Weekly Cryptocurrency Market Analysis: Altcoins Face Rejection from Overhead Resistance as Bears Sell on Rallies

Altcoins have fallen off their respective overhead resistance as the market reached overbought regions. This indicates that the short-term sentiment was unfavorable. The following cryptocurrencies showed the worst performance in the last 7 days.

Nexo

Nexo (NEXO) is in a downtrend after testing resistance at $3.50. The cryptocurrency has fallen to support above the 50-day moving average line, but is below the 21-day moving average line. Selling pressure will resume if the price falls below the 50-day moving average. This would send the market down to a low of $1.62. However, if the current support holds, the altcoin will resume its move between the moving averages. Nexo was the biggest loser last week. Below are some of its characteristics:

Price: $2.68

Market capitalization: $2,684,492,116

Trading volume: $13,765,977 

7-day loss: 19.04%

SHIBA INU

SHIBA INU (SHIB) is in a downtrend. Sellers have pushed the cryptocurrency asset below its moving average and to its previous low of $0.00004277. This suggests that the altcoin will continue to drop lower. The altcoin was the second biggest loser in the previous week.

Meanwhile, on November 4, the downtrend has seen a retreating candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that SHIB will fall to the level of the 1.618 Fibonacci extension or $0.00001359. The altcoin has the following characteristics:

Price: $0.00004252

Market capitalization: $25,161,287,946

Trading volume: $1,744,647,141 

7-day loss: 15.41%

VeChain

VeChain (VET) is in a downtrend after forming a bearish double top pattern. The cryptocurrency has fallen from a high of $0.18 to a low of $0.12. Further downside is possible as the altcoin is trading below the moving averages. The current downtrend could also extend to the previous low of $0.11 or $10. Meanwhile, on November 11, the downtrend tested the 38.2% Fibonacci retracement level. The retracement suggests that VET will fall to the 2.618 Fibonacci Extension level or $0.096. The altcoin has the following features:

Price: $0.1288

Market capitalization: $11,164,306,431

Trading volume: $558,906,998 

7-day loss: 14.42%

ICON

ICON (ICX) is in a sideways movement below the overhead resistance of $2.60. Today, the cryptocurrency fell to the low of $2.02 after being rejected by the overhead resistance. The overhead resistance has not been breached since November 2, but buyers have retested the overhead resistance on three occasions. Each time the market fell back to the $2.00 support level. Today, the upward move resumed, retesting overhead resistance. The ICON was the fourth biggest loser last week. The cryptocurrency has the following characteristics:

Price: $2.12

Market capitalization: $1,695,789,304

Trading volume: $211,836,714 

7-day loss: 14.23%

PancakeSwap

PancakeSwap (CAKE) is downtrending. The cryptocurrency’s price has broken below the moving averages, indicating further downside price action. The altcoin has fallen from a high of $26 to a low of $14.84. The downtrend is likely to continue to the next support at $11.50. Meanwhile, on September 9, the downtrend has seen a retreating candlestick testing the 50% Fibonacci retracement level. The retracement suggests that CAKE will fall to the 2.0 Fibonacci extension level or $8.73. The cryptocurrency seems to be the fifth biggest loser of the past week. It has the following characteristics:

Price: $14.85

Market capitalization: $3,630,644,819

Trading volume: $234,639,130 

7-day loss: 13.32%

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 own research before investing funds.                      

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