The cryptocurrencies listed above has fallen significantly to the downside. The bear market has caused altcoins to fall sharply to the previous lows in 2021. The cryptos have continue to fall as the bears sell at resistance levels which have prolonged the bearish trend. Let us examine some of the weakest coins which are trading at the bottom of the chart
Waves
Waves (WAVES) is in a downtrend as price plunged to the low of $5.83 on May 11. The cryptocurrency declined below the historical price level of February 21. The historical price of $8.48 has been held since January 2022.
Meanwhile, on May 11, WAVES has been fluctuating above the $5.80 support. On May 13, buyers pushed the altcoin to the high of $8.27 but were repelled. The bulls failed to break above the $11.91 resistance. Consequently, the market is declining and approaching the current support at $5.83. WAVES is capable of further declining if the bears break below the current support. It is the weakest altcoin this week. It has the following features:
The current price: $6.73
Market Capitalization: $726,366,643
Trading Volume: $374,415,166
7 –day Gain/Loss %: 47.49%
Fantom
Fantom (FTM) is in a downtrend. The cryptocurrency has fallen significantly since January 17. The altcoin has declined from the high of $3.37 to the low of $0.3680. In the meantime, the altcoin has fallen to the oversold region. Today, Fantom plunges to the low of $0.2270 as bulls bought the dips.
Meanwhile, on March 11 downtrend; a retraced candle body tested the 78.6% retracement level. The retracement indicates that FTM will fall but reverse at level 1.272 Fibonacci extension or $0.44 price level. FTM/USD is below the 20% range of the daily stochastic. It indicates that the selling pressure has reached bearish exhaustion. FTM is the second weakest altcoin at the moment. The crypto has the following features:
The current price: $0.3644
Market Capitalization: $1,156,183,520
Trading Volume: $453,727,360
7 –day Gain/Loss % 44.99%
THORChain
THORChain (RUNE) is in a downtrend as the altcoin reaches bearish exhaustion. The bears broke below the moving averages and slumped to the oversold region at $2.34. Besides, the bears breached the historical price level of February 24. Before the recent breakdown, the historical price level of $3.01 has been holding since January 22. Today, RUNE is declining and approaching the current support at $2.34.
The altcoin made an upward correction after the recent breakdown. The uptrend was interrupted at $3.72 giving the bears the advantage to resume selling pressure. Meanwhile, on April 30 downtrend; a retraced candle body tested the 61.8% retracement level. The retracement indicates that RUNE will fall but reverse at level 1.618 Fibonacci extension or $3.49 price level. From the price action, RUNE broke below the Fibonacci extension, pulled back to retest it, and then resume selling pressure. The downtrend will resume if the bears break below the current support. RUNE is the third weakest altcoin at the moment. The crypto has the following features:
The current price: $3.27
Market Capitalization: $1,635,495,609
Trading Volume: $114,266,879
7 –day Gain/Loss %: 41.90%
PancakeSwap
PancakeSwap (CAKE) has been in a downward move. The downtrend has been ongoing after the bulls failed to break above the $24 resistance on August 23, 2021. Today, the altcoin has fallen considerably from the high of $47.00 to a low of $3.12. Today, the altcoin fell with a protruding long tail.
The long tail indicates that the current support has strong buying pressure. CAKE will resume an uptrend if the current support holds and the bulls break above the $9.89 high. Conversely, the selling pressure will resume if the bears break below the $3.12 support. CAKE is the fourth-weakest altcoin at the moment. It has the following characteristics.
The current price: $4.20
Market Capitalization: $3,147,334,750
Trading Volume: $96,499,114
7 –day Gain/Loss: 40.87%
Algorand
Algorand (ALGO) is in a downtrend. Since September 13, 2021, the cryptocurrency has been falling to the downside. Today, the altcoin has fallen to the low of $0.34 from the high of $2.50. ALGO/USD has reached bearish exhaustion as the market declined to the oversold region.
Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that ALGO will fall to level 1.272 Fibonacci extension or $13 price level. From the price action, the altcoin is trading at $0.46 after the bulls bought the dips. ALGO is the fifth-weakest altcoin at the moment. It has the following characteristics.
The current price: $0.4613
Market Capitalization: $4,613,304,807
Trading Volume: $148,253,216
7 –day Gain/Loss: 38.71
