NEM and the other altcoins have fallen to the bottom of the chart. There is a likelihood of a further downward movement of the cryptocurrencies as the coins face rejection at the 21-day line SMA. Virtually, all the altcoins are revisiting the oversold region of the market. Let us discuss some of the weakest altcoins for the week.
NEM
NEM (XEM) has been in a downtrend since March 8, 2021. The cryptocurrency has fallen significantly from the high of $0.80.Today, the downtrend has resumed after the recent rejection. On July 2, XEM rebounded above the $0.038 support as the altcoin rallied above moving average lines.
NEM reached the high of $0.062 but was repelled. The bulls failed to sustain the bullish momentum as the altcoin declined below the moving average lines. The selling pressure will resume if the crypto price is below the moving average lines. Meanwhile, the NEM is at level 47 of the Relative Strength Index for period 14. It indicates that the altcoin is in the downtrend zone and capable of further decline. XEM is the weakest altcoin at the moment. The crypto has the following features:
The current price: $0.04139
Market Capitalization: $372,493,481
Trading Volume: $8,135,303
7–day Gain/Loss %: 6.49%
PAX Gold
PAX Gold (PAXG) is in a downtrend since April 18, 2022. On July 6, the altcoin declined to the low of $1,735 and resumed consolidation above the current support. The current decline has pushed the cryptocurrency to the oversold region of the market. PAXG is likely to further decline.
Meanwhile, on May 16 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that PAXG will fall to level 1.618 Fibonacci extension or $1,658. Nevertheless, the cryptocurrency has fallen below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. It is the second weakest altcoin at the moment. The crypto has the following features:
The current price: $1,740.50
Market Capitalization: $580,778,877
Trading Volume: $8,601,736
7–day Gain/Loss %: 4.22%
GateToken
Gate Token (GT) is in a downtrend as the cryptocurrency trades below the moving average lines. Since April 4, the bulls have failed to break above the 21-day line SMA. The 21-day line SMA has been the resistance line. It has restrained the upward movement of cryptocurrency.
For the past two weeks, the price action has been characterized by small body indecisive candlesticks. Gate Token is trading at $3.90. The upward move or downward movement of the GT will be hindered because of the presence of Doji candlesticks. The altcoin is below the 40% range of the daily stochastic. The cryptocurrency is in a bearish momentum.. GT is the third-weakest altcoin at the moment. It has the following characteristics.
The current price:$3.91
Market Capitalization: $1,176,071,570
Trading Volume: $1,235,862
7–day Gain/Loss: 2.61%
UNUS SED LEO
UNUS SED LEO ( LEO) price is in a sideways trend since February 8. Buyers have failed to keep the price above the $16.10 overhead resistance. On July 1, the crypto’s price broke above the moving average lines. The price spike reached the high of $6.50 but pulled back. The bulls failed to keep the price above the overhead resistance, hence the downtrend.
The crypto’s price has broken below the 21-day line SMA. A break below the 50-day will accelerate the downward move. Meanwhile, the altcoin is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. LEO is the fourth weakest altcoin of the week. It has the following features:
The current price:$5.65
Market Capitalization: $5,567,304,386
Trading Volume: $3,679,029
7–day Gain/Loss: 1.90%
Huobi Token
Huobi Token (HT) is in a downtrend as price fluctuates below the moving average lines. HT price is making a series of lower highs and lower lows. The altcoin has fallen to the low of $4.28. The selling pressure will resume if price breaks below the $4.28 support.
Meanwhile, on June 19 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that HT will fall but will reverse at level1.272 Fibonacci extension or $3.80.The cryptocurrency is the fifth weakest altcoin at the moment. It has the following features:
The current price: $4.37
Market Capitalization: $2,187,412,086
Trading Volume: $18,616,304
7–day Gain/Loss %: 0.70%
