The cryptocurrencies are declining after the rejection from the previous highs. ETC, CRV, and EOS have declined below the moving average lines which makes them prone to further decline. On the other hand, RVN and CEL are trading between the moving average lines after their rejection from the overhead resistance levels. These coins appear to reach a balance between demand and supply.
Ravencoin
Ravencoin (RVN) price is in a downward correction as it is confined between the moving average lines. The cryptocurrency has been trading between the moving average lines since September 5. RVN will trend when the moving average lines are breached.
The altcoin may resume selling pressure as it faces rejection at the $0.09 resistance zone. Meanwhile, on a weekly chart; a retraced candle body tested the 78.6% Fibonacci retracement level on March 21. The retracement suggests that RVN will fall to level 1.272 Fibonacci extension or $0.011. Meanwhile, the altcoin is below the 50% range of the daily stochastic. It is in a bearish momentum. RVN is the weakest altcoin for the week. It has the following characteristics:
The current price: $0.04086
Market Capitalization: $857,359,999
Trading Volume: $59,788,139
7–day Gain/Loss: 27.65%
Ethereum Classic
Ethereum Classic (ETC) price is in a downtrend as it declined to the low of $28. The cryptocurrency was earlier in a sideways move below the $42 overhead resistance.
Buyers have failed to keep the price above the overhead resistance after three consecutive attempts to break overhead resistance. The current selling pressure has subsided as the market reaches the oversold region. Today, the altcoin has commenced the resumption of the uptrend. It is the second-weakest altcoin at the moment. It has the following characteristics:
The current price: $29.22
Market Capitalization: $6,113,761,189
Trading Volume: $627,172,237
7–day Gain/Loss: 19.65%
Curve DAO Token
Curve DAO Token (CRV)) price is in a downtrend as it declines to the low of $0.83. After its decline above the $0.96 support, the upward moves are restricted below the moving average lines. Buyers failed to keep the price above the moving average lines or the resistance at $1.20. Meanwhile, on the August 20 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level.
The retracement suggests that CRV will fall to level 1.618 Fibonacci extension or $0.67. From the price action, the altcoin has declined to the low of $0.83 and pulled back. CRV is below the 20% range of the daily Stochastic. It implies that the market has reached the oversold region. It is the third weakest altcoin for the week. It has the following characteristics:
The current price: $0.9338
Market Capitalization: $3,070,952,550
Trading Volume: $66,957,675
7–day Gain/Loss: 23.12%
EOS
EOS (EOS) is in a downtrend as price breaks below the moving average lines. The cryptocurrency has rallied to the high of $1.94 but was repelled. On September 10, buyers faced another rejection at the resistance of $1.94.
EOS has plunged below the moving average lines as it holds above the $1.15 support. The selling pressure will resume if price breaks below the bullish trend line. The cryptocurrency has fallen below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. However, EOS is the fourth weakest altcoin for the week. It has the following characteristics:
The current price: $1.25
Market Capitalization: $1,331,053,418
Trading Volume: $280,140,999
7–day Gain/Loss: 11.74%
Celsius
Celsius (CEL) price is in an upward correction but it is confined between the moving average lines. On September 15, the altcoin rallied to the high of $2.86 but dropped sharply below the moving average lines. CEL has risen above the 21-day line SMA but below the 50-day line SMA.
The cryptocurrency is likely to be range bound between the moving average lines for a few more days. The altcoin will trend when the moving average lines are breached. Meanwhile, the CEL is at level 51 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The selling pressure is likely to subside. The altcoin is the fifth weakest altcoin at the moment. It has the following characteristics:
The current price: $1.61
Market Capitalization: $1,122,473,325
Trading Volume: $13,396,439
7–day Gain/Loss: 10.88%
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