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.
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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
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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.
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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.
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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
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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.
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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.
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