Altcoins Enter the Market’s Oversold Territory

This week, the worst-performing altcoins have rebounded from the bottom of their respective charts.

Cryptocurrencies are also trading in oversold areas of the market. Altcoins are likely to rise as buyers are attracted to these oversold conditions.

LayerZero

LayerZero (ZRO) is trading below the moving average lines. The cryptocurrency price dropped to $1.50 before recovering. The altcoin dipped but then rebounded above the $1.58 support.

On the downside, if the bears persist and break below the $1.51 support, the altcoin could fall back to its $1.25 low. If the current support holds, ZRO will rise towards the moving average lines. ZRO is the lowest-performing altcoin. It has the following characteristics:

• 
  The current price: $1.50

• 
  
  Market capitalisation: $450,691,900.7

• 
  
  Trade volume: $64,285,586.8

• 
  
  7-day loss: 26.87%

Arbitrum

Arbitrum (ARB) is falling towards the bottom of its chart. The cryptocurrency has breached its lowest price, reaching $0.097. The altcoin has been steadily declining due to the formation of Doji candlesticks, which slow down price movement. The cryptocurrency asset has reached the market’s oversold level. Buyers may appear in the oversold region, pushing the price higher. ARB ranked second-lowest in the following metrics:

• 
  The current price: $0.0970

• 
  
  Market capitalisation: $564,479,153.3

• 
  
  Trading volume: $111,077,200

• 
  
  7-day loss: 9.25%

Internet Computer

The Internet Computer (ICP) price has fallen to the bottom of its chart, reaching a low of $2.13. On the downside, the price is approaching its previous low of $2.05 from 10 October. ICP has entered oversold territory, which may attract buyers at these levels.

Additionally, Doji candlesticks are present, indicating static price movement. ICP is ranked third-lowest on our list of the worst-performing coins.

• 
  The current price: $2.18

• 
  
  Market capitalisation: $1,197,203,730.91

• 
  
  Trade volume: $57,586,877.4

• 
  
  7-day loss: 8.74%

Stacks

Stacks (STX) has plummeted and is holding above its $0.24 low. Since December 19, buyers have defended this lowest price level. The long candlestick tails at the bottom of the chart indicate significant buying interest at $0.24. The crypto asset has also reached the market’s oversold level. Today, the price is rising after falling to a low of $0.244. STX is ranked as the fourth-worst coin in our rankings.

• 
  The current price: $0.2513

• 
  
  Market capitalisation: $456,059,118.93

• 
  
  Trade volume: $456,123,779.21

• 
  
  7-day loss: 6.27%

MemeCore

MemeCore (M) has traded below the moving average lines since February 8, with price increases capped by these lines. On February 19, the price dropped sharply below the key support level of $1.20 before recovering. The extended candlestick tails suggest strong buying above the $1.20 barrier.

Since November 27, buyers have defended the $1.20 support. M is ranked as the fifth-worst cryptocurrency.

• 
  The current price:  $1.34

• 
  
  Market capitalisation: $1,711,428,602.82

• 
  
  Trade volume: $9,477,432.83?

• 
  
  7-day loss: 6.18%

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.