Weekly Cryptocurrency Market Analysis: Altcoins Reverse Direction As Cryptos Try To Rise

Oct 26, 2023 at 11:25 // Price
Author
Coin Idol
There is a risk that the altcoins will continue to fall

Five cryptocurrencies showing the biggest price fall of the week are Trust Wallet Token, Conflux, XDC Network, Rocket Pool, Klaytn.  Cryptocurrency analysis by Coinidol.com.

The cryptocurrencies listed below are the worst performing altcoins of the week. With the exception of the Trust Wallet token, all other cryptocurrencies are in a declining trend. There is a risk that the altcoins will continue to fall. 

Trust Wallet Token

The price of Trust Wallet Token (TWT) is on the rise. The price of the altcoin is rising in a series of higher highs and higher lows. Since October 15, the uptrend has been stopped around the high of $1.10. The altcoin is currently on a pullback to the downside. If the altcoin finds support above the moving average lines, the rise will resume. TWT will rise when the current obstacle is overcome. Meanwhile, a retreating candlestick tested the 61.8% Fibonacci retracement line of the October 8 rise. The retracement is expected to cause TWT to rise to the level of the 1.618 Fibonacci extension, or $1.24. Meanwhile, the altcoin is trading in the overbought zone.TWT is the worst performing coin due to the following characteristics:

TWTUSD_(Daily Chart) – OCT. 22.23.jpg

Current price: $1.03

Market capitalization: $1,028,093,004

Trading volume: $16,842,285 

7–day gain/loss: 8.82%

Conflux

The price of Conflux (CFX) continued selling pressure after breaking the previous low of August 17. The altcoin broke through the support level of $0.11 and reached a low of $0.10. The cryptocurrency corrected upwards to retest the support level of $0.11, which is now a resistance level. The retest signals that the downtrend will continue. The coin is significantly oversold in the market. It is doubtful that the currency will continue to fall. CFX is the second worst cryptocurrency. Some of its distinguishing characteristics are as follows: 

CFXUSD_(Daily Chart) – OCT. 22.23.jpg

Current price: $0.106

Market capitalization: $559,452,847

Trading volume: $19,017,118 

7–day loss: 7.98%

XDC Network

XDC Network (XDC) price is still falling below the moving average lines. Doji candlesticks have limited the price movement since their appearance. Currently, the altcoin will continue to fall to the past lows. Altcoin reversed to the upside on August 26, and a candlestick tested the 78.6% Fibonacci retracement level. The correction predicts that XDC will continue to fall but will reverse at the 1.272 Fibonacci extension or $0.039. As a result of the price activity, XDC has fallen to a low of $0.046. The characteristics of the third worst cryptocurrency are as follows:

XDCUSD(Daily Chart) – OCT. 22.23.jpg

Current price: $0.04577

Market capitalization: $1,726,040,648

Trading volume: $3,205,740 

7–day loss: 4.98%

Rocket Pool

The price of Rocket Pool (RPL) has dropped and is now exceeding the lower price levels. As the bulls bought the dips, the altcoin fell to a low of $16.85. RPL recovered but became resistant at the 21-day SMA. The altcoin is slowly falling back to the current support level of $17. The crypto price is heavily oversold in the market. If buyers emerge in the oversold area of the market, the cryptocurrency will recover. Based on the following characteristics, RPL is the fourth worst cryptocurrency: 

RPLUSD_(Daily Chart) – OCT. 22.23.jpg

Current price: $19.18

Market capitalization: $379,216,683

Trading volume: $1,784,235 

7–day loss: 4.89%

Klaytn

Klaytn (KLAY) is now trading at the bottom of the chart. After hitting a low of $0.10, the cryptocurrency asset is correcting upwards. The altcoin has regained bullish momentum as the price breaks above the moving average lines. KLAY reached a high of $0.13 before retreating above the moving average lines. If the price finds support above the moving average lines, the current uptrend will resume. The altcoin is currently trading above the moving average lines and reached a high of $0.12. KLAY is the fifth worst performing coin this week. It has the following characteristics:

KLAYUSD_(Daily Chart) – OCT. 22.23.jpg

Current price: $0.1232.

Market capitalization: $720,341,612

Trading volume: $7,587,682 

7–day loss: 4.23%

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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