Altcoins in Bearish Trend Zone
Cryptocurrencies are experiencing a decline in current support levels. Let’s take a look at a few different cryptocurrencies.
ORDI
The altcoin ORDI has fallen below the moving average line but is still above the $48 support. After reaching a high of $91 on January 2, the previous uptrend has ended. ORDI has been in a downtrend for three weeks, but the downward momentum has eased. It is currently worth $56 and if the current support holds, ORDI will resume its uptrend. However, if buyers fail to sustain the price above the recent high, the price will move between $51 and $66.
Current price: $56.50
Market capitalization: $1,186,403,063
Trading volume: $187,271,077
7-day loss: 11.17%
WOO
The price of WOO is trading below the moving average lines and could fall further. It fell to a low of $0.32 on January 23 but experienced some buying activity. However, it is now falling again and if it drops below the support level of $0.32, the downtrend will continue to $0.23. If the current support holds, the sideways trend will resume with the price moving between $0.32 and $0.42.
Current price: $0.3541
Market capitalization: $790,172,114
Trading volume: $13,274,065
7-day loss: 7.57%
Mantle
The price of Mantle is falling below the moving average lines but still above the $0.59 support level. It has reached bearish exhaustion and is consolidating above this support level. If the current support is broken, the altcoin will drop lower and reverse above the $0.54 level. Currently, it is valued at $0.6097.
Current price: $0.6097
Market capitalization: $3,791,705,144
Trading volume: $64,791,360
7-day loss: 7.39%
Litecoin
Litecoin has dropped below the moving average lines and is trading in the range of $60 to $70. It is currently valued at $67.68 and its upside correction has ended as it faces rejection at the high of $68. The price will fluctuate within this range until a new trend is established.
Current price: $67.68
Market capitalization: $5,683,357,372
Trading volume: $250,897,551
7-day loss: 6.49%
Astar
Astar is on an upswing as it bounces back from a previous downturn. It has risen as high as $0.19 today but adoption at this level is still difficult. The altcoin has been fluctuating below the resistance level of $0.20 since January 3 and selling pressure will pick up if it falls below the moving average lines.
Current price: $0.1796
Market capitalization: $1,487,278,842
Trading volume: $29,067,618
7-day loss: 6.16%
Hot Take: Altcoins Vulnerable to Further Decline
The worst-performing cryptocurrencies are currently trading in a bearish trend zone, making altcoins vulnerable to a further decline. ORDI, WOO, Mantle, Litecoin, and Astar are among the altcoins that are experiencing downward momentum. While some may show signs of consolidation or potential uptrends if current support levels hold, others face the risk of continued downtrends. It is important for crypto investors to carefully monitor these altcoins and consider their market conditions before making any investment decisions.
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