Altcoins Rebound as Bulls Enforce Trend Change

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CryptoSignals
Feb 09, 2022 at 11:22 // Price

Virtually all cryptocurrencies, including the biggest losers, have regained bullish momentum as altcoins rally. The performance of the losers indicates that they are posting minimal losses or minimal gains.

Arweave

Arweave (AR) has been in a downtrend. Since November 5, the cryptocurrency has fallen from a high of $90 to a low of $27. However, on January 22, the downtrend weakened as bulls bought the dips. The altcoin corrected upwards but got stuck at the $42.50 resistance. In other words, the altcoin price rose above the 21-day moving average line, but failed to break the 50-day moving average line. This indicates that the altcoin price is likely to fluctuate between the moving averages.

However, if the price breaks above or below the moving averages, the altcoin will develop a trend. The price indicator shows that AR/USD has reversed at the 1.618 Fibonacci Extension level or $30.178. Arweave is the biggest loser of the past week. It has the following characteristics:

ARUSD(Daily_Chart)_-_FEB._8.png

Price: $36.89

Market capitalization: $2,386,332,804

Trading volume: $69,538,455 

7-day loss: 6.83%

Render Token

Render Token (RNDR) is in a sideways trend but has fallen below the moving averages. The cryptocurrency traded and reached the high of $4. However, buyers could not sustain the bullish momentum as the altcoin reached the overbought region of the market. Render Token is trading at $3.84 at the time of writing.

The market has fallen below the 20% range of the daily stochastic. The market has reached the oversold region. In the oversold region, buyers will emerge to drive Render Token to its previous highs. It is the second biggest loser of the past week. It has the following characteristics:

RNDRUSD(_3_Hour_Chart)m_-_FEB._8.png

Price: $3.41′

Market capitalization: $1,830,307,496

Trading volume: $61,419,221 

7-day loss: 0.72%

Klaytn

Klaytn (KLAY) has been in a downtrend since October 2021. The cryptocurrency has dropped from its high of $1.90 to a low of $1.19. Today, the cryptocurrency price is rejected by the 50-day moving average line.

There is a tendency for further downward movement of the cryptocurrency. The price bars are below the moving averages. The altcoin is below the 50% range of the daily stochastic. The market is in a bearish momentum. Altcoin is the third biggest loser of the past week. It has the following characteristics:

KLAYUSD(Daily_Chart)_-_FEB.8.png

Price: $1.19

Market capitalization: $12,887,187,662

Trading volume: $69,715,748 

7-day loss: 0.31%

Maker

Maker (MKR) has been in a sideways trend since May 2021. The sideways trend started after the downward impulse on May 17. The cryptocurrency has fluctuated between $1,850 and $3,800.

On the upside, buyers failed to overcome the resistance at $3,800. The support was also defended by the bulls. The market will change if these fluctuation levels are broken. Altcoin is the fourth biggest loser of the past week. It has the following characteristics:

MKRUSD(Weekly_Chart)_-_FEB.8.png

Price: $2,234.53

Market capitalization: $2,250,774,435

Trading volume: $102,076,848 

7-day gain: 0.53%

Curve DAO Token

Curve DAO Token (CRV) is in a downtrend and has also dropped significantly. The downtrend has eased as the bulls have bought the dips. The cryptocurrency price broke the 21-day moving average line, but failed to break the 50-day moving average line. This indicates that the cryptocurrency price will fluctuate between the moving averages.

In the January 10 downtrend, a candlestick tested the 61.8% Fibonacci retracement level. The retracement suggests that CRV will fall to the Fibonacci extension level of 1.618 or $2.39. CRV reversed after testing the 1.618 Fibonacci Extension level and is the fifth biggest loser of the past week. It has the following characteristics:

CRVUSD(Daily_Chart)_-_FEB.8.png

Price: $3.41

Market capitalization: $11,248,347,574

Trading volume: $404,179,145 

7-day gain: 1.63%

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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