The bearish trend has resurfaced after the May 12, price slump. On May 12, the bearish trend eased as the cryptocurrencies resumed an upward correction. The upward corrections have been terminated as their respective resistance levels. The altcoins below have resumed selling pressure as they reach their previous lows. The downtrend will resume if the previous lows are breached.
STEPN
STEPN (GMT) is in a downtrend and has fallen significantly to the low of $0.83. On May 12, the cryptocurrency fell to the low of $0.77 and it retested the current support on May 26 before resuming consolidation.
The altcoin is resuming upward but may face rejection at the 21-day line moving average. In the previous price action, the upward correction was repelled at the 21-day moving average. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% retracement level. The retracement indicates that GMT will fall but reverse at level 1.272 Fibonacci extension or $0.30. It is the weakest altcoin at the moment. The crypto has the following features:
The current price: $0.9645
Market Capitalization: $5,787,251,174
Trading Volume: $663,551,463
7–day Gain/Loss %: 27.78%
Waves
Waves (WAVES) is in a downtrend as it fell to the low of $4.18 on May 29. The bears have broken the previous low of the May 12 price slump to resume the downtrend.
The cryptocurrency has fallen deeply into the oversold region of the market. The current selling pressure is likely to subside as buyers emerge in the oversold region of the market. WAVES/USD is at level 21 of the Relative Strength Index for period 14. It indicates that the altcoin has reached the oversold region of the market. The WAVES is the second weakest altcoin at the moment. The crypto has the following features:
The current price: $4.23
Market Capitalization: $465,680,027
Trading Volume: $171,832,098
7–day Gain/Loss % 25.76%
Elrond
Elrond (EGLD) has been in a downward move since November 2021. The bearish trend subsided after the cryptocurrency fell to the low of $68 on May 12.
The altcoin corrected upward but was resisted at the $100 high. Today, the bears have pushed the coin to the previous low at $68. The $68 low has been the oversold region of the marke. Buyers are likely to emerge in the oversold region to push the altcoin upward. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that EGLD will fall to level 1.272 Fibonacci extension or $40.81 price level. EGLD is the third-weakest altcoin at the moment. It has the following characteristics.
The current price: $69.38
Market Capitalization: $2,179,629,113
Trading Volume: $50,453,095
7–day Gain/Loss: 24.05%
ApeCoin
ApeCoin (APE) is in a downtrend as price fell to the low of $5.16 on May 11. The coin corrected upward but faces rejection at the 21-day line moving average.
The selling pressure has resumed as the altcoin revisits the previous low of $5.16. From the price action, ApeCoin is trading at $5.96 at the time of writing. Meanwhile, the altcoin is at level 35 of the Relative Strength Index for period 14. It indicates that the altcoin is in the bearish trend zone and capable of a further downward move.APE is the fourth-weakest altcoin in the week. It has the following features:
The current price: $6.01
Market Capitalization: $6,010,558,233
Trading Volume: $267,243,044
7–day Gain/Loss: 23.45%
Kadena
Kadena (KDA) is in a downtrend as the altcoin declines to the low of $1.28 on May 12. The downtrend subsided as the altcoin made an upward correction to the high of $3.45. Today, the selling pressure has resumed as the altcoin faces rejection at the recent high.
The coin is revisiting the previous low of $1.28. KDA is trading at $2.03 at the time of writing. Meanwhile, KDA is below the 20% range of the daily stochastic. The altcoin has fallen to the oversold region of the market. The selling pressure is likely to end as buyers emerge in the oversold region. The cryptocurrency is the fifth weakest altcoin at the moment. It has the following features:
The current price: $2.03
Market Capitalization: $2,027,392,037
Trading Volume: $12,715,312
7–day Gain/Loss %: 19.97%
