Altcoins Are Experiencing a Downward Trend and are Unable to Recover.

In the bearish trend zone, Bitcoin and the altcoins are shedding value this week.

This week, Bitcoin and the altcoins are moving downwards as the cryptos are losing value in the bearish trend zone. BSV and KAVA, on the other hand, seem quite promising as they trade in the uptrend zone. The market is down, so let us take a look at some altcoins.

Bitcoin SV

The price of Bitcoin SV (BSV) has risen above its moving averages, indicating an uptrend. The altcoin rallied and reached a peak of $44.05 on May 9. Upon crossing the moving average lines, the cryptocurrency reversed its upward trend immediately. If purchasers maintain bullish momentum above the moving average lines, BSV will rise. BSV is currently priced at $35.90 per unit. On the other hand, the price indicator suggests that the cryptocurrency will continue to rise. A retraced candlestick touched the 38.2% Fibonacci retracement line during the upward movement on May 9. BSV will increase to the 1.618 Fibonacci extension level, or $66.38. When the altcoin is trading above the daily stochastic level of 40, a favorable trend is present. BSV has been the most popular cryptocurrency this week. It possesses the following qualities:

 

Current price: $35.91


Market capitalization: $756,549,362


Trading volume: $132,976,903 


7-day gain/loss: 8.11%

 
 
 
 
 

Kava

Kava (KAVA) has surpassed the moving average lines, indicating an upward reversal. At the upward correction's peak of $0.90, it is rejected. If the price retraces above the the moving average lines  , the upward trend will persist. The altcoin will advance, but it will be rejected at $0.095. At the time of writing, KAVA costs $0.84 per ounce. If the price falls below the lines of the moving average, selling pressure will resume. The altcoin will reach a minimum value of $0.71. Bears are presently struggling to break below the 50-day simple moving average line. The cryptocurrency will be trapped between the moving average lines if the bears are effective. If KAVA descends, the price will be constrained to move between the moving average lines. The cryptocurrency is rising above the period 14 Relative Strength Index of 56. KAVA is the digital currency with the second-best performance.

 

Current price: $0.8636


Market capitalization: $439,433,603

 


Trading volume: $124,316,852


7-day gain/loss: 6.96%

 

FLOKI

The price of FLOKI (FLOKI) is in a sideways trend as it trades below its 21-day simple moving average. The altcoin is traded infrequently. Price movement is determined by Doji candles, which have a small body and an indecisive appearance. The candlesticks are horizontally smooth. Currently, the altcoin is consolidating above the present support and trading at $0.00003472. The levels of support and resistance are not visible. The altcoin is in an uptrend above the daily stochastic threshold of 40. FLOKI is the third highest performing cryptocurrency. It possesses the following qualities:

 

 

Current price: $0.00003378


Market capitalization: $667,159,594


Trading volume: $72,955,293


7-day gain/loss: 4.42% 

 

Cosmos

The price of Cosmos (ATOM) has fallen below the moving average lines. Despite the altcoin's uptrend, the 21-day SMA line rejects it. If buyers cannot maintain the price above the moving average lines, the current decline may persist. The price signal, however, indicates that the cryptocurrency will continue to decline. Currently trading at $11.00, Cosmos is attempting to surpass its previous high. ATOM made a downward correction on April 21, but it was rebuffed by the moving average lines. A candlestick was used to verify the 50% level of Fibonacci retracement. After the correction, ATOM will decline to the Fibonacci extension level 2.0, or $8.54. At level 47 of the 14-period Relative Strength Index, the altcoin entered the bearish zone. ATOM is the fourth-best cryptocurrency. Its characteristics are listed in this section.

 

 

Current price: $11.07


Market capitalization: $3,170,598,321

 


Trading volume: $150,246,584 


7-day gain/loss: 1.16%

 

 

BitDAO

BitDAO's (BIT) price falls below the moving average lines. Three times, buyers attempted to maintain the price above the moving average lines, but $0.55 in resistance defeated them each time. BIT is moving sideways below the $0.55 level of resistance. In addition, the price of the cryptocurrency asset varies between $0.45 and $0.55. However, the altcoin is currently trading below the moving average lines and at $0.48. If buyers surmount the resistance at $0.55, the upward trend will resume. The price of BIT will rise and revert to its previous peak of $0.64. On the daily chart, below the stochastic value of 50, the negative momentum has paused. BIT, the fifth-performing cryptocurrency, possesses the following characteristics:

 

 

Current price: $0.4755


Market capitalization: $4,754,937,014 


Trading volume: $5,422,748


7-day gain/loss: 0.19%

 

Bruno Kelvin

320 Blog posts

Comments
Francis Precious 38 w

Good article

 
 
Adeleke Ajibola 47 w

also delivering sustainable growth and profitability

 
 
Ganiyu Raji 48 w

Nice info