Altcoins
Altcoins With Downside Risks to Avoid in This Crypto Market Crash
With Bitcoin’s correction deepening after the Mt. Gox supply-bound payout, altcoins are under extreme pressure. While the market is looking for altcoins to accumulate, some are far from the next support or quite weak in these market conditions.
With the threat of an extreme downtrend continuation, here is a list of altcoins with a 10% downside probability to avoid in this cryptocurrency market crash. So, here is a list of altcoins to trade with caution, as they could crash heavily next week.
Breaking the wedge will cause ICP price to fall by 25%
During the pullback phase prior to the Bitcoin crash, the declining ICP price trend formed a falling wedge on the daily chart. The pullback led to a death cross at the 50 and 200 daily EMAs, missing the psychological $10 level.
With a 62% decline in the last 90 days, the altcoin price is under extreme bearish pressure and is warning of a prolonged decline. As BTC price fell below $60,000, the altcoin price fell below the falling wedge, signaling a crash.
With the next support level at $5.27, the 25% downside risk warns against a bullish stance.
Bitcoin SV, the altcoin with a 20% decline
With the downtrend in place, BSV price drops below the descending support trendline. Also, with the 50-day EMA acting as a dynamic resistance, the downtrend is gaining momentum.
On the daily chart, the 66% decline in the last three months leads to a breakout of the triangle in the altcoin. With BSV price falling below the $40 mark, the 7% intraday decline warns of a fall to the next support at $31.
Therefore, with a 20% downside risk, the altcoin is quite weak, with minimal reversal possibilities.
AI APT token could slide 25% to $4.72
With a double top formation on the weekly chart, the AI token APT price action reveals another downtrend in motion. With the altcoin failing to sustain above $8, the correction phase is getting intense.
The altcoin is currently trading at $6.27 with an intraday decline of 4.70% and a weekly decline of 11%. If it drops below the $7 level, the downside may find next support at the $4.72 neckline.