Downtrend

The crypto market has been in a brutal downtrend, which means there is widespread fear and a strong hesitation to reenter positions. Some investors lost significant capital during the drawdown and could have less money to risk at this time. Others might simply want to see more of a recovery from the asset class before going long.

The Bitcoin (BTC) price has finally fallen to the psychological $20,000 mark. On June 14, the largest cryptocurrency fell to a low of $20,816 and consolidated back above the current support.

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.

Ripple (XRP) is in a downtrend as the price drops below the current support at $0.38. The bearish momentum has extended, breaking the previous low at $0.33.

Bitcoin (BTC) has fallen to a low of $24,291 after three weeks of trading above the $29,078 support level. According to the price indicator, Bitcoin has fallen to a targeted low of $24,352.

The cryptocurrencies below have picked up another round of selling pressure. The upside corrections led to further downside in altcoins. The resistance levels posed a challenge to the recovery of the altcoins.

Dogecoin (DOGE) is in a downward correction as the altcoin falls below moving averages. In the last five days, the cryptocurrency has traded below the moving averages due to the rejection on May 27 and May 31.

Ethereum (ETH) is in a downward correction and continues its downward movement.

The cryptocurrencies listed below are still deep in the downtrend zone. The bulls have failed to break the 21-day moving average line, hence the downtrend. The altcoins continue to face selling pressure on every rally. This week, these altcoins may continue to fall.