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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Jun 08, 2024 08:35 UTC
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These Altcoins Might Crash Heavily In The Coming Week
As the bearish influence has led to a huge crash in the crypto market in the last 36 hours, the FUD sentiments are on the rise. The downfall leads to a full-fledged profit booking by many, which puts additional stress on weak altcoins.
With the broader market anticipation of a bullish comeback in the top coins, some altcoins could witness an extended downfall in the coming week. So, here’s a list of altcoins to trade carefully, as they might crash heavily next week.
HBAR Price Warns 200D EMA Breakdown
Amidst the falling market, the HBAR price trend shows a high momentum bearish trend in motion. The altcoin trades below the 50D EMA and tests the 200D EMA along with the long-term support trendline as it loses the $0.10 psychological support.
As the bullish confluence is under stress, the dynamic support at $0.094 might break shortly. Hence, the coming week in the HBAR price trend could be extremely bearish and drop to the $0.073 mark.
VET Price Warns Trendline Breakdown
With a declining support trendline in play, the downfall in the VET price puts additional pressure on the demand line. Further, the 200D and 50D EMA are on the verge of a bearish crossover.
With a 7.92% drop last night, the bearish engulfing candle undermines the previous sideways trend, teasing a negative trend. Further, the intraday drop of 2.03% in the altcoin warns of a bearish breakdown.
A crackdown below the trendline will plunge the altcoin price to the $0.026 support level.
ALGO
With a 6.20% drop last night, the Algorand price undermines the weekly recovery and warns of a $0.16 breakdown. Further, the merged 200 and 50-day EMA are signalling a death cross, cementing the bearish trend reversal.
Moreover, the resistance trendline at play, the bearish influence is extremely high in the daily chart. A breakdown under $0.16 will result in a massive downfall rally in Algorand. In such a case, the altcoin price could drop to the $0.10 mark.
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