Weekly Cryptocurrency Market Analysis: Altcoins That Enter Bearish Trend Zone

The worst-performing altcoins have fallen to the bottom of the chart by a considerable margin.

While they are in a downtrend, some feel compelled to move sideways. A few of these cryptocurrencies are discussed here.

Immutable

Immutable (IMX) was in a downtrend and has resumed its slide after falling below the moving averages. IMX has risen to a low of $1.07 but remains above support at $1.05. If the bears break the current support, the cryptocurrency will fall back to its previous low of $0.90. The altcoin has reached the oversold area of the market and can be seen at the bottom of the chart. If the current support holds, IMX will resume its uptrend. 

IMX is now the worst performing coin. It has the following characteristics.

The current price: $1.07

Market capitalization: $1,791,342,150.06

Trading volume:  $84,164,429.92

7-day loss: 20.06%

cat in a dog world

cat in a dog world (MEW) is bearish but trading in an uptrend zone. It is currently below the 21-day SMA but above the 50-day SMA. Selling pressure is expected to reach the 50-day SMA or the low at $0.007. 

The altcoin’s uptrend will resume once the price breaks above the 21-day SMA resistance. If the price falls below the moving average lines, the decline could reach the low of $0.0005. The altcoin will be forced to move sideways for a few days if it is trapped between the moving average lines. Meanwhile, the altcoin is in the middle of the moving averages.

The current price: $0.008127

Market capitalization:  $723,282,459.75

Trading volume: $116,191,661.14

7-day loss: 16.52%

Beam

The price of Beam (BEAM) is bearish and is in a sideways trend at the bottom of the chart. Currently, the altcoin is trading between the support of $0.012 and the resistance of $0.022. Today, the altcoin fell below the moving average lines and returned to the lower price area of $0.012. If the altcoin falls above $0.012, it will test the bottom of the chart. BEAM is the third worst performing coin based on these metrics.

The current price:  $0.01539

Market Capitalization: $760,231,326.40

Trading Volume: $12,688,971.08

7–day loss: 16.19% 

Helium 

Helium (HNT) is in a downtrend and moving sideways. After hitting resistance at $8.50, the altcoin started to trade sideways. 

Today, HNT is trading between $6.00 and the resistance level of $8.00. The altcoin has fallen sharply and is now testing its lower price range again. On the downside, the altcoin will rise if it stays above the $6.00 support. The cryptocurrency will begin its sideways journey to the upside. If the current support is broken, HNT will drop to a low of more than $4.00. This is the fourth worst performing cryptocurrency. Here are a few critical components.

The current price is $5.92.

Market Capitalization:  $1,009,634,691.36

Trading Volume: $9,137,963.67

7–day loss: 13.78% 

Worldcoin

Worldcoin (WLD) is in a downtrend and has fallen significantly to the bottom of the chart. The altcoin reversed the upward correction when it fell below the moving average lines at the high of $2.40. 

Today, the altcoin has fallen to a low of $1.70. If the downtrend continues, the market will fall to a low above $1.40. Since the drop on August 5, buyers have defended support at $1.40. WLD is the fifth worst performing cryptocurrency. It has the following characteristics:

The current price: $1.71

Market Capitalization:  $1,031,317,828.54

Trading Volume:  $180,413,764.14

7–day loss: 13.45% 

Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.