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.
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.
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.
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.