Weekly Cryptocurrency Market Analysis: Altcoins Crash And Lose Critical Support Levels

Cryptocurrencies have traded and fallen into oversold territory in the market.

CHZ, FLOW, and SAND have all dropped drastically and have now hit the bottom of the chart. Essentially, cryptocurrencies have continued to lose value this week in a downtrend. I will examine each of these cryptocurrencies individually.

Kava

Kava (KAVA) has fallen below the moving average lines but is in a sideways trend. Since May 24, the cryptocurrency has started to lose value. The altcoin’s upswing ended at its high of $1.71. KAVA fell to a low of $0.76 today before rebounding. However, the price indicator suggests that the cryptocurrency will continue to fall. A downward correction on June 4 through KAVA occurred when the candlestick tested the 61.8% Fibonacci retracement level. After the correction, KAVA will fall to the 1.618 Fibonacci extension level or $0.69. The daily stochastic for this currency has dropped to the level 20. As the market enters an oversold zone, the selling pressure is likely to ease. The cryptocurrency, which has the following characteristics, has underperformed:

Current price: $0.8069

Market capitalization: $462,259,902

Trading volume: $24M 

7-day gain/loss: 27.91% 

Chiliz

The price of Chiliz (CHZ) is in a downtrend and has dropped significantly. The altcoin fell to a low of $0.058 but recovered above support at $0.068. The altcoin has been consolidating above the current support since June 10. At this point, CHZ is trading at $0.0675. The value of the cryptocurrency fell to the $0.059 level of the 1.618 Fibonacci extension. The oversold area of the market was reached. Due to the oversold condition of the market, the selling pressure is expected to decrease. The Relative Strength Index for the altcoin is at level 14 for the period 14. Chiliz has passed the point where the market is oversold. It has the following characteristics: It has the following characteristics: 

Current price: $0.0675

Market capitalization: $603,381,597

Trading volume: $25M 

7-day gain/loss: 27.51% 

WOO Network

The price of WOO Network (WOO) is falling below its moving average lines. The crypto price has risen above its historical lows of March 10 and March 27. WOO is trading at a low of $0.16 at the time of writing. However, WOO reversed the downtrend on April 24 and a candlestick tested the 50% Fibonacci retracement level. After the correction, WOO will fall to the 2.0 Fibonacci extension level, or $0.14. The oversold area of the market is also the area where the altcoin is trading. The daily stochastic is currently below the level of 20. The market has reached a bearish limit. The cryptocurrency with the third worst performance has the following characteristics. 

Current price: $0.1626

Market capitalization: $365,651,528

Trading volume: $14M 

7-day gain/loss: 27.22%

Flow

Flow (FLOW) price is in a decline as it reached the predicted price level of $0.44. The cryptocurrency value fell to $0.448 or the 1.618 Fibonacci extension level. According to the price movement, there was selling pressure at the level of $0.41, but the bulls bought the dips. The alternative currency has moved above the support of $ 0.41. As the price has exceeded the historical price level of December 31, 2022, FLOW is significantly oversold. The daily chart’s Stochastic is currently below the level of 20. The altcoin is at the bottom of the chart and has reached bearish exhaustion. FLOW is the fourth worst cryptocurrency. It has the following characteristics:

Current price: $0.4858

Market capitalization: $698,796,656

Trading volume: $19M 

7-day gain/loss: 25.96%

The Sandbox

The Sandbox (SAND) has been trading sideways below the moving average lines. The current support level of S0.50 was breached by the cryptocurrency asset. Currently, the price level of December 31, 2022 is under investigation. The alternative currency reached a low of $0.33 before rising. The coin is now trading in the oversold zone of the market. Moreover, SAND has reached a limit that is bearish. SAND is reversing direction. It is now the sixth worst cryptocurrency in the ranking. It has the following characteristics:

Current price: $0.3879

Market capitalization: $1,156,477,840

Trading volume: $75M 

7-day gain/loss: 25.04%

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.