Altcoins Move Sideways While In A Slump

The worst-performing altcoins are forced to go sideways as cryptos are under selling pressure at higher price levels.

In addition, the emergence of doji candlesticks has caused several altcoins to trade in a narrow range indefinitely.

Four

Four (FORM) is in a downtrend after hitting an overhead resistance at $4.20. The cryptocurrency tested the aforementioned barrier twice before abruptly dropping to the bottom of the chart. FORM has fallen to a low of $2.09 and is likely to fall further. The altcoin will fall to its previous low of $1.89.

On a positive note, the long candlestick wicks indicate significant selling pressure at the high of $4.20. FORM is the underperforming coin and has the following characteristics:

• 
  The current price: $2.15

• 
  Market capitalization: $823,438,511.64

• 
  Trading volume: $140,070,205.96

• 
  7–day loss: 49.18%

Cronos

The price of Cronos (CRO) has fallen below the moving average lines. The price of the cryptocurrency has fallen between the moving average lines. The crypto price is trading above the 50-day SMA support but below the 21-day SMA barrier. The altcoin will turn into a trend if the moving average lines are broken.

On the downside, selling pressure is expected to exhaust above the 50-day SMA support. If the altcoin holds its position above the $0.19 support, the uptrend will begin. In the meantime, the altcoin will be forced to move in a range between the moving average lines. CRO ranks second worst in the following metrics:

• 
  The current price: $0.2284

• 
  Market capitalization: $7,675,203,714.22

• 
  Trading volume: $65,075,313.72

• 
  7–day loss: 8.84% 

Uniswap

The price of Uniswap (UNI) is trading sideways below the $12 level. The price has fallen below the moving averages but continues to move sideways. It is very close to its recent low of $8.68. Should the bears break the $8.68 support level to the downside, the altcoin will drop to a low of $7.00. UNI ranks third on our list of worst coins.

• 
  The current price: $9.13

• 
  Market capitalization: $5,756,030,185.65

• 
  Trading volume: $338,979,647.1

• 
  7–day loss: 5.60%

Ethena

The price of Ethena (ENA) is moving sideways below the $0.85 mark. After the recent high, the crypto price has fallen between the moving averages twice. ENA is trading above the 50-day SMA support but below the 21-day SMA barrier. Should the bears break the 50-day SMA support, ENA could drop to $0.50. On the other side, the altcoin will resume its uptrend above the 21-day SMA barrier. ENA ranks as the fourth worst cryptocurrency in our valuation.

• 
  The current price: $0.7024

• 
  Market capitalization: $4,838,951,419.3

• 
  Trading volume: $842,658,544.06

• 
  7–day loss: 5.59%  

Polygon Ecosystem Token  

Polygon Ecosystem Token (POL) is in an uptrend after recovering from the bottom of the chart. The upward correction ended when it hit resistance at $0.287. POL has moved between the 50-day SMA support and the 21-day SMA line. If the bears break the 50-day SMA support, POL will drop to $0.19. Otherwise, POL will continue an uptrend above the 21-day SMA. POL, the fifth worst performing cryptocurrency, has the following characteristics:

• 
  The current price: $0.2599

• 
  Market capitalization: $2,727,932,565.52

• 
  Trading volume: $181,938,841.94

• 
  7–day loss: 5.33%

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is 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.