Weekly Analysis of the Cryptocurrency Market: Altcoins Return to Oversold Areas as Selling Pressure Remains - OhNo WTF Crypto

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Weekly Analysis of the Cryptocurrency Market: Altcoins Return to Oversold Areas as Selling Pressure Remains

#OhNoCrypto

Oct 29, 2022 at 10:40 //

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Altcoins return to oversold areas

The cryptocurrencies listed below have dropped significantly into the lower areas of the charts. Currently, altcoins are trading in the oversold areas of the market. It is likely that buyers will emerge in the oversold areas as the current selling pressure subsides.

Chain 

Chain (XCN) has been in a downtrend since July 10. The cryptocurrency has dropped significantly to the low of $0.050. XCN has fallen into the oversold zone of the market. Selling pressure is likely to ease when the market reaches the oversold region. This zone will likely attract buyers. XCN is oversold as it is below the 20% area of the daily stochastic. Chain is the cryptocurrency with the lowest performance this week. It has the following characteristics: 

XCNUSD(Daily Chart) - October 28.png

Price: $0.05162
Market capitalization: $2,760,173,900
Trading volume: $13,094,858 
7-day loss: 22.17% 

Maker 

Maker (MKR) is in a downtrend as the cryptocurrency price has dropped below the 21-day line SMA. It is trading above the 50-day line SMA but below the 21-day line. MKR will probably be forced to move between the moving averages. On the downside, the downtrend will continue if the price falls below the 50-day line SMA.  

On the plus side, the uptrend will resume if buyers keep the price above the 21-day line SMA. The altcoin will rise and regain the previous high of $1,100. The daily stochastic is below 20% in the oversold region. Buyers will emerge and push prices higher. Maker is the cryptocurrency with the second worst performance last week. It has the following characteristics: 

MKRUSD(Daily Chart) - October 28.png

Price: $902.44
Market capitalization: $905,474,189
Trading volume: $42,314,059 
7-day loss: 13.67% 

Casper 

Casper (CSPR) is in an uptrend, rising to a high of $0.055 and then retreating. The current uptrend has been broken since October 16. For the past two weeks, the altcoin has been in a sideways movement below the recent high. Today, the altcoin fell above the 21-day line SMA. The sideways trend could continue if the 21-day line holds. Selling pressure could pick up again if the bears fall below the 21-day line SMA. Casper is in a bearish momentum below the 40% area of the daily stochastic. It is the cryptocurrency with the third worst performance this week. It has the following characteristics: 

CSPRUSD(Daily Chart) - October 28.png

Price: $0.04262
Market capitalization: $479,178,674
Trading volume: $20,360,128 
7-day loss: 11.03% 

Quant 

Quant (QNT) is in a downtrend as the price has fallen below the 21-day line SMA. The previous uptrend ended on October 17. If the price falls below the 21-day line SMA, the bearish momentum will extend to the 50-day line SMA. 

Meanwhile, on October 20, QNT made an upward correction and a candlestick tested the 61.8% Fibonacci retracement level. The correction indicates that the altcoin will fall to the level of 1.618 Fibonacci extension or $128.62. QNT has reached the oversold area below the 20% range of the daily stochastic. It is the cryptocurrency with the fourth worst performance this week. It has the following characteristics:  

QNTUSD(Daily Chart) - October 28.png

Price: $168.18
Market capitalization: $2,458,372,438
Trading volume: $83,810,230 
7-day loss: 10.97% 

Helium 

Helium (HNT) has been in a sideways trend since the bearish plunge on September 6. The price of the cryptocurrency has fallen below the moving average lines and started a range-bound movement. The price bars are characterized by small indecisive candles called doji. These are responsible for the range-bound movement of the altcoin.  

The candlesticks indicate the indecision between buyers and sellers regarding the direction of the market. HNT is below the 20% range of the daily stochastic. The moving average lines are horizontally sloped and show the trend. Helium is the fifth worst performing cryptocurrency this week with the following characteristics:

HNTUSD(Daily Chart) - October 28.png

Price: $4.12
Market capitalization: $913,254,547
Trading volume: $4,340,755 
7-day loss: 4.15%

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 research before investing in funds.



OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow