The altcoins below have regained bullish momentum but the uptrend has been hindered because of the appearance of small body indecisive candlesticks called Doji. These candlesticks restrict price movement. The candlesticks indicate that buyers and sellers are undecided about the direction of the market. Let us discuss in detail the weakest altcoins for the week.
BitTorrent-New
BitTorrent(BTT) is in a downward correction as price breaks above the moving average lines. The upward moves have been hindered by the presence of small body indecision candlesticks called Doji and Spinning tops.
Candlesticks indicate that buyers and sellers are undecided about the direction of the market. On August 1, the altcoin rebounded sharply but pulled back immediately. The candlestick shows a long wick indicating that there is strong selling pressure at higher price levels. BTT is above the 25% range of the daily stochastic. It indicates that the altcoin is in the bullish momentum zone but the upward moves have subsided. It is the weakest altcoin for the week. It has the following characteristics:
The current price: $0.0000009874
Market Capitalization: $976,740,469
Trading Volume: $28,665,953
7–day Gain/Loss: 0.12%
Chiliz
Chiliz (CHZ) price is in an uptrend as price breaks above the moving average lines. The current uptrend has reached the overbought region of the market. On August 1, buyers pushed the coin to the high of $0.16 twice before it was repelled. It declined to the low of $0.13 as bulls bought the dips. Buyers are revisiting the previous highs to break above them.
Meanwhile, on July 29 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that CHZ will decline but reverse at level 1.272 Fibonacci extension or $0.14. From the price action, the altcoin has reversed to $0.13 to resume a fresh uptrend. Meanwhile, the altcoin is at level 65 of the Relative Strength Index for period 14. It indicates that it is still in an uptrend despite the retracement. The altcoin is the second-weakest altcoin at the moment. It has the following characteristics:
The current price: $0.1501
Market Capitalization: $1,334,532,920
Trading Volume: $129,304,137
7–day Gain/Los: $0.23%
TRON
TRON (TRX) price is a sideways trend as price consolidates above the moving average lines. Since June 14 price slump, the price movement has been characterized by small body indecisive candlesticks called Doji and Spinning tops.
The price movement has been stagnant because of the indecision between buyers and sellers about the direction of the market. On the upside, if the altcoin rebounds above the current support, the resistance at $0.071 will be broken. The market will rally to $0.08 or $0.09 price levels.TRON is above the 70% range of the daily stochastic. The altcoin is in a bullish momentum. It is the third-weakest altcoin at the moment. It has the following characteristics:
The current price: $0.07038
Market Capitalization: $6,496,648,766
Trading Volume: $332,875,814
7–day Gain/Loss: 2.28%
Huobi Token
Huobi Token (HT) is in a downtrend as price fluctuates below the moving average lines. The 21-day line SMA is acting as resistance to price bars. The price movement has been stagnant because of the presence of small body indecisive candlesticks called Doji.
Meanwhile, on July 19 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that HT will decline but reverse at level 1.272 Fibonacci extension or $3.80. HT is above the 40% range of the daily stochastic. It indicates that the altcoin is in the bullish trend zone but the momentum has subsided. The altcoin is the fourth-weakest altcoin at the moment. It has the following characteristics:
The current price : $4.41
Market Capitalization: $2,206,107,979
Trading Volume: $10,779,213
7–day Gain/Loss: 1.05%
Klaytn
Klaytn (KLAY) is in a downward correction as price breaks above moving average lines. On July 29, the altcoin rebounded above the $0.24 support but was resisted at the $0.40 high. The candlestick’s wick on July 29 indicates that the $0.40 high is a strong selling point. Today, the buyers are pushing the coin to the previous high.
On the upside, a break above the $0.32 and $0.40 highs will catapult the altcoin to the highs of $0.54 highs. On the downside, if the bears break below the moving average lines, the downtrend will resume. The altcoin will decline to the previous low at $0.20. Meanwhile, KLAY is at level 54 of the Relative Strength Index for period 14. It indicates that the altcoin is in the bullish trend zone and may further decline. It is the fifth weakest altcoin for the week. It has the following characteristics:
The current price: $0.2959
Market Capitalization: $3,206,987,078
Trading Volume: $47,939,888
7–day Gain/LOSS %: 1.68%
