As Bitcoin (BTC) revisits the previous low on May 12, the altcoins are falling simultaneously to their respective lows. The cryptocurrencies below have broken their previous lows and have fallen significantly. Let us examine each of the weakest altcoins.
Convex Finance
Convex Finance (CVX) is in a downtrend and has fallen deeply to the oversold region of the market. The cryptocurrency has fallen to the low of $5.14 after breaking the previous low on May 12. On May 12, the coin declined to $9.57 low and resumed a sideways trend for three weeks.
On June 1, the sideways move was broken as the crypto resumed the downtrend. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% retracement level. The retracement indicates that CVX will fall but reverse at level 1.272 Fibonacci extension or $4.95. CVX is the weakest altcoin at the moment. The crypto has the following features:
The current price: $5.17
Market Capitalization: $517,013,254
Trading Volume: $11,446,753
7–day Gain/Loss %: 38.75%
Elrond
Elrond (EGLD) is in a strong bearish momentum as the bears broke $68 support and resumed a downtrend. The bears overcome the bulls after retesting the $68 support on three occasions. The bulls retested the 21-day line SMA twice but could not keep the price above it.
The upward move has been restricted by the 21-day line SMA, hence the downtrend. . Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% retracement level. The retracement indicates that EGLD will fall but reverse at level 1.272 Fibonacci extension or $40.81. It is the second weakest altcoin at the moment. The crypto has the following features:
The current price: $50.46
Market Capitalization: $1,585,254,655
Trading Volume: $114,561,447
7–day Gain/Loss %: 33.70%
Aave
Aave (AAVE) has been in a downward move after the coin rallied to an overbought region on April 1. The crypto was overbought at the high of $261 but plunged to the low of $61 on May 12. On May 12, the bearish trend subsided as the altcoin broke above the 21-day line SMA. Buyers failed to keep the price above the 50-day line SMA, hence the resumption of selling pressure.
The bears broke below the 21-day line moving average to resume the downtrend. Meanwhile, on May 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the altcoin will fall but reverse at level 1.272 Fibonacci extension or $49.81 price level. AAVE is the third-weakest altcoin at the moment. It has the following characteristics.
The current price: $71.00
Market Capitalization: $1,136,024,823
Trading Volume: $202,017,923“
7–day Gain/Loss: 32.23%
The Graph
The Graph (GRT) continues its downward move after its rejection on April 2. The cryptocurrency declined from the high of $0.55 to a low of $0.11 on May 12. Nevertheless, since May 12, the bulls have defended their current support. Today, the bears are attempting to break below the current support.
The altcoin will resume a downtrend if the current support is breached. Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the altcoin will fall but reverse at level 1.272 Fibonacci extension or $0.03 price level. The cryptocurrency is the fourth weakest altcoin at the moment. It has the following features:
The current price: $0.116
Market Capitalization: $1,166,389,232
Trading Volume: $76,435,650
7–day Gain/Loss %:31.34
Waves
Waves (WAVES) is in a downtrend but the selling pressure has subsided since May 27. On May 27, the altcoin made an upward correction to reach the previous highs. The crypto’s price broke the 21-day line SMA but was repelled at the 50-day line SMA. The rejection has caused the altcoin to resume selling pressure.
The altcoin is declining as it approaches the previous low of $4.19. The altcoin is at level 35 of the Relative Strength Index for period 14. The crypto is falling and approaching the oversold region of the market. WAVES is the fifth-weakest altcoin in the week. It has the following features:
The current price: $5.72
Market Capitalization: $620,960,354
Trading Volume: $417,170,004
7–day Gain/Loss: 29.14
