The altcoins listed below are experiencing rejection at their recent highs.
The rejection has caused altcoins to fall below moving average lines, potentially leading to further selling pressure. We will talk about a few different cryptocurrencies.
SATS
The SATS (1000SATS) price has fallen below the moving average lines. In recent price activity, the altcoin has been in an uptrend, reaching a high of $0.0009430 on December 15, 2023. The price of the cryptocurrency fluctuated and tested the barrier at $0.0009400 three times but was rejected. Buyers failed to keep the price above the resistance level of $0.0009000. The altcoin is trading at $0.0003987 after falling below the moving average lines. The decline could slow down as the market reaches an oversold condition. The worst performing altcoin is SATS with a current price of $0.0003958, market capitalization of $831.13M, trading volume of $61.75M, and a 7-day gain/loss of 32.64%.
ORDI
ORDI (ORDI) has fallen below the moving average lines after a recent rise. The cryptocurrency has been in an uptrend since October 18, 2023. On January 2, 2024, ORDI rose to a high of $91.88. Doji candlesticks appeared, which stopped the rise. These candles indicate the disinterest of buyers and sellers in the direction of the market. Today, the altcoin has fallen below the moving average lines and is trading at $53.89 at the time of writing. The decline has slowed since its initial plunge to a low of $51 on January 23, 2024. According to these parameters, ORDI ranks second among cryptocurrencies with a current price of $53.70, market capitalization of $1,127,786,796, trading volume of $209,791,513, and a 7-day gain/loss of 26.73%.
Sei
The price of Sei (SEI) is in an uptrend but has fallen within the moving average lines. In the previous trend, the altcoin was in an uptrend with a series of higher highs and higher lows. On January 3, SEI rose to a high of $0.88 but encountered resistance. Buyers were unable to sustain the positive momentum above the $0.90 level. The altcoin has fallen below the 21-day SMA but remains above the 50-day SMA. SEI/USD is now at $0.61. The cryptocurrency will perform once the moving average lines are broken. SEI’s performance has been rated as the third worst with a current price of $0.6177, market capitalization of $6,176,967,498, trading volume of $315,062,139, and a 7-day gain/loss of 23.25%.
WOO
WOO (WOO) is on an upswing, recovering from the previous decline. The upward correction has reached a plateau at $0.50. The price of the cryptocurrency consolidated below the recent high before falling below the moving average lines. On January 23, 2024, WOO fell to a low of $0.32 before recovering. The extended candlestick tail at the current support level signals significant buying at lower price levels. In the negative case, the altcoin will fall to $0.30 before recovering to the upside. WOO is now the fourth worst performing cryptocurrency with a current price of $0.3409, market capitalization of $760,352,985, trading volume of $17,271,271, and a 7-day gain/loss of 21.61%.
NEAR Protocol
NEAR Protocol (NEAR) has reversed its previous downtrend. The altcoin’s uptrend has ended as it has risen to a high of $4.50. The cryptocurrency value has fallen below the moving average lines and reached a low of $2.45. The altcoin fell back above the support level of $2.60 and resumed consolidation. The previous breakout level now serves as current support. The uptrend will continue if the current support level is maintained. If the current support is broken, NEAR could fall to $2.00. For the reasons listed below, NEAR is the fifth worst performing coin with a current price of $2.65, market capitalization of $2,645,289,528, trading volume of $166,907,026, and a 7-day gain/loss of 19.46%.
Hot Take: Altcoins Experience Rejection at Recent Highs
Altcoins have faced rejection at their recent highs and subsequently fallen below moving average lines, leading to potential selling pressure. SATS has been hit particularly hard, experiencing a significant decline after failing to sustain its uptrend above key resistance levels. ORDI and Sei have also fallen below moving averages after encountering resistance in their recent rises. WOO and NEAR Protocol are both recovering from previous declines but have faced challenges in maintaining upward momentum. These altcoins’ performance highlights the volatility and challenges faced by cryptocurrencies in the market.
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