Generally, the cryptocurrencies have all fallen to their respective lows on May 12. The listed weakest altcoins below have been holding above their respective support levels on May 12. However, the bear market is not over as bears continued to sell on each rally. Nonetheless, it will signal the resumption of downtrend if the May 12 support levels are breached.
TerraUSD
TerraUSD (UST) is in a downtrend as it plunged to the low of $0.050 on May 13. The bulls bought the dips as the coin fell to the previous low. Today, the current support is holding as UST attempts to resume upward. It has risen to $0.068 as of press time. The cryptocurrency is below 20% range of the daily stochastic.
The market has fallen deeply into the oversold region of the market. Buyers are expected to emerge to push the altcoin to the previous highs. Further selling pressure is unlikely as buyers take control of prices. The 21-day line SMA is the resistance line to the price bars. The altcoin has a bearish crossover as the 21-day line SMA crosses below the 50-day line SMA indicating a sell order. TerraUSD will continue to fall, each time, it retests the 21-day line moving average. It is the weakest altcoin at the moment. The crypto has the following features:
The current price: $0.06357
Market Capitalization: $636,798,756
Trading Volume: $49,500,011
7–day Gain/Loss %: 73.28%
The Graph
The Graph (GRT) is in a downtrend as it fell to the low of $0.11 on May 12. The cryptocurrency has fallen significantly since November 2021 when it attained a peak price of $1.33. On May 12, it fell to the oversold region as bulls bought the dips. It is trading at $0.15 as of press time.
Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% retracement level. The retracement indicates that GRT will fall but reverse at level 1.272 Fibonacci extension or $0.44 price level. GRT/USD is at level 20 of the Relative Strength Index. It indicates that the altcoin has reached the oversold region of the market. The Graph is the second weakest altcoin at the moment. The crypto has the following features:
The current price: $0.1564
Market Capitalization: $1,573,312,687
Trading Volume: $52,094,808
7–day Gain/Loss % 19.85%
Kadena
Kadena (KDA) is in a downtrend as the altcoin declines to the low of $1.28 on May 12. On May 13, the altcoin rebounded above the current support and rallied to the high of $3.45. The uptrend was terminated at the $3.50 resistance zone. Kadena retraced to the low of $2.23 and resumed consolidation above the current support.
On the upside, if the altcoin rebounds, KDA will rally above the moving averages to reach the high of $5.47. On the other hand, if the bulls face rejection at the 21-day line SMA, the market will decline and revisit the previous low at $1.28. It is at level 40 of the Relative Strength Index period 14. It indicates that KDA is in the bearish trend zone and capable of a further downward move. The cryptocurrency is the third weakest altcoin at the moment. The crypto has the following features:
The current price: $2.53
Market Capitalization: $2,532,163,131
Trading Volume: $16,106,536
7–day Gain/Loss %: 19.65%
Convex Finance
Convex Finance (CVX) has been in a downward move as it fell to the low of $9.57 as bulls bought the dips. CVX selling pressure has reached bearish exhaustion as the market fell to the bottom of the chart. The altcoin is at level 20 of the Relative Strength Index period 14.
It indicates that the market is oversold and buyers are expected to emerge in the oversold region. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that CVX will fall but reverse at level 1.272 Fibonacci extension or $6.13 price level. CVX is the fourth-weakest altcoin in the week. It has the following characteristics.
The current price:$9.84
Market Capitalization: $984,420,702
Trading Volume: $984,420,702
7–day Gain/Loss: 15.33%
Helium
Helium (HNT) is in a downtrend. The cryptocurrency attained a peak price of $57 on November 7, 2021. On November 7, the selling pressure resumed after the altcoin reach an overbought region of the market. The selling pressure subsided after the coin fell to the low of $6.49 on May 12.
Meanwhile, on April 30 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that HNT will fall to level 1.272 Fibonacci extension or $8.07 price level. From the price action, Helium has tested the level 1.272 Fibonacci extension and it is consolidating above it. HNT is the fifth-weakest altcoin at the moment. It has the following characteristics.
The current price: $8.27
Market Capitalization: $1,845,023,650
Trading Volume: $14,097,297
7–day Gain/Loss: 14.37%
