Weekly Cryptocurrency Market Analysis: Altcoins Reach Bearish Exhaustion As Lower Price Levels Will Attract Buyers

Date:

Dec 19, 2022 at 15:03 // Price

The bear market in cryptocurrencies has run its course

Cryptocurrency prices are down sharply and have moved into a more bearish trend zone.

Altcoins XCN, FIL, FLOW and STX have seen steep declines as they approach their lowest price points. In other words, the bear market in cryptocurrencies has run its course. The only cryptocurrency that has recovered during the current slump is TWT. We will discuss these cryptocurrencies in detail.

Trust Wallet Token

The price of Trust Wallet Token (TWT) is falling as the price drops below the moving average lines. The cryptocurrency has been trading in the bullish trend zone since November 14. The altcoin reached a high of $2.74, but was rejected at that point. Buyers tried to maintain the rise last month, but without success. TWT was rejected at the $2.60 resistance level on December 14. The price of TWT fell to a low of $1.24 today before rebounding. The altcoin is currently in the downtrend zone and could fall further. The daily stochastic for the altcoin is trading below the 20 level and bearish fatigue has been reached in the current price slide. As the market enters oversold territory, a further decline is unlikely. TWT has been the worst performer this week and has the characteristics listed below.

TWTUSD(Daily Chart) - December 17.22.jpg

Current price: $1.59

Market capitalization: $1,587,919,449

Trading volume: $202,185,531 

7-day gain/loss %: 37.10

Chain

Chain (XCN) has fallen to a low of $0.024 and is currently in a downtrend. The crypto asset has fallen from its high of $0.107 to its current level of $0.024. The altcoin has dropped significantly as it approaches oversold territory. The slide has reached bearish fatigue. Doji candlesticks, which have a small body and lack determination, have been used to define price fluctuations. For period 14 of the Relative Strength Index, the altcoin is at level 20. The market has oversold and is now there. The current slide is likely to stop. Its performance this week is the second worst among cryptocurrencies. Features of the cryptocurrency include:

XCNUSD(Daily Chart ) - December 17.22.jpg

Current price: $0.02474 

Market capitalization: $1,323,022,099 

Trading volume: $8,827,140 

7-day gain/loss %: 33.46%

Filecoin

The price of Filecoin (FIL) is falling and approaching the bottom of the chart. The price movement was determined by doji candlesticks, which have small bodies and are indecisive. The altcoin fell to a low of $2.37 yesterday, but was rejected at the moving average lines. FIL is currently trading at the bottom of the chart and in an oversold area. FIL completed an upside reversal during the decline that started on November 9, and a candlestick body tested the 78.6% Fibonacci retracement level. After the correction, FIL will fall but reverse at the 1.272 Fibonacci extension level, or $3.42. The cryptocurrency is below the daily stochastic level of 20, indicating that the market has entered the oversold zone. Bearish fatigue has been reached with selling pressure. Below is Filecoin, the cryptocurrency with the third worst performance.

FILUSD(Daily Chart_ - December 17.22.jpg

Current price: $3.04

Market capitalization: $1,034,762,713

Trading Volume: $411,328,503 

7-Day Gain/Loss: 30.73%

Flow

Flow (FLOW) has been declining and has lost significant value since peaking at $3.14 in August 2022. The altcoin is currently selling for $0.74. FLOW had an upside reversal during the downturn on November 9 and a candlestick tested the 78.6% Fibonacci retracement line. After the correction, FLOW will fall but turn around at the level of 1.272 Fibonacci extension or $0.90. According to the price movement, the cryptocurrency has fallen to $0.74. The oversold area of the market is the area where FLOW is trading. For the period of 14 years, it is at level 20 of the Relative Strength Index. FLOW is the cryptocurrency with the fourth worst performance. Lower price points attract buyers. Flow’s characteristics are as follows: 

FLOWUSD(Daily Chart) - December 17.22.jpg

Current Price: $0.7499

Market capitalization: $1,029,616,380

Trading Volume: $1,029,616,380 

7-Day Gain/Loss: 26.21% 

Stacks

Stacks (STX) has reached its bearish exhaustion and is currently bearish. As the bulls bought the dips, STX plunged to a low of $0.21 on November 9. As the cryptocurrency’s price rose above the moving average lines, it corrected higher. The high of $0.0.32 withstood the upward correction. STX fell to a low of $0.22 today before recovering. The daily stochastic of altcoins is currently below 20. There is a bearish exhaustion point now and the decline may be over. STX is the fifth worst performing cryptocurrency. It has the following characteristics: 

STXUSD(Daily Chart) - December 17.22.jpg

Current price: $0.237

Market capitalization: $430,963,100 

Trading volume: $10,030,691 

7-Day Gain/Loss %: 25.26%

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 in funds.

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