Altcoins
Altcoins With Downside Risks To Avoid In This Cryptocurrency Market Crash
As Bitcoin’s correction intensifies after the Mt. Gox supply-related payout, altcoins are under extreme pressure. As the market looks for altcoins to stack, some are far from the next support or quite weak in these market conditions.
As the downtrend is threatened, here is a list of altcoins with a 10% chance of decline to avoid in this cryptocurrency market crash. So here is a list of altcoins to trade with caution as they could crash heavily next week.
Wedge breakout would cause ICP price to drop 25%
During the pullback phase prior to the Bitcoin crash, the bearish trend in ICP price formed a descending wedge on the daily chart. The pullback led to the death cross at the daily 50 and 200 EMAs as it lost the psychological $10 mark.
With a 62% drop in the last 90 days, the altcoin price is under extreme bearish pressure and is warning of a prolonged fall. As BTC price fell below $60,000, the altcoin price broke below the descending wedge, signaling a nosedive.
With the next support level at $5.27, the 25% downside risk warns against a bullish position.
Bitcoin SV, the altcoin with a 20% falling destiny
With the bearish trend in play, BSV price breaks below the descending support trendline. Moreover, with the 50D EMA acting as dynamic resistance, the bearish trend gains momentum.
On the daily chart, the 66% drop over the past three months is leading to a breakout of the altcoin triangle. With BSV price falling below $40, the 7% intraday drop is warning of a fall towards the next support at $31.
Therefore, with a 20% downside risk, the altcoin is quite weak, with minimal chances of reversal.
AI APT Token Could Drop 25% to $4.72
With a double top formation in the weekly chart, the AI APT token price action reveals another bearish trend underway. With the altcoin failing to sustain above $8, the correction phase is becoming intense.
Currently, the altcoin is trading at $6.27 with an intraday decline of 4.70% and a weekly decline of 11%. If it breaks below $7, the fall could find the next support at the $4.72 neckline.