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Weekly Cryptocurrency Analysis: Altcoins Slide After Recent Peak

Jan 02, 2024 at 10:08 // Price

The worst performing cryptocurrencies are declining as they fail to establish an uptrend above their previous highs.

Some altcoins are currently in a bearish trend zone. In the following sections, each of these cryptocurrencies will be discussed in detail.

WEMIX

The price of WEMIX (WEMIX) has fallen after its recent rise. During the last surge, the market reached a high of $3.91 on December 7, but was rejected. On December 12, the altcoin rose and reached the $4.00 resistance level, leading to a subsequent decline. The uptrend came to an end today as the price broke below the moving average lines. The cryptocurrency was trading at $2.48 at the time of writing.

The decline is expected to continue until the price reaches $1.70. The breakout level of the November 6 upswing is at $1.70. WEMIX is the worst performing altcoin. Some characteristic features are as follows:

Price: $2.55

Market capitalization: $2,418,982,483

Trading volume: $36,389,386

7–day loss: 14.23%

WEMIXUSD_(Daily Chart) – DEC.30.jpg

Bonk

Bonk (BONK) is falling after reaching the resistance level of $0.00003498. The upswing from December 14 has come to an end. The previous upswing ended at $0.00002500. The altcoin is now trading between the moving average lines. BONK is worth $0.00001418 at the time of writing. The current price slide could extend above the 50-day SMA or the support level of $0.00001000. If the price falls below the moving average lines, the selling pressure will continue. The sideways movement will continue if the moving averages are not broken.

Bonk is the second worst performing cryptocurrency according to these criteria:

Price: $0.00001415

Market capitalization: $1.42B

Trading volume: $149.13M

7–day loss: 21.42%

BONKUSD_(Daily Chart) – DEC.30.jpg

Terra Classic

Terra Classic (LUNC) is in an uptrend after recovering from a previous decline. The uptrend has stalled after reaching a high of $0.0002797. The cryptocurrency fell below the 21-day simple moving average and rose above the 50-day simple moving average. LUNC is expected to maintain its volatility between the moving average lines if the 50-day SMA support holds. The altcoin is currently valued at $0.0001390. Should the bears break below the 50-day simple moving average, the altcoin will drop to a low of $0.00009500. LUNC was ranked third worst in terms of performance. It has the following characteristics:

Price: $0.0001443

Market capitalization: $984.02M

Trading volume: $40.54M

7–day loss: 13.25%

LUNCUSD (Daily Chart) – DEC.30.jpg

Avalanche

The price of Avalanche (AVAX) is rising after the recent drop. The altcoin peaked at $48 before falling. AVAX has slipped below the 21-day SMA but remains above the 50-day SMA. The altcoin has fallen to a low of $39.28. The negative momentum is expected to extend to a low above the 50-day simple moving average or a low of $32. The price of cryptocurrencies will rebound if the support of the 50-day SMA holds. The resumption of an uptrend will be signaled by a break above the 21-day SMA. In terms of performance, AVAX is the fourth worst performing cryptocurrency. It has the following characteristics:

Price: $39.45

Market capitalization: $28,402,189,727

Trading volume: $596,282,133

7–day loss: 10.96%

AVAXUSD (Daily Chart) – DEC.30.jpg

Fantom

Fantom (FTM) is still in an uptrend, with a series of higher highs and higher lows. The altcoin has pulled back above the 21-day SMA after hitting resistance at $0.55. FTM will continue its uptrend if the retracement remains above the 21-day SMA. If the 21-day SMA support is broken, the downtrend will resume and could make a low above the 50-day SMA. The market has hit a low of $0.45 today. 

FTM is the fifth worst performing cryptocurrency for the following reasons: 

Price: $0.4675

Market capitalization: $1,484,217,979

Trading volume: $69,632,595

7–day loss: 7.66%

FTMUSD (Daily Chart) – DEC.30.jpg

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 the research before investing in funds.

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