The altcoins below have fallen significantly after breaking below the previous lows of the May 12 price level. The altcoins are still making relief rallies but face stiff resistance at the 21-day line SMA. Let us examine each of these coins
Synthetix
Synthetix (SNX) is an upward correction as price breaks above the moving averages. The previous downtrend has subsided as price fell to the low of $1.42 and rebounded. The crypto’s price rallied above the moving averages to reach the high of $3.37. The recent rally was repelled as price fell between the moving average lines.
The crypto’ will resume a range-bound move if the altcoin retraces and finds support above the 21-day line SMA. Also, the downtrend will resume if the bears break below the 21-day line SMA. Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that SNX will fall but will reverse at level 1.272 Fibonacci extension or $1.29. From the price action, the coin has reversed after testing the 1.272 Fibonacci extensions. It is the strongest altcoin at the moment. It has the following characteristics:
The current price: price: $2.83
Market Capitalization: $600,113,537
Trading Volume: $427,091,892
7–day Gain/Loss: 52.04%
Bitcoin SV
Bitcoin (BSV) is in an upward move as price breaks above the moving averages. The cryptocurrency is likely to rise to the previous highs as price bars are above the moving averages. The current uptrend may face resistance at the high of $79. Also, BSV is above the 78% range of the daily stochastic.
The coin is approaching the overbought region. That is, the uptrend will be short-lived. Meanwhile, on June 14 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that BSV will rise to level 2.618 Fibonacci extension or $93.47 price level. From the price action, BSV has risen to the high of $63.21. It is the second strongest altcoin for the week. It has the following characteristics:
The current price: $63.23
Market Capitalization: $1,327,829,470
Trading Volume: $182,844,847
7–day Gain/Loss %: 39.64%
STEPN
STEP (GMT) is in a downward correction as price breaks below the previous low at $0.77.Today, the bulls could not break above the 21-day SMA as it faces rejection. The implication is that the selling pressure will resume as price revisits the previous low of $0.53.
The downtrend will resume if price breaks below the $0.53 support. Meanwhile, on May 11 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that GMT will fall but will reverse at level 1.272 Fibonacci extension or $0.36. It is the third strongest altcoin for the week. It has the following characteristics:
The current price: $0.7853
Market Capitalization: $4,712,052,310
Trading Volume: $655,266,208
7–day Gain/LOSS %: 37.49%
Helium
Helium (HNT) is in an upward move as price breaks above the moving averages. The upward move has been stalled as the altcoin consolidates above the moving averages. HNT will continue to rise above the moving averages if resistance is breached.
Conversely, if the crypto’s price falls and breaks below the moving averages, the selling pressure will resume. The altcoin is above the 70% range of the daily stochastic. It indicates that the market is in a bullish momentum. The altcoin is the fourth-strongest altcoin at the moment. It has the following characteristics:
The current price: $11.10
Market Capitalization: $2,474,417,364
Trading Volume: $26,937,528
7–day Gain/Loss: 37.37%
Elrond
Elrond (EGLD) is in an upward correction as the altcoin faces rejection at the 21-day line SMA. The selling pressure will resume if the bulls fail to break above the 21-day line SMA. In the previous price action, the altcoin declined to the low of $37.82 as bulls bought the dips.
On the downside, if the altcoin declines and breaks below the current support, the downtrend will resume. The altcoin is above the 40% range of the daily stochastic. It indicates that the market is in a bullish momentum. It is the fifth-strongest altcoin at the moment. It has the following characteristics.
The current price: $55.72
Market Capitalization: $1,750,405,697
Trading Volume: $93,827,118
7–day Gain/Loss: 35.99%
