Weekly Cryptocurrency Market Analysis: Altcoins in a Recent Breakdown as Cryptos Reach the Bottom of the Market

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Jun 14, 2022 at 12:03 // Price

Virtually, cryptos’ percentage performances are in the red due to the recent collapse. On Monday, June 13, the blockchain industry collectively collapsed as traders and investors expressed dismay over the current state of cryptos. The cryptos below are the altcoins that have performed the best despite the recent collapse.

UNUS SED LEO

UNUS SED LEO (LEO) is in an uptrend, but has fallen below the 21-day line SMA. Last week, the cryptocurrency was forced to trade below the 21-day line SMA and the 50-day line SMA LEO will regain upward momentum if the price rises above the 21-day line SMA. Similarly, the altcoin will fall if the price drops below the 50-day line SMA. 

At the time of writing, LEO/USD is trading at $5.40. If the bulls overcome the 21-day line SMA, the altcoin will rise and regain the previous high of $8.14. LEO/USD is above the 40% area of the daily stochastic. It is the best performing cryptocurrency in the past week. It has the following characteristics:

Price: $5.36

Market capitalization: $5,268,156,590

Trading volume: $8,276,798 

7-day gain: 2.59%.

PAX Gold

PAX Gold (PAXG) is in a downtrend as the price falls below the 21-day line SMA and the 50-day line SMA. It is likely that the cryptocurrency will continue to fall to the previous low of $1,802. In the previous price action, buyers pushed the altcoin to the high of $1,892 but were rejected. 

Meanwhile, PAXG is at level 41 of the Relative Strength Index for period 14. The cryptocurrency is in the downtrend zone and is capable of further downward movement. PAXG is the cryptocurrency with the second best performance in the past week. It has the following characteristics:

Price: $1,832.87

Market capitalization: $610,229,456

Trading volume: $113,755,731 

7-day gain: 0.71%

Bitcoin SV

Bitcoin SV (BSV) is in a downtrend as the price broke above the moving averages but was unable to sustain the upside momentum. The cryptocurrency was bounced off the $62 high as it retreated above the 21-day line SMA. It is likely to fluctuate between the moving average lines. 

Currently, the cryptocurrency price is moving above the 21-day line SMA. The BSV will rise to retest or break the 50-day line SMA if the current support holds. On the other hand, if the bears break the 21-day line SMA, the market will fall back to the previous low. Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that BSV is likely to fall and reverse at the Fibonacci retracement level of 1.272 or at $35.49. BSV is the cryptocurrency with the third best performance last week. It has the following characteristics:

Price: $55.74

Market capitalization:$1,170,561,030

Trading volume: $510,238,170 

7-day gain: 2.30%

OKB

OKB (OKB) is in a downward correction as bulls defend $11 support. The cryptocurrency has been fluctuating between $11 and $14 for the past three weeks. OKB will regain the previous low at $9 if the bears fall below the current support. 

Meanwhile, the downtrend retraced a candlestick that tested the 78.6% Fibonacci retracement level on May 12. The retracement suggests that OKB is likely to fall and make a reversal at the Fibonacci retracement level of 1.272 or at $8.77. It is the cryptocurrency with the fourth best performance last week. It has the following characteristics: 

Price: $11.01

Market capitalization: $3,290,121,526

Trading volume: $17,430,366 

7-day gain: 4.51%

Theta Network

Theta Network (THETA) is in a downward correction as the price fluctuates between $1 and $1.60. Bulls broke out above the 21-day line SMA on May 30 and June 6, but were rejected. The altcoin will drop to $0.78 if the bears fall below the $1.00 support. 

Meanwhile, the downtrend tested a candlestick on May 11 that retook the 78.6% Fibonacci retracement level. The retracement suggests that THETA is likely to fall and reverse at the Fibonacci retracement level of 1.272 or at the $0.78 price level. It is the cryptocurrency with the fifth best performance last week. It has the following characteristics:

Price: $1.19

Market capitalization: $1,185,887,082

Trading volume: $186,159,600 

7-day gain: 6.76%

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 funds.