Weekly Cryptocurrency Market Analysis: Cryptocurrencies Continue To Correct A Sideways Pattern

Oct 30, 2023 at 08:22 // Price
Author
Coin Idol
Cryptocurrencies continue to correct a sideways pattern

Weekly cryptocurrency Analysis of Bitcoin SV, Toncoin, Uniswap, Mantle and Bitcoin Cash brought to you by Coinidol.com.

Сryptocurrencies are trapped in a horizontal trend as altcoins are unable to move within their existing boundaries.

Bitcoin SV

The price of Bitcoin SV (BSV) is moving sideways. The resistance at $52 has slowed down the rising price movement. Bulls broke through the barrier on October 20, but were beaten back from the recent high. The cryptocurrency value has fallen below the resistance level and is currently oscillating below it. At the time of writing, the altcoin was trading at $50. If the price retraces and finds support above the moving average lines, BSV will retest the resistance level. If the bears break below the moving average lines, the altcoin will face selling pressure again. In the meantime, the altcoin is trading below the barrier. BSV is the worst performing cryptocurrency due to the following characteristics:

BSVUSD_(Daily Chart) – OCT. 29.23.jpg

Current price: is $50.46

Market capitalization: $1,059,578,796

Trading volume: $84,948,246 

7–day gain/loss: 8.26%

Toncoin

Toncoin (TON) is trading sideways after rejecting the high at $3.02. The uptrend ended on September 16 with a high of $3.02. As a result, the cryptocurrency has been moving sideways. If the bears break below the moving average lines, the altcoin will fall to its previous low of $1.65. On the other hand, the sideways movement will be maintained if the crypto price stays above the moving average lines. At the time of writing, the altcoin was trading at $2.12. The second worst cryptocurrency is TON. Below are some distinguishing characteristics:

TONUSD_(Daily Chart) – OCT. 29.23.jpg

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, although it is making an upward correction to the previous high. The upward movement is currently slowed down by the resistance near $4.40. The cryptocurrency's price is currently hovering between $3.90 and $4.40. The altcoin is currently trading at the bottom of the market. If the current support is broken, the cryptocurrency will fall to its previous low of $3.60. The altcoin is also trading in the oversold zone of the market. The decline has reached bearish exhaustion. Below are the characteristics of the coin with the third worst performance:

UNIUSD_(Daily Chart) – OCT. 29.23.jpg

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. On October 21, the 50-day SMA rejected the upward correction. The cryptocurrency asset is currently between the moving average lines as buyers failed to keep the price above the moving average lines. For a few days, the cryptocurrency will be limited between the moving average lines. When the moving average lines are broken, MNT will develop a trend. Meanwhile, the altcoin is trading at $0.37 at the time of writing. MNT is the fourth worst cryptocurrency based on the following characteristics:

MNTUSD_(Daily Chart) – OCT. 21 (1).23.jpg

Current price: is $0.3775

Market capitalization: $2,347,911,575

Trading volume: $27,558,914 

7–day gain/loss: 1.55%

Bitcoin Cash

After rejecting the high of $329.71, Bitcoin Cash (BCH) is in a sideways trend. Since June 30, the cryptocurrency asset has moved up into an overbought market zone. The altcoin fell to a low of $164 before resuming its sideways trend. Since June 30, the barrier at $260 has stopped the upward movement. At the time of writing, the altcoin was trading at $245.67. If the current resistance is broken, BCH will rise and retest the overhead resistance at $329. In the meantime, the cryptocurrency's price is making a series of higher highs and higher lows. This week, BCH is the fifth worst performing coin. It has the following characteristics:

BCHUSD_(Daily Chart) – OCT. 29.23.jpg

Current price: $245.73

Market capitalization: $5,161,041,016

Trading volume: $161,151,641 

7–day gain/loss: 1.54%

Disclaimer. This Analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.

Comments

Post a Comment

Popular posts from this blog

Iran completes pre-pilot phase of central bank digital currency

The Central Bank of Iran progresses with CBDC development in anticipation of the Bank of Russia’s governor Elvira Nabiullina’s visit. Iran is moving forward with its central bank digital currency (CBDC) plans, completing preliminary research for the launch of a potential digital rial. The Central Bank of Iran (CBI) has successfully completed a pre-pilot phase in the development of Iran’s CBDC, according to an official statement by CBI’s research arm, the Monetary and Banking Research Institute (MBRI). Mohammad Reza Mani Yekta, head of the CBI office for supervising payment systems, announced the news at the ninth annual conference on electronic banking and payment systems on Feb. 20. He noted that Iran’s central bank plans to increase the scope of the CBDC pilot in the country’s payment system, but doesn’t want to rush its implementation. “The pre-pilot phase ended successfully with valuable achievements. The project will soon be launched in other ecosystems and will be used by mo...
Read more

5 Cryptocurrencies Outperforming Others in the Top 100

Image
WLD’s successful rise above the $8 resistance could trigger a jump toward $10. AR might slip below $20 while selling pressure could lead PEPE down to $0.0000013. Increased buying pressure could send FET above $2 while FLR’s momentum had turned bearish. Over the last few weeks, the broader crypto market has experienced major upside with Bitcoin (BTC) hitting $64,000 at one point. However, apart from Bitcoin’s jump, there have been several cryptocurrencies that have been in the spotlight and performed exceptionally. Here are the top five best-performing coins in the top 100. Worldcoin (WLD) Worldcoin’s (WLD) price increased by 217.82% in the last 30 days. At a particular time, the price of the token crossed $9. However, in the last seven days, the upward trajectory had cooled, and at press time, Worldcoin changed hands at $7.72. Based on the 4-hour WLD/USD chart sellers might have gotten exhausted with support appearing at $7.25. However, a build-up bac...
Read more

ChatGPT 4-o predicts Solana price amid ETF forecast for 2025

Image
Solana (SOL), currently the fifth-largest cryptocurrency by market capitalization, has experienced a notable price jump in the past 24 hours.  This rise is fueled by VanEck, a well-known New York investment management firm, filing an S-1 registration statement for its “VanEck Solana Trust,” marking the first attempt to launch a spot Solana exchange-traded funds (ETFs) in the U.S. In addition, Canadian firm 3iQ Corp recently filed a preliminary prospectus to introduce the Solana Fund (QSOL) in Canada. These filings have generated substantial interest and speculation about Solana’s future price trajectory.   Picks for you 3 cryptocurrencies to turn $100 into $1,000 for end of 2024 32 mins ago Here's Bitcoin's ...
Read more