The cryptocurrencies have resumed selling pressure after rejection at the 21-day line SMA. The altcoins will further decline if the bears break below the previous lows. Incidentally, the coins are also approaching the oversold region of the market. In the oversold region, buyers will be attracted to push prices upward. Let us discuss some of the weakest altcoins below.
STEPN (GMT) is in a downward correction but it is range-bound between the two moving average lines. On June 26 uptrend, the bulls broke above the moving average but fail to break the 50-day line SMA. A break above the 50-day line SMA will propel the coin to regain bullish momentum.
Also, the altcoin will revisit the previous high of $4. However, because of the rejection at the recent high, GMT is on a steady decline to the downside. A repeat upward move may commence if the altcoin retraces and finds support above the 21-day line SMA. A break below the 21-day line SMA will mean the resumption of a downward correction. Meanwhile, on May 11 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 $0.46. GMT is the weakest altcoin at the moment. The crypto has the following features:
The current price: $0.8172
Market Capitalization: $4,902,920,133
Trading Volume: $212,498,354
7–day Gain/Loss %: 25.11%
KuCoin Token (KCS) is in a sideways trend as the altcoin fluctuates below the $22 overhead resistance. Since January 16, the bulls have failed to break the overhead resistance, hence the sideways move.
Since March 29, the coin has been on a downward move after its rejection from the recent high. KCS is trading at $19.32 at the time of writing. KCS is at level 46 of the Relative Strength Index for period 14. It indicates that it is in the downtrend zone and capable of further decline. It is the second weakest altcoin at the moment. The crypto has the following features:
The current price: $8.38
Market Capitalization: $1,425,731,772
Trading Volume: $6,927,745
7–day Gain/Loss %: 23.54%
THORChain (RUNE) is in a downward correction as the cryptocurrency declined below the moving averages. On June 25 uptrend; the altcoin was repelled after breaking above the 21-day line SMA. The selling pressure resumed as the altcoin revisited the previous low at $1.43.
Meanwhile, on May 12 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the altcoin will fall to level 1.272 Fibonacci extension or $1.05 price level. RUNE is the third-weakest altcoin at the moment. It has the following characteristics.
The current price: $1.79
Market Capitalization: $896,646,536
Trading Volume: $87,290,390
7–day Gain/Loss: 23.11%
Avalanche (AVAX) price is in a downward correction as price breaks below the moving averages . Since April 4, AVAX has been on a steady decline from the high of $103.64. Today, the cryptocurrency has fallen to the previous low of $16.06 at the time of writing. The altcoin is likely to decline to the previous low of $13.73.
Further upward movement of the coin is unlikely because the 21-day line SMA is acting as a resistance to price. On the downside, if AVAX retraces and breaks below the $13.75 support, the downtrend will resume. The altcoin will be compelled to a range-bound move between $13.75 and $16.06 price levels if the previous low holds. The altcoin is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. AVAX is the fourth weakest altcoin of the week. It has the following features:
The current price: $16.02
Market Capitalization: $11,533,630,864
Trading Volume: $233,277,113
7–day Gain/Loss: 22.61%
Zcash (ZEC) is in a downtrend as price continues to fall after retesting the 21-day line SMA. Since March 28, the cryptocurrency has been on a steady decline from the high of $212. Today, the altcoin has fallen to the low of $53.23 at the time of writing. The altcoin has fallen to the previous low of June 18.
The coin is likely to further decline if the bears break below the $53 support. Meanwhile, the altcoin is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region . Further selling pressure is unlikely. The cryptocurrency is the fifth weakest altcoin at the moment. It has the following features:
The current price: $53.20
Market Capitalization $1,113,290,835
Trading Volume: $40,594,048
7–day Gain/Loss % : 21.71%