurrency. It is characterized by the following:

Price: $3.46

Market capitalization: 2,604,333.889

Trading volume: $59,550,000

7-day loss: 18.41%

Akash Network

Akash Network's (AKT) price is on an upward trend as it trades within a bullish market. Altcoins entered the market when they broke above the $2.50 level. The price continued to rise until it reached a peak of $6.24. The price is now moving sideways below the $6.00 level of resistance. AKT trades between $3.90 to $6.00. Bull market will start if buyers can break through $6.00 resistance.

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The price of cryptocurrency is currently trapped between moving average lines. AKT is currently the second-worst performing coin. It is characterized by:

Price: $5.38

Market capitalization: $ 2,087,045 082

Trading volume: $22,170,715

7-day loss: 6.89%

Jupiter

Jupiter (JUP), the price, is trading in a bullish market. The uptrend was broken in the last price movement at $1.80, and the moving averages quickly dropped below them. The bulls stopped the decline above the $0.85 level of support. The price of altcoin fluctuates between $0.85 and $1.20.00 The uptrend will continue if the initial resistance level $1.20 is breached. Jupiter's current value is $1.15. JUP, according to these criteria is the third-worst performing cryptocurrency.

Current price: $1.16

Market capitalization:$11.642.865.636

Trading volume: $103,019,154

7-day loss: 5.50%

Fantom

Fantom's (FTM) current price is moving in a sideways direction, but it has recovered from the previous drop. Altcoins rose to $1.20 during the recent uptrend. After two rejections, the cryptocurrency dropped after its recent peak. The price is fluctuating between $0.60 and $1.00. Altcoins will continue to rise so long as their price is above the moving-average lines.

The altcoin could reach highs between $1.50 and 1.90 if the price passes through $1.20. It is currently worth $0.84. This is the fourth-worst performing cryptocurrency. Here are a few key characteristics.

Current price: $0.8445

Market Capitalization: $2.681,992,405

Trading volume: $147,707,356

7-day loss: 5.38%

Internet Computer

Internet Computer's (ICP) price is on an upward trend as it recovers after its previous drop. The price of Internet Computer (ICP) is in an uptrend as it recovers from the previous decline. ICP climbed above the $11.50 level of support before switching to a sideways movement below the moving averages. The altcoin's uptrend will be resumed if the price breaks through the moving average lines. The upward trend will continue until the USD 20 high.

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The price of cryptocurrency is currently testing the SMA 21-day resistance level. If the altcoin's current support is lost, then the downtrend will continue.

ICP is the fifth-worst performing cryptocurrency. It is characterized by:

Price: $12.50

Market Capitalization: $6.485,290.466

Trading volume: $72,218,248

7-day loss: 4.38%

Disclaimer. This analysis and forecast is the personal opinion of the author. It does not constitute a recommendation for the purchase or sale of cryptocurrency, and should not therefore be considered as a endorsement by CryptoGuestPosts. Before investing in funds, readers should conduct their own research.

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