Join Our Telegram channel to stay up to date on breaking news coverage
The cryptocurrencies are in a downward move after facing rejection at their respective overhead resistance levels. MKR and APE are in a downward correction as price breaks below the moving average lines. Nonetheless, DCR, ROSE, and GRT are likely to regain bullish momentum as the altcoins trade above the moving average lines. Let us examine each of these weakest altcoins for the week.
Maker
Maker (MKR) is in a downward correction as price breaks above the moving average lines. The upward correction was short-lived as the altcoin faces rejection at the recent high. On August 11, the crypto rallied to the high of $1,223 but was repelled.
The crypto’s price is attempting to break below the moving average lines which will accelerate the selling pressure. On the downside, MKR will decline to the low of $851 if the bears break below the moving average lines. On the other hand, if MKR holds above the 50-day line SMA, the altcoin will be in range bound move between the moving average lines. MKR is below the 2o% range of the daily stochastic. It indicates that the market has reached the oversold region. Buyers are expected to emerge to push prices upward. It is the weakest altcoin for the week. It has the following characteristics:
The current price: $1,007.05
Market Capitalization: $9,085,112,863
Trading Volume: $302,850,198
7–day Gain/Loss: 12.57%
Decred
Decred (DCR) price is trading in the bullish trend zone. The cryptocurrency retraced above the moving average line after the recent price rebound. On the upside, if the coin holds above the moving average lines, the uptrend will resume revisiting the resistance at $64.
Conversely, if price breaks below the moving average lines, the selling pressure will resume. DCR will further decline to $26 low. Meanwhile, the altcoin is at level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The altcoin is the second-weakest altcoin at the moment. It has the following characteristics:
The current price: $32.58
Market Capitalization: $684,078,904
Trading Volume: $3,158,257
7–day Gain/Los: 11.91%
ApeCoin
ApeCoin’s (APE) price is in a downward correction as the altcoin faces rejection at the recent high. The cryptocurrency has fallen below the 21-day line SMA. The altcoin is now trading between moving average lines. ApeCoin is trading at $6.26 at the time of writing. Nonetheless, the price movement has been insignificant because of the presence of small body indecisive candlesticks called Doji.
However, the altcoin will trend when the moving average lines are broken. Presently, the coin is falling to the downside. On the downside, if price breaks below the 50-day line, APE will decline to $5.16 low. However, the range-bound move will resume, if the 50-day line SMA holds. APE is below the 2o% range of the daily stochastic. It indicates that the market has reached the oversold region. Selling pressure will soon subside. Buyers are expected to emerge to push prices upward. It has the following characteristics:
The current price: $6.6
Market Capitalization: $6,258,817,577
Trading Volume: $340,694,095
7–day Gain/Loss: 11.85%
Oasis Network
Oasis Network (ROSE) has been in a sideways ways move since May 12 price slump. On July 28, the altcoin rebounded to reach the high of $0.11. The cryptocurrency reached the overbought region of the market and was repelled. ROSE has retraced above the 21-day line SMA. On the upside, if the altcoin holds above the moving average lines, it will revisit the previous highs of $0.11.
A break above the recent high will push the altcoin to the high of $0.14 or $0.20. Conversely, if the bears break below the moving average line, ROSE will decline and fall to the range-bound zone between $0.04 and $0.07 price levels. Meanwhile, the altcoin is at level 58 of the Relative Strength Index for period 14. The altcoin is in the uptrend zone and may further rise. It is the fourth-weakest altcoin at the moment. It has the following characteristics:
The current price: $0.09327
Market Capitalization: $930,824,711
Trading Volume: $57,795,866
7–day Gain/Loss: 10.46%
The Graph
The Graph (GRT) is in an uptrend as price breaks above moving average lines. The crypto’s price is making a series of higher highs and higher lows. Today, it is making a higher low as it retraced above the 21-day line SMA. The uptrend will resume if the current retracement subsides.
Meanwhile, on July 30 uptrend; a retraced candle body tested the 38% Fibonacci retracement level. The retracement suggests that GRT will rise to level 2.618 Fibonacci extension or $0.22. Meanwhile, GRT is at level 53 of the Relative Strength Index for period 14. It indicates that the altcoin is in the bullish trend zone and may further rise. It is the fifth weakest altcoin for the week. It has the following characteristics:
The current price: $0.1332
Market Capitalization: $1,339,585,786
Trading Volume: $239,475,842
7–day Gain/LOSS %: 9.77%
Related:
Join Our Telegram channel to stay up to date on breaking news coverage
