The cryptocurrencies are in a downward correction as the altcoins decline from their previous highs. The weakest altcoins are revisiting their previous lows as bears continue to sell at recent rallies. Let us discuss some of these altcoins.
STEPNSTEPN (GMT) is in a downward correction as price breaks below the moving average lines. Since May 12, the cryptocurrency has been in a sideways move. The crypto has been fluctuating between $0.53 and $1.10 price levels since May.
The price movement has been stagnant because of the presence of small body indecisive candlesticks called Doji. On August 17, the bears broke below the moving average lines to reach the low of $0.76. Today, the coin is fluctuating above the $0.76 support. The coin will further decline to the previous low at $0.53. Meanwhile, the altcoin is at level 35 of the Relative Strength Index for period 14. It indicates that GMT is in the downtrend zone and is approaching the oversold region of the market. It is the weakest altcoin for the week. It has the following characteristics:
The current price: $0.7819Market Capitalization: $4,691,207,441Trading Volume: $188,880,4147–day Gain/Loss: -28.50%
CelsiusCelsius (CEL) price is in a downtrend as price breaks below the moving average lines. Today, the cryptocurrency is above the 50-day line SMA but below the 21-day line SMA. The selling pressure has reached bearish exhaustion as the altcoin finds support above the 50-day line SMA.
Meanwhile, on the August 16 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that CEL will fall to level 1.272 Fibonacci extension or $1.68. On the upside, CEL will resume a fresh uptrend if the 50-day line SMA holds. CEL is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. Buyers are expected to emerge to push prices upward. The altcoin is the second-weakest altcoin at the moment. It has the following characteristics:
The current price: $1.62Market Capitalization: $1,125,671,048Trading Volume: $26,566,5057–day Gain/Los: -28.06%
AnkrAnkr (ANKR) price is in a downward correction as price breaks below the moving average lines. The altcoin is trading between the moving average lines. The current decline has reached bearish exhaustion as the altcoin fell to the low of $0.036.
The uptrend will resume if price declines and finds support above the 50-day line SMA. Meanwhile, on August 14 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that ANKR will fall to level 1.618 Fibonacci extension or $0.037. Meanwhile, the altcoin is at level 47 of the Relative Strength Index for period 14. It is in the bearish trend zone and may decline. It is the third-weakest altcoin at the moment. It has the following characteristics:
The current price: $0.03671Market Capitalization: $367,062,457Trading Volume: $29,743,2057–day Gain/Loss: -26.34%
GalaGala (GALA) is in a downtrend as it faces rejection at $0.071 resistance. The bears broke below the moving average lines to reach the low of $0.053. The price movement is insignificant because of the presence of small body candlesticks called Doji.
GALA is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region. Buyers are expected to emerge to push prices upward. It is the fourth weakest altcoin for the week. It has the following characteristics:
The current price: $0.05335Market Capitalization: $1,890,339,385Trading Volume: $195,337,7437–day Gain/LOSS %: 23.26%
Oasis NetworkOasis Network (ROSE) is in a downward correction as it faces rejection at $0.116 resistance. The cryptocurrency plunged below the moving average lines as bulls bought the dips. The upward move is being hindered at the 50-day line SMA.
Meanwhile, the altcoin is at level 42 of the Relative Strength Index for period 14. It is in the bearish trend zone and may decline. ROSE is the fourth-weakest altcoin at the moment. It has the following characteristics:
The current price: $0.07108Market Capitalization: $709,396,838Trading Volume: $75,097,2117–day Gain/Loss: 20.90%
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