Cryptocurrencies Stuck in Sideways Trend
Cryptocurrencies are currently stuck in a horizontal trend, with altcoins unable to break out of their existing boundaries.
Bitcoin SV
The price of Bitcoin SV (BSV) is moving sideways, as it faces resistance at $52. Although the cryptocurrency briefly broke through this barrier on October 20, it was pushed back from its recent high. Currently, BSV is trading below the resistance level and oscillating below it. If the price retraces and finds support above the moving average lines, BSV may retest the resistance level. However, if bears break below the moving average lines, selling pressure will increase. At present, BSV is trading below the barrier and is considered the worst performing cryptocurrency.
Current price: $50.46
Market capitalization: $1,059,578,796
Trading volume: $84,948,246
7-day gain/loss: 8.26%
Toncoin
Toncoin (TON) is also trading sideways after rejecting a high of $3.02. Since then, the cryptocurrency has been moving horizontally. If bears break below the moving average lines, TON could fall to its previous low of $1.65. However, if the price stays above the moving average lines, the sideways movement will continue. Currently, TON is trading at $2.12 and is considered the second worst performing cryptocurrency.
Current price: $2.06
Market capitalization: $10,408,224,315
Trading volume: $6,670,951
7-day gain/loss: 4.45%
Uniswap
The price of Uniswap (UNI) is in a downtrend but is making an upward correction towards the previous high. However, this upward movement is currently slowed down by resistance near $4.40. UNI’s price is currently hovering between $3.90 and $4.40, trading at the bottom of the market. If the current support is broken, the cryptocurrency may fall to its previous low of $3.60. UNI is also trading in the oversold zone of the market, indicating a decline nearing exhaustion.
Current price: $4.12
Market capitalization: $4,121,823,632
Trading volume: $48,230,209
7-day gain/loss: 1.97%
Mantle
The price of Mantle (MNT) continues to fall below its moving average lines. The 50-day SMA rejected an upward correction on October 21, causing MNT to be limited between the moving average lines for a few days. When these lines are broken, MNT will develop a trend. Currently, MNT is trading at $0.37 and is considered the fourth worst performing cryptocurrency.
Current price: $0.3775
Market capitalization: $2,347,911,575
Trading volume: $27,558,914
7-day gain/loss: 1.55%
Bitcoin Cash
Bitcoin Cash (BCH) is currently in a sideways trend after rejecting a high of $329.71. Since June 30, BCH has been moving within an overbought market zone. The altcoin fell to a low of $164 before resuming its sideways movement. The current resistance at $260 needs to be broken for BCH to rise and retest the overhead resistance at $329. BCH has been making a series of higher highs and higher lows. This week, it is the fifth worst performing cryptocurrency.
Current price: $245.73
Market capitalization: $5,161,041,016
Trading volume: $161,151,641
7-day gain/loss: 1.54%
Hot Take: Cryptocurrencies Struggle to Break Free from Sideways Trend
Cryptocurrencies like Bitcoin SV, Toncoin, Uniswap, Mantle, and Bitcoin Cash are currently stuck in a horizontal trend, unable to move beyond their existing boundaries. While some cryptocurrencies are facing resistance levels and oscillating below them, others are trading sideways or falling below moving average lines. These price movements indicate different levels of performance among the cryptocurrencies mentioned. Despite occasional upward corrections or oversold conditions in the market, these altcoins continue to struggle to break free from their current trends.
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