Altcoins Retreat as Bullish Momentum Fades 😮

Tough Week for Altcoins: TAO, HNT, OP, KAS, and AXL Experience Lowest Weekly Performance

Last week was a challenging one for altcoins in the cryptocurrency market. Despite trading in a bull market, these alternative cryptocurrencies failed to make any significant progress. As a result, the overall cryptocurrency market is falling below the moving average lines after facing setbacks in the past.

Bittensor (TAO)

The price of Bittensor (TAO) has fallen below the moving average lines. Previously, this altcoin was trading in a bull market and reached a high of $760 on March 7, 2024. However, it has experienced a slide and is currently hovering above the $600 support level. If the bulls manage to break above the 21-day SMA (Simple Moving Average), TAO will resume its uptrend. Currently, the value of TAO stands at $616.

If the bears manage to push the price below the current support level, TAO will drop to its previous low of $531. Here are some key characteristics of TAO:

Price: $614.81
Market capitalization: $12.910.634.302
Trading volume: $47,495,658
7-day loss: 15.36%

Helium (HNT)

Helium (HNT) is currently experiencing an upswing as it trades in a bull market. This altcoin reached a high of $10 but faced a subsequent decline. Since December 19, 2023, HNT has been in an uptrend that has slowed down and resulted in a horizontal pattern. Currently, HNT is trading between $5.50 and $10, and it is declining as it reaches a lower price level.

If the price manages to break above the 21-day simple moving average, HNT will resume its uptrend. This positive momentum will continue if it breaks above the resistance at $10. A successful break above this resistance level will allow HNT to resume its upward trajectory.

Currently, HNT is the second worst performing altcoin. Here are some key features of HNT:

Current price: $8.01
Market capitalization: $1,786,688,009
Trading volume: $47,948,226
7-day loss: 11.50%

Optimism (OP)

The price of Optimism (OP) has resumed its uptrend after breaking above the overhead resistance at $3.00. It retested the $3.00 support level before continuing its upward trajectory. Currently, OP is trading in a bull market.

The altcoin reached a high of $4.86 before experiencing a pullback. However, OP has managed to stay above the 21-day SMA and is currently worth $4.18. The current rise will continue if the support provided by the 21-day SMA holds. On the other hand, selling pressure will return if the price falls below this support level.

OP is currently the third worst performing altcoin with the following characteristics:

Current price: $4.18
Market capitalization: $17.972.993.415
Trading volume: $450,235,751
7-day loss: 9.8%

Kaspa (KAS)

Kaspa (KAS) is currently on an upswing and trading in a bull market. The price of this altcoin has been forming a series of higher highs and higher lows.

On November 19, 2023, KAS reached a high of $0.155, indicating the end of its rally. Since then, it has been trading sideways below the $0.155 resistance level. Currently, KAS is moving between the moving average lines, and its trend will continue once these lines are broken. The current value of KAS is $0.144, making it the fourth worst performing altcoin.

Here are some key characteristics of KAS:

Current price: $0.1449
Market capitalization: $4,158,185,059
Trading volume: $93,255,278
7-day loss: 9.59%

Axelar (AXL)

Axelar (AXL) is currently on an upswing and trading within a bull market. After breaking above the resistance at $0.85, AXL has resumed its strong uptrend. It retested the $0.85 level before experiencing a pullback. AXL reached a high of $2.72 before falling back.

The altcoin has pulled back above the moving average lines but remains below the $2.30 resistance level. If the price falls below the moving average lines, the decline will continue. Currently, AXL is valued at $2.04, making it the fifth worst performing altcoin.

Here are some key characteristics of AXL:

Price: $2.04
Market capitalization: $2,324,658,777
Trading volume: $38,598,184
7-day loss: 8.44%

Hot Take: Tough Week for Altcoins

Last week proved to be a challenging one for altcoins in the cryptocurrency market. Despite trading in a bull market, these alternative cryptocurrencies failed to gain momentum and make significant progress. As a result, the overall market is facing a decline below the moving average lines.

However, it’s important to remember that the cryptocurrency market is highly volatile and subject to rapid changes. While these altcoins may be experiencing a downturn now, their fortunes could change in the future. It’s crucial for crypto investors to stay informed and keep track of market trends to make informed decisions.