Weekly Cryptocurrency Market Analysis: Altcoins’ Rise Halts As They Return To Previous Lows

Mar 31, 2024 at 17:08 // Price
Author
Coin Idol

The weakest performing cryptocurrencies are facing strong resistance and are unable to reach previous highs.

Altcoins are at risk of falling much further as they have retraced to previous lows. Analysis of KCS, TAO, FTM, FLOKI and KAS by Coinidol.com.

KuCoin Token

KuCoin Token (KCS) has fallen below the moving average lines after reaching resistance at $16.00. The altcoin is recovering from its previous downturn but faces further rejection. Buyers are driving the altcoin to its previous historical price of $29.02. At the time of writing, the altcoin is valued at $11.97. If the price of the cryptocurrency does not break above the moving average lines, it will fall even further to its previous low above the $10 support. 

The uptrend will start when the price breaks above the moving average lines. The altcoin will test its previous high of $16.00. 

KCS is the worst performing coin. It has the following characteristics:

Price: $11.98

Market capitalization: $2,038,699,895

Trading volume: $4,830,739 

7-day loss: 17.98%

KCSUSD_(Daily Chart) – March 29.jpg

T Bittensor

The price of T Bittensor (TAO) has fallen below the moving average lines. Prior to the recent downturn, the cryptocurrency was rejected twice at the $720 overhead resistance. At the time of writing, TAO has fallen to its previous low of $523. The price of the cryptocurrency has fallen below the current support level of $540 and could fall further to a low of $502 or $440. On the upside, the altcoin will resume its uptrend if it holds above the $500 mark. TAO is the second worst performing altcoin. Here are some key characteristics:

Current price: $522.26

Market capitalization: $10.967.417.189

Trading volume: $30,328,452 

7–day loss: 15.95%

TAOUSD(Daily Chart) – March 29.jpg

Fantom

Fantom (FTM) is in an uptrend as it recovers from its previous decline. During the rally on March 22, the altcoin was dumped at its high of $1.22. The cryptocurrency has fallen above the moving average lines after two rejections at the recent high. FTM will continue to grow if it stays above the 21-day SMA. The altcoin is growing as it approaches the historical price of $3.37. 

On the downside, the altcoin will fall above the $0.56 breakout level if the bears break below the 21-day SMA. In the meantime, the altcoin is currently worth $0.99. According to these metrics, FTM is the third worst performing cryptocurrency.

The current price: $0.997

Market capitalization: $3,164,280,034

Trading volume: $191,842,798 

7–day loss: 9.86%

FTMUSD_(Daily Chart) – March 29.jpg

FLOKI

The price of FLOKI (FLOKI) has been rising as it trades in a bull market. The current upswing ended at a high of $0.0003000. The price of the cryptocurrency has declined and consolidated above the 21-day SMA. The current uptrend will continue if the altcoin stays above the 21-day SMA. The market will rise and test its previous high of $0.0003000. 

On the other hand, if the bears break the 21-day SMA, the cryptocurrency will fall. FLOKI will fall above the 50-day SMA or $0.00014038. At the time of writing, FLOKI is now worth $0.0002476. The fourth worst performing altcoin is FLOKI. Here are some important characteristics:

Current price: $0.0002476

Market capitalization: $2.4B

Trading volume: $1.04B 

7–day loss: 8.86%

FLOKIUSD (Daily Chart) – March 29.jpg

Kaspa

The price of Kaspa (KAS) is also in an uptrend, although it is trading in a bull market. The price of the cryptocurrency is forming a series of higher highs and higher lows. The uptrend has paused after reaching a high of $0.155 on November 19, 2023. The altcoin is now in a sideways trend and trading below the $0.16 resistance level. 

The uptrend will continue if buyers break above the resistance at $0.18. Otherwise, the altcoin will trade between $0.11 and $0.18. The altcoin is now worth $0.136. KAS is the fifth worst performing coin. It has the following characteristics:

Price: $0.1367

Market capitalization: $3,917,705,803

Trading volume: $54,370,612 

7–day loss: 8.51%

KASUSD_(Daily Chart) – March 29.jpg

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.com. Readers should do their research before investing in funds. 

Comments

Post a Comment

Popular posts from this blog

Analyst: ETH Not Ready for Bull Run till Huge Correction

Image
Benjamin Cowen, a cryptocurrency strategist, is bearish on Ethereum (ETH) because the second-largest digital asset has failed to climb back above a key resistance level. In a new video, Cowen tells his 785,000 YouTube subscribers that the price of Ethereum is likely to go down because there is a lot of “anxiety” around the $1,800 mark. Cowen says that there isn’t as much “apathy” in the market as there was during the bear season of 2019/2020. “There’s so much anxiety in this level [$1,800 resistance level] like I think it’s much more likely to break down eventually… I will be the first to admit it’s taking longer than I thought it would. But I also don’t really feel that same type of apathy in the market now that I did back in 2019 and 2020.” At the time of writing, one Ethereum is worth $1,736. Cowen says that less people would care about Ethereum if the price of the second most valuable cryptocurrency fell to triple digi...
Read more

Crypto Analyst Says Selling XRP Now Is Unwise, the Bulls Are Set

Image
Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. He dismissed comparing XRP to Solana (SOL) and Avalanche (AVAX). Armstrong claimed XRP’s uptrend would commence in January, urging investors to pack their bags. In a recent YouTube video, crypto analyst Ben Armstrong argued that selling XRP is unwise due to perceived underperformance. While acknowledging XRP’s historical lackluster trend, he first addressed concerns related to XRP’s failure to sustain its bullish momentum following the victory from the legal dispute. Armstrong argued that broader market conditions suppressed further gains. Furthermore, he countered critical views about XRP’s failure to engineer a bullish trajectory like other rivals such as Solana (SOL) and Avalanche (AVAX), which have seen more than 100% gains.   He dismissed such comparisons and drew parallels to Ethereum’s delayed ascent in previous cycles. Moreover, he caution...
Read more

BitBoy dismissed from FTX case as three celebrities settle

The legal fallout from the collapse of crypto exchange FTX continues, with some high-profile names opting to settle while others are dismissed entirely. Crypto influencer Ben “BitBoy” Armstrong is no longer facing a lawsuit related to his promotion of FTX. Lawyers recently filed notice that they are voluntarily dismissing claims against him. Armstrong had not yet responded to the allegations in court. Meanwhile, Jacksonville Jaguars quarterback Trevor Lawrence, YouTuber Kevin Paffrath, and influencer Tom Nash have agreed to confidential settle ments to resolve claims against them. A judge still needs to approve the deals to officially remove them from the ongoing litigation. According to recent reports, lawyers leading the case say they are in discussions about potential settle ments with other celebrities who promoted FTX, including athletes and social media stars. More deals are likely to come. The lawsuit aims to claw back money paid to celebrity endorsers and spo...
Read more