Altcoins Losing Momentum As Bearish Clouds Gather! Is It A Crucial Time To Invest In Alts?

The post Altcoins Losing Momentum As Bearish Clouds Gather! Is It A Crucial Time To Invest In Alts? appeared first on Coinpedia Fintech News

The crypto industry has been experiencing constant fluctuations in value for over a week, indicating mixed sentiments in the market. Further, top tokens continue to hover close to their important support levels, indicating a cool-off in the price action within the industry.

Moreover, altcoins continue to follow market trends and record significant losses in their value. Top altcoins such as Kaspa, Near Protocol, and Cosmos have all recorded a loss of over 6% in their respective portfolios within the past 24 hours.

Kaspa Price Analysis:

The Kaspa price traded in a closed range between $0.07984 and $0.09275 for a while, following which the market gained momentum and the price surged. The KAS price jumped over 78% within days.

After this, the Kaspa token bounced between $0.11185 and $0.14257 for a while. The price then traded in a closed range between $0.12992 and $0.14257 for over a week.

The price traded between $0.11185 and $0.12992 for a while, after which the price recently recorded a correction of over 6%, resulting in a price breakdown.

TradingView: KAS/USDT

Moreover, the Cross EMA 50/200 Day shows the coin on the verge of a bearish convergence, highlighting the possibility of a massive correction soon.

The technical indicator, MACD, displays a rising red histogram, indicating a bearish influence in the market. Further, the averages show a constant decline, suggesting the price will continue losing value in the coming days.

If the bulls push the price above the resistance level of $0.11185, the coin will continue gaining value and prepare to test its upper resistance level of $0.12992. Conversely, if the bears continue to dominate the market, it will plunge further and test its support level of $0.09275.

Cosmos Price Analysis:

The ATOM price traded in a closed range between $8.867 and $9.951 for about a month, during which the coin faced significant price fluctuations in value. The price made attempts to break out of the resistance level at $10.169, but the bulls constantly failed to hold the price.

After multiple attempts, the Cosmos price broke out of the range, but the rally was short-lived as the price faced rejection at $11.004. The price then recorded a pullback, but the bulls held the price strong, resulting in a bounce back.

TradingView: ATOM/USDT

Since then, the price is trading between $11.004 and $12.105. Recently, the price lost momentum and recorded a correction of over 6% in value.

The Moving Average Convergence Divergence (MACD) displays a significant rise in the histogram, indicating an increased selling pressure. Moreover, the averages show a sharp fall in the chart, suggesting a bearish influence in the crypto space.

If the bulls hold the price above the support level of $10.169, the price will regain momentum and prepare to test its resistance level of $11.004 soon. Conversely, if the bears continue to gain power, it will plunge further and prepare to test their lower support level of $9.951 in the coming days.

Near Protocol Price Analysis:

The NEAR price traded in a narrow space between $1.420 and $1.569 for a while, after which the price gained momentum and broke out of the range. After recording minor fluctuations the price traded in a closed range between $1.779 and $2.002 for over a week.

As the market gained momentum, the price jumped over 44% before facing rejection at $2.564. Following this, the price recorded a drop of 15%. Since then, the price has been trading in a range between $2.177 and $2.365.

TradingView: NEAR/USDT

The MACD displays a rise in the red histogram, indicating increased selling-over-buying pressure in the market. Further, the averages show a constant fall in the chart, suggesting the price will continue losing value in the coming time.

If the bulls hold the price above the support level of $21.77, the bulls will regain power and prepare to test its resistance level of $2.365. Maintaining the price at that level will set the stage for Near Protocol to attempt to test its upper resistance level of $2.714 this week.

Conversely, if the bears overpower the bulls, the price will lose momentum and prepare to test its support level of $2.002. Moreover, if the bears continue to dominate the market, they will plunge further and prepare to test their lower support level of $1.779.