Altcoins in a sideways trend as cryptocurrencies fight to regain bullish momentum

Altcoins in a sideways trend as cryptocurrencies fight to regain bullish momentum

Following a rejection at levels of superior resistance, the cryptocurrency market is currently in a downward trend. The price of altcoins has recently dropped below their respective moving average lines. When the price bars fall below the moving averages, there is a greater possibility that the price will continue to fall.

Nexo

Nexo (NEXO) is now trading in an uptrend, however the price is running into opposition at the $1.21 high. The cryptocurrency has dropped below the 21-day line SMA. In other words, the cryptocurrency’s price is fluctuating between the lines that represent the moving average. If the price of NEXO is able to ascend above the 21-day simple moving average (SMA), the uptrend in the NEXO price will restart. The alternative coin will continue to show strength and eventually approach the barrier located at $1.21. A successful breach of this barrier of resistance will indicate that the upswing has resumed.

If the price drops below the 50-day simple moving average, on the other hand, the downward trend will resume. The recent upward trend should now be finished. The price of NEXO is going to keep going down until it reaches $0.57. Meanwhile, the altcoin is below the 20% zone of the daily stochastic. This indicates that the market has reached the point where it is considered to be oversold. When buyers begin to arrive in the oversold region, the selling pressure will begin to lessen. During the past week, NEXO has been the cryptocurrency asset that has performed the worst. The following are some of its defining characteristics:

Price: $0.8636
Capitalization of the market: 863 295 357 dollars
Trading volume: $16,133,161
7-day loss: 21.27%

Helium

Because it has fallen below its moving average lines, the price of helium (HNT) is currently engaging in a downward trend. As the bears continue to sell off their holdings, the price of the cryptocurrency falls to $3.98. HNT reached a high of $57 during the previous upswing that it was in. As the altcoin reached an overbought region, the buyers of the cryptocurrency were unable to keep up their positive momentum.

The oversold region of the market was reached today as the alternative cryptocurrency reached a low of $3.98. The Relative Strength Index of period 14 shows that HNT is currently at level 30, which indicates that the market has hit the oversold region. In the meantime, As more buyers come into the oversold region, the level of selling pressure is likely to decrease. It is the cryptocurrency that has experienced the second-worst performance over the past week. The following are some of its defining characteristics:

Price: $4.78
Market capitalization: $1,066,727,746
Trading volume: $119,112,527
7-day loss: 21.19%

Kava

The price of kava, denoted by the symbol KAVA, is exhibiting a downward trend and has diminished substantially. The alternative coin had been moving sideways for some time as it failed to break through the overhead barrier at $7.00. The price of the cryptocurrency falls to a low of $1.32 and then continues to consolidate above the present support level. There were three attempts made by sellers to break through the present support, which is located at $1.32, but they were unsuccessful.

During the same time period, a retraced candle body tested the 78.6% Fibonacci retracement level on August 9 during a downward trend. The retracement indicates that KAVA may decline, but the price will likely turn around at the level of 1.272 Fibonacci extension, which is equivalent to $0.43.

The altcoin’s daily stochastics indicate that it is currently trading below the 20% region. The market has reached the point where it is considered to be oversold. It is likely that the pressure to sell will lessen. It is the digital asset that ranks third last in terms of its performance over the past week. The following are some of its defining characteristics:



Price: $1.59
Capitalization of the market: 404,305,403 dollars
Trading volume: $11,661,522
7-day loss: 19.37%

Flow

The price of Flow (FLOW) has recently broken below its moving average line, which indicates a downward trend for the cryptocurrency. The price of the cryptocurrency hit a new low of $1.67 on August 28, as bulls bought the dips in the market. The alternative cryptocurrency entered an oversold region of the market. As the altcoin continues to oscillate below the moving average lines, the selling pressure has begun to relax. FLOW will climb and retarget the overpowering resistance level of $3.00 if the bulls are successful in breaking the moving average lines to the upside. In the meantime, the price of the alternative cryptocurrency is ranging from $1.67 to $2.16. The FLOW indicator is currently trading higher than the 40% area of the daily stochastic. The impetus for the cryptocurrency’s price increase is optimistic. It is the cryptocurrency that has had the fourth lowest performance over the course of this week. The following are some of its defining characteristics:

Price: $1.87
Capitalization of the market: 2,582,785,482 dollars
Trading volume: $30,325,556
7-day loss: 12.93%

Chilis

Chiliz (CHZ) is exhibiting a trend that is moving sideways, as the cryptocurrency is currently trading below the $1.00 overhead resistance. On September 8, Chiliz climbed back up to the $1.00 overbought region after a strong rally. As it went back into a range, the alternative cryptocurrency experienced a pullback. Today, CHZ’s price action is ranging between the lines of its moving averages.

When the lines of the moving average are broken, a trend for the coin will begin to develop. For instance, if the bulls manage to break the 50-day line of the simple moving average, the altcoin would climb and retest the resistance that is currently overriding it. It can be found in the area of the daily stochastics that is lower than 80%. The price momentum for the coin is currently unfavorable.

CHZ, on the other hand, has the fifth-worst performance of all cryptocurrencies over the past week. The following are some of its defining characteristics:

Price: $1.87
Capitalization of the market: 2,582,785,482 dollars
Trading volume: $30,325,556
7-day loss: 12.93%