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The recent selling pressure in the cryptocurrency market caused a significant crash in many cryptocurrencies, increasing FUD (fear, uncertainty, and doubt) among investors. This selling pressure led many to take profits, creating additional pressure on weaker altcoins. While the general market expectation is upward for the best altcoins, some altcoins may face sharp declines in the coming week. We have prepared a list of altcoins to approach with caution due to significant downside potentials.
HBAR Faces Risk of Breaking 200-Day EMA
Amid the current downward market outlook, Hedera‘s HBAR shows a high-momentum downward trajectory. The altcoin is trading below its 50-day EMA and is testing the 200-day EMA along with a long-term support trend line. Moreover, it has already lost the psychological support level at $0.10.
With the bullish support under pressure, the dynamic support at $0.094 could soon break. Therefore, HBAR‘s price may continue to fall next week, potentially dropping to $0.073.
VET Faces Risk of Breaking Trend Line
VeChain‘s mainnet asset VET is also under significant pressure due to the falling support trend line. This pressure is compounded by the downside potential between the 200-day and 50-day EMAs.
The 7.92% drop on June 7 created an engulfing candle, breaking the previous horizontal trend and indicating a possible negative trend. Furthermore, the additional 2.03% drop recorded in the last 24 hours signals the continuation of the downtrend. If VET falls below the support trend line, it could drop to the support level at $0.026.
ALGO Sends Bearish Signals
Algorand‘s mainnet asset ALGO lost 6.20% on June 7, disrupting its weekly recovery and warning of a potential break below $0.16.
The convergence of the 200-day and 50-day EMAs indicates a death cross, signaling a shift from a bullish to a bearish trend. The extreme bearish signal on the daily chart, combined with a resistance trend line, suggests that a break below $0.16 could lead to a significant drop in ALGO‘s price, potentially down to $0.10.
