Weekly Cryptocurrency Market Analysis: Altcoins Face Sharp Declines as They May Resume Bottom Formation

Cryptocurrency markets have been facing heavy selling pressure since Monday, June 13. The altcoins listed below are the worst performing cryptocurrencies this week. Convex Finance and the other altcoins have fallen and broken their historical price levels at the bottom of the chart.

Convex Finance

Convex Finance (CVX) is in a downtrend and has fallen further to the low of $3.88. Bears have broken through the current support at $9.57 and resumed selling pressure. Upsides have been limited by the 21-day line SMA. For example, on May 30, the bulls tried to break the 21-day line SMA, which led to a recent downtrend. Meanwhile, on May 12, a candlestick tested the 78.6% Fibonacci retracement level. The retracement suggests that the altcoin will fall but reverse at the 1.272 Fibonacci extension level or $4.95. From the price action, Convex Finance has fallen above the Fibonacci extension. The altcoin is likely to fall further down. 

Meanwhile, CVX is below the 20% area of the daily stochastic. This indicates that the altcoin has fallen into an oversold area of the market. It is the cryptocurrency asset with the lowest performance this week and has the following characteristics:

Price: $3.93

Market capitalization: $392,769,910

Trading volume: $9,089,882 

7-day loss: 48.23% 

ApeCoin

ApeCoin (APE) is in a downtrend as the price broke the previous low of March 17 at $5.02. Today, the altcoin has fallen to the low of $3.38 at the time of writing. The cryptocurrency has fallen to level 27 on the Relative Strength Index for period 14. This means that the altcoin has reached bearish exhaustion. Moreover, the market has reached the oversold zone as it might attract buyers at lower prices. 

The uptrend will continue if the current support holds. It is the cryptocurrency asset with the second worst performance last week. It has the following characteristics:

Price: $3.32

Market capitalization: $3,317,840,247

Trading volume: $300,198,918 

7-day loss: 43.21%  

Nexo

Nexo (NEXO) is in a downtrend as the price has fallen below the previous low of July 20, 2021. The cryptocurrency has dropped significantly to a low of $0.67. The current decline has pushed the altcoin into the oversold territory of the market. 

Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that the NEXO will fall, but will reverse at the level of 1.272 Fibonacci extension or $ 0.56 price level. Based on the price trend, the market has reached a low of $0.67 at the time of writing. The altcoin is the cryptocurrency with the third worst performance this week. The cryptocurrency has the following characteristics: 

Price: $0.6816

Market capitalization: $681,641,517

Trading volume: $13,468,112 

7-day loss: 43.01%

Waves

Waves (WAVES) resumed the downtrend after an earlier upward correction. In the previous price move, the bulls broke the 21-day line SMA, but failed to break the 50-day line SMA. On June 4, the bears sold off in the recent price rally as Waves resumed selling pressure. The bears are retesting the previous low at $4.19 to break it. 

Meanwhile, Waves is below the 20% range of the daily stochastic. This indicates that the market has reached the oversold area. The selling pressure has reached the bearish exhaustion. The altcoin is the fourth worst performing cryptocurrency this week. The cryptocurrency has the following characteristics: 

Price: $4.52

Market capitalization: $497,709,633

Trading volume: $250,367,951 

7-day loss: 42.88%

Curve DAO Token

Curve DAO Token (CRV) is in a downtrend and has been declining since January 3. It has dropped significantly to the low of $0.63. CRV is at the bottom of the chart and is now in the oversold region of the market. 

Meanwhile, on May 12, the downtrend has seen a retraced candle testing the 78.6% Fibonacci retracement level. The retracement suggests that CRV will fall, but will reverse at the level of 1.272 Fibonacci extension or the price level of $0.62. CRV is the cryptocurrency with the fifth worst performance last week. It has the following characteristics: 

Price: $0.6399

Market capitalization: $2,115,355,589

Trading volume: $101,480,873 

7-day loss: 42.31%

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing funds.