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

Date:

Oct 30, 2023 at 08:22 // Price

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.

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