The cryptocurrencies listed below have entered a bearish trend zone
The altcoins are either stuck between or below the moving average lines. The worst performing cryptocurrencies are facing rejection at higher price levels.
Klaytn
The price of Klaytn (KLAY) has dropped from its high of $0.22. It was rejected twice at $0.22 during the uptrend on Nov. 23. However, it has pulled back above the 21-day SMA, indicating a potential uptrend. If the 21-day SMA support holds, KLAY will resume its upward movement and may retest or break through the $0.22 level, reaching a high of $0.28. On the other hand, if the bears push below the 21-day SMA, selling pressure will increase, and KLAY may fall towards the 50-day SMA or reach a low of $0.15.
KLAY’s current price is $0.189 with a market capitalization of $1,107,813,585 and a trading volume of $20,762,514 in the past seven days.
Immutable
Immutable (IMX) has reached its predicted price level and retraced above the 21-day SMA. It has found support above this moving average but is facing resistance from doji candlesticks, which is slowing down its uptrend. Additionally, IMX has surpassed its historical price from March 18. If the support at the 21-day SMA is broken, IMX will remain under selling pressure and could drop to a low of $0.90 from its current value of $1.29.
IMX is currently priced at $1.30 with a market capitalization of $2,592,329,577 and a trading volume of $48,257,356 in the past seven days.
Optimism
Optimism (OP) has fallen below the 21-day SMA after being rejected at $1.90. It is currently trapped between the moving average lines and is expected to decline towards the 50-day SMA or $1.50. If the support at the 50-day SMA holds, OP will continue to fluctuate between the moving average lines. Its current price is $1.69 with a market capitalization of $7,275,921,240 and a trading volume of $115,557,876 in the past seven days.
Uniswap
Uniswap (UNI) reached a new high of $6.50 on November 23 but was rejected twice at this level. It has since retraced and found support above the 21-day SMA. Currently, UNI is trading above this moving average but below the resistance line at $6.50. If these levels are broken, UNI may develop a trend. The altcoin has reached the overbought zone and its recent high matches the historical price from August 1. UNI/USD is currently trading at $6.04.
In terms of performance, UNI has a price of $6.03 with a market capitalization of $6,034,649,374 and a trading volume of $213,550,803 in the past seven days.
Gas
Gas (GAS) is falling between the moving average lines as it dropped below both the 21-day SMA and the 50-day SMA due to bearish momentum. It previously reached a high of $28 before falling when the market was overbought. The bears are now attempting to break the 50-day SMA, and if successful, GAS may fall to $3.00. However, if the support at the 50-day SMA holds, GAS will likely continue to move between the moving average lines.
GAS is currently priced at $8.03 with a market capitalization of $523,232,762 and a trading volume of $523,232,762 in the past seven days.
Hot Take: The Bearish Trend Continues
The listed cryptocurrencies have all entered a bearish trend zone, facing rejection at higher price levels and struggling to break through moving average lines. Klaytn (KLAY) has potential for an uptrend if the 21-day SMA support holds, while Immutable (IMX) has retraced above its 21-day SMA but faces resistance from doji candlesticks. Optimism (OP) is trapped between moving average lines and Uniswap (UNI) is trading above its 21-day SMA but below a resistance line. Gas (GAS) has fallen below both the 21-day and 50-day SMAs.
Cabel Dioli emerges as a luminary seamlessly blending the roles of crypto analyst, dedicated researcher, and editorial artisan. Within the dynamic expanse of digital currencies, Cabel’s insights resound like finely tuned notes, reaching minds with diverse inquisitiveness. His mastery in unraveling intricate threads of crypto intricacies harmonizes effortlessly with his editorial finesse, transforming complexity into a captivating symphony of comprehension. A guiding light for both seasoned trailblazers and curious newcomers venturing into the cryptoverse, Cabel’s insights forge a compass for insightful decision-making amidst the ever-evolving currents of cryptocurrencies. With the artistry of a wordsmith, they craft narratives that enrich the evolving narrative of the crypto cosmos.
