Altcoins
These Altcoins could fall heavily in the next week
As the bearish influence has led to a huge collapse in the cryptocurrency market over the past 36 hours, FUD sentiments are on the rise. The collapse leads many to actually book profits, which puts further stress on weak altcoins.
With the broader market anticipating a bullish return for major coins, some altcoins could witness a prolonged collapse in the coming week. So, here is a list of altcoins to trade with caution, as they may fall heavily next week.
HBAR price warns of the collapse of the 200D EMA
Amidst the declining market, the price action of HBAR shows a high momentum bearish trend in motion. The altcoin is trading below the 50D EMA and tests the 200D EMA along with the long-term support trendline as it loses the psychological support of $0.10.
As the bullish confluence is under stress, the dynamic support at $0.094 may break soon. Therefore, next week in HBAR price action may be extremely bearish and drop to $0.073 level.
VET price warns of trend line breakout
With a declining support trend line, the falling VET price puts further pressure on the demand line. Furthermore, the 200D and 50D EMA are on the verge of a bearish crossover.
With a decline of 7.92% last night, the bearish engulfing candle undermines the previous sideways trend, anticipating a negative trend. Furthermore, the altcoin’s 2.03% intraday drop warns of a bearish collapse.
A crackdown below the trend line will cause the altcoin price to plummet to the $0.026 support level.
ALGO
With a drop of 6.20% last night, Algorand price undermines the weekly recovery and warns of a collapse of $0.16. Furthermore, the merger of the 200 and 50-day EMA signals a death cross, solidifying the reversal of the bearish trend.
Furthermore, since the resistance trend line is in play, the bearish influence is extremely high on the daily chart. A breakdown below $0.16 will result in a massive downside rally for Algorand. In that case, the price of the altcoin could drop to as low as $0.10.