Market Update: Underperforming Cryptocurrencies 💔
The cryptocurrency market is facing downward trends, with numerous altcoins showing significant sell-off pressures after reaching previous highs. As you analyze the current market conditions, altcoins situated below their respective moving average lines are at risk of declining further. In contrast, those trading between moving averages may experience a period of sideways movement. This year, you’ll want to keep an eye on several cryptocurrencies showing these distinct patterns.
Aerodrome Finance Analysis 🔻
Aerodrome Finance (AERO) has exhibited a bearish trend after a rally peaked at $1.48. The cryptocurrency bounced back from a low of $0.40, but its current trajectory indicates a sell-off as it nears the moving average lines and the resistance at $1.52. Should the selling pressure succeed in breaching these moving averages, AERO could retreat to its earlier bottom of $0.40, marking a significant decline.
On the other hand, if AERO manages to find support above the moving averages, a recovery is plausible. Currently, it is among the poorest-performing cryptocurrencies on the market.
Current Price: $1.05
Market Cap: $701,925,962.95
Trading Volume: $36,381,852.31
7-Day Loss: 19.84%
MANTRA Trends 📈
MANTRA (OM) has been experiencing an upward trend characterized by higher highs and lows, yet it recently slipped below the moving average lines after hitting resistance at $1.62. Fortunately, the 50-day Simple Moving Average (SMA) has provided some support in halting further declines. Currently trading above the 50-day SMA, the cryptocurrency is still under the resistance of the 21-day SMA. A break above these moving averages could signal a return to an uptrend, with a target to retest the resistance at $1.60.
If bearish pressure prevails and the altcoin falls below the 50-day SMA, it may plunge further down to the next support level at $1.20.
Current Price: $1.28
Market Cap: $1,086,712,672.76
Trading Volume: $32,569,110.87
7-Day Loss: 18.39%
Mog Coin Movement 🔄
Mog Coin (MOG) has been trading within a sideways range following a rise to resistance at $0.000002400. It has rebounded from a low of $0.000000800, but today’s downturn has placed it between the moving average lines. The altcoin’s future price action hinges on breaking through either the 50-day SMA support or the 21-day SMA resistance. If MOG breaks above the 21-day SMA, it could potentially return to its previous high.
Currently, it ranks as the third worst-performing cryptocurrency based on the analysis.
Current Price: $0.000001739
Market Cap: $0.051739
Trading Volume: $48,667,263.84
7-Day Loss: 10.31%
Bittensor Performance 📊
Bittensor (TAO) is currently experiencing a sideways trend after a significant drop below the $600 support threshold. Since April 8, it has been fluctuating between $200 and $600. The upward momentum could not be maintained, causing the altcoin’s value to decline sharply. The current trading status shows that TAO is positioned above the 50-day SMA support, yet below the 21-day SMA resistance level.
If TAO is able to climb back above the 50-day SMA, a return to its previous high could be on the horizon. However, a breach below the 50-day SMA could lead to significant further losses.
Current Price: $504.66
Market Cap: $3,723,742,921.37
Trading Volume: $193,904,421.56
7-Day Loss: 8.40%
ORDI Price Trends 📉
ORDI (ORDI) has been locked in a downturn, having struggled to maintain its value after reaching resistance levels at $40. As it dips below the moving average lines, a further decline towards its prior low of $24 remains a possibility. Since the price drop on August 5, ORDI has been trapped within the $20 to $40 range, currently hovering around the midpoints of that channel. This year, it is positioned as one of the lowest-performing altcoins in the market.
Current Price: $31.71
Market Cap: $666,048,618.16
Trading Volume: $132,034,174.20
7-Day Loss: 8.03%
Hot Take 🔥
In summary, this year’s performance of the altcoins listed shows a mixed bag of results, with several cryptocurrencies grappling with significant challenges. As traders and investors navigate these conditions, understanding the trends and potential support levels can play a vital role in strategy formulation. Following careful analysis and monitoring market shifts, you may better position yourself within this volatile landscape.
Sources (If applicable)
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