The under-listed altcoins are trading in the bearish trend zones. The cryptocurrencies have fallen to the oversold region of the market. All the altcoins made an upward correction, except GMT. This resulted in the downward movement of the cryptos. There is a likelihood of further downward movement of prices. Let us examine each of these coins.
ApeCoin (APE) is in a downtrend but the cryptocurrency has fallen significantly. Today, the market has declined to the low of $12.69. Since May 5 price slump, the altcoin has reached the oversold region of the market. This is an indication that the downtrend has reached bearish exhaustion.
For the past three days, the price action has been characterized by small body indecisive candlesticks called Doji. The candlesticks indicate that buyers and sellers are undecided about the direction of the market. Meanwhile, on May 3 downtrend; a retraced candle body tested the 78.6% retracement level. The retracement indicates that APE will fall but reverse at level 1.272 Fibonacci extension or $11.06 price level. ApeCon is the weakest altcoin at the moment. It has the following characteristics:
The current price: $12.70
Market Capitalization: $12,700,344,199
Trading Volume: $715,235,599
7 –day Gain/Loss: 46.80%
STEPN (GMT) is in a sideways move as the altcoin fell between the moving averages. On April 19 and 27, buyers failed to sustain the bullish momentum above the $4.00 overhead resistance. The current uptrend would have continued but was repelled as the market reached the overbought region.
STEPN is trading between the moving averages. That is, it is above the 50-day line SMA but below the 21-day line SMA. This implies that the cryptocurrency will be compelled to a range-bound move for a few more days. GMT will resume an uptrend if price breaks above the 21-day line SMA. The altcoin will rise to retest or break above the $4.00 overhead resistance. Presently, the bears are retesting the 50-line SMA. A break below it will signal the resumption of the downtrend.GMT/USD is below the 20% range of the daily stochastic. It indicates that the selling pressure has reached bearish exhaustion. GMT is the second weakest altcoin this week. The crypto has the following features:
The current price: $2.63
Market Capitalization: $15,769,464,504
Trading Volume: $1,514,987,860
7 –day Gain % 28.48%
Nexo (NEXO) is in a downtrend as the altcoin declined to the low of $1.82. The cryptocurrency has fallen significantly and reached the oversold region of the market. The $1.82 price level is the historical price level of February 21. On February 21, NEXO/USD rebounded above the $1.82 support as the altcoin resumed a fresh uptrend.
The current downtrend has subsided as bulls bought the dips. Meanwhile, on April 11 downtrend; a retraced candle body tested the 50% retracement level. The retracement indicates that NEXO will fall to level 2.0 Fibonacci extension or $1.82 price level. The altcoin has retested the 2.0 Fibonacci extension or $1.82 and pulled back. It is the third-weakest crypto at the moment. It has the following features:
The current price: $1.91
Market Capitalization: $1,909,849,873
Trading Volume: $21,062,086
7 –day Gain %: 27.15%
Cronos (CRO) has been in a downward move but crypto’s price is making a series of lower highs and lower lows. On May 2, the cryptocurrency fell to a low of $0.265 as bulls bought the dips. The upward correction has been repelled as selling pressure resumes.
On the downside, if the break below the $0.265 support, the downtrend will resume. On the upside, if buyers keep the altcoin above the moving averages and bullish momentum is sustained, the downtrend will be terminated. Today, Cronos is likely to further decline to the downside. CRO is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. Cronos is the fourth-weakest altcoin at the moment. It has the following characteristics.
The current price: $0.2728
Market Capitalization: $8,254,540,389
Trading Volume: $32,053,659
7 –day Gain/Loss: 24.64%
Filecon (FIL) is in a downtrend as the cryptocurrency resumes a fresh downtrend. Since January, the altcoin has been in a sideways move. Filecoin has been fluctuating between $17 and $24 price levels.
On April 11, the bears retested the $17 support, and then made an upward correction. The upward correction was repelled as the altcoin resumes selling pressure. Meanwhile, on April 11 downtrend; a retraced candle body tested the 61.8% retracement level. The retracement indicates that FIL will fall to level 1.618 Fibonacci extension or $13 price level. The current price: $13.26
Market Capitalization: $2,648,669,868
Trading Volume: $398,887,499
7 –day Gain/Loss: 22.42%