The recent bearish trend in the crypto market over the last 36 hours has caused a significant crash, increasing fear, uncertainty, and doubt (FUD). This decline has led many to book profits, putting extra pressure on weaker altcoins.
While the broader market hopes for a recovery in top coins, some altcoins may continue to drop next week. Here’s a list of altcoins to approach with caution, as they might experience a heavy crash.
Crypto Market Faces Heavy Sell-off: Altcoins at Risk
1. HBAR Price Trend: Potential Bearish Scenario
Amidst the current market downturn, HBAR is experiencing a strong bearish trend. The altcoin’s trading activity indicates it is currently trading below the 50-day Exponential Moving Average (EMA) and is testing the 200-day EMA as well as a long-term support trendline. Notably, HBAR has breached the psychological support level of $0.10.
HBAR, analysis price chart. Source: TradingView
The bearish momentum is intensifying, with the altcoin’s price approaching the dynamic support level around $0.094. There is a growing likelihood that this support level may soon be breached. As a result, analysts anticipate that in the upcoming week, the HBAR price trend could continue to decline sharply, potentially reaching as low as $0.073.
2. VET Price Analysis: Bearish Signals Ahead
Amidst recent market movements, VET’s price trend is showing signs of significant bearish pressure. The altcoin is currently facing a declining support trendline, which is exacerbating the downward momentum and putting additional strain on the demand line.
Technical indicators further illustrate the bearish sentiment: both the 200-day and 50-day Exponential Moving Averages (EMA) are nearing a bearish crossover. This convergence typically signals potential further downward movement in the near term.
Recent price actions have exacerbated the bearish outlook. A notable 7.92% decline overnight, marked by a bearish engulfing candle, has disrupted the previous sideways trading pattern, indicating a shift towards a negative trend. Moreover, an intraday drop of 2.03% adds to the bearish sentiment, suggesting a potential breakdown.
VET, analysis price chart. Source: TradingView
Looking ahead, analysts are cautious that a breach below the current trendline could lead to further downside. If this support level fails to hold, VET’s price might decline further, potentially testing the next significant support at $0.026.
3. Algorand Price Analysis: Bearish Signals Intensify
Recent market movements have intensified bearish signals for Algorand (ALGO), with the altcoin experiencing a notable 6.20% decline overnight. This drop has disrupted the weekly recovery momentum and now poses a threat of breaking below the $0.16 support level.
Technical indicators are painting a bleak picture: the convergence of the 200-day and 50-day Exponential Moving Averages (EMA) is forming a death cross. This pattern typically signifies a bearish trend reversal, adding weight to the downward pressure on ALGO’s price.
In addition to the EMA signals, the resistance trendline on the daily chart is exerting significant bearish influence. A breach below the crucial $0.16 support level could trigger a substantial downward rally for the altcoin.
ALGO, analysis price chart. Source: Tradingview
Analysts caution that a breakdown below $0.16 could pave the way for further declines, potentially leading ALGO’s price towards the next major support level at $0.10. Investors and traders are advised to monitor these developments closely as they navigate the current market conditions.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
