Weekly Cryptocurrency Analysis: Altcoins face strong resistance at recent highs

Weekly Cryptocurrency Analysis: Altcoins face strong resistance at recent highs

Feb 03, 2024 @ 08:31 // Price


After recent highs, the worst-performing cryptos are now under renewed pressure to sell.

Altcoins are now falling below the moving average line, which has accelerated their decline. Some altcoins have been stuck between moving average lines while they try to trend.

FTX Token

FTX Token is on an upward trend as it recovers its decline. The altcoin is currently below the moving-average lines. The price of the altcoin has not been able stay above $5.50. After falling to a low price of $1.44, the altcoin recovered.

The extended tail of the candlestick indicates that there is strong buying going on at $1.44. The altcoin's positive trend will continue if the price is kept above the moving-average lines. FTT is worth $2.14.

FTT, according to these characteristics is the worst altcoin of all cryptocurrencies.

The current price is $2.19

Market capitalization: $763.106.441

Trading volume: $196,155,068

7-day loss: 15.88%

Maker

Maker's (MKR), which is recovering from its previous decline, is currently on an upward trend. The upswing ended after it reached a peak of $2,265.

The altcoin failed to reach $2,200 on January 11, 2024. MKR is now below the SMA of 21 days but still above the SMA of 50 days. Moving average lines are expected to cap the price movement. The altcoin is expected to develop a new trend once the moving averages are broken. If the altcoin rallies it will go above the SMA of 21 days with an upward momentum that reaches a maximum price of $2,200.

READ  Offchain: Five Big Crypto Themes for 2024

MKR's trend will be higher if the coin breaks through its previous high of 2,200 dollars. MKR is the second-worst performing altcoin. Below are some noteworthy characteristics:

Current price: $1,959.94

Market capitalization: USD 1,971,378,313

Trading volume: $52,906,231

7-day loss: 4.29%

Mantle

Mantle's (MNT) uptrend has resumed after it crossed the historic price threshold of $0.60. The altcoin has slipped today after hitting a high of $0.85. MNT is now below the moving-average lines. The altcoin is expected to continue falling.

The price indicator predicts MNT to fall and then reverse itself at the 1.272 Fibonacci Extension or $0.52. MNT currently has a value of $0.56. MNT was rated the third-worst performer. It is characterized by the following:

Price: $0.568

Market capitalization of $3,522,528,398

Trading volume: $106,553,673

7-day loss: 4.21%

KuCoin Token

KuCoin Token KCS was on an upward trend but now has a sideways tendency. After recovering from its prior decline, the cryptocurrency was in a positive trend. KCS reached a high of $14 but was rejected. Altcoins rose above moving average lines and then entered a sideways movement. KCS is down from a high $14.00 to $9.00. The market is currently characterized by small and indecisive candles known as doji. These candlesticks are known to slow down the movement of the coin's price.

KCS has now become the fourth-worst performing cryptocurrency.

The following are its characteristics:

Price: $9.47

Market capitalization: $1.609,767.970

Trading volume: $1,639,669

7-day loss: 3.88%

Flow

After recovering from the previous dip, FLOW (FLOW), is now down again. On January 3, FLOW (FLOW) fell below the moving-average lines, but remained above support $0.71. Moving average lines have slowed the upward movement of cryptocurrency since January 3, 2024.

READ  BNB oscillates and lingers above the $291 support level

Altcoins are retesting their current support, which is around $0.71. This indicates that they will continue to drop. Since January 3, 2024, the current support has never been broken. FLOW will drop even further if it loses the current support. It could fall to $0.37. FLOW is currently the fifth-worst performing cryptocurrency.

The current price is $0.7068

Market capitalization: $ 1,050,737.631

Trading volume: $47,100,276

7-day loss: 3.90%

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 an endorsement from CryptoGuestPosts. Before investing in funds, readers should research the market.

IT'S TIME TO GO VIRAL

Tap into thousands of readers who are craving the next big crypto projects -- Submit Your Guest Post Now.