The cryptocurrencies below are trading in the downtrend zones and are capable of further decline. For instance, the upward moves of HNT, LDO, SNX, and CRV have been restricted by the 21-day line SMAs. The implication is that these cryptos will further decline to their previous lows. Let us discuss in detail the weakest altcoins for the week.
Helium
Helium (HNT) price is in a downtrend as it declines significantly to the low of $4.06. The downtrend has been ongoing since November 8, 2021. On September 7, the altcoin rebounded and rallied to the 21-day line SMA. The bulls retested the moving average lines for the second time as the altcoin resumes selling pressure.
On the downside, HNT will resume a downtrend if price breaks below the $4.06 support. Today, the cryptocurrency asset has fallen to the oversold region of the market. Therefore, the current selling pressure may subside as the altcoin reaches the oversold region. Nevertheless, the altcoin is below the 20% range of the daily stochastic. The market has reached the oversold region. HNT is the weakest altcoin for the week. It has the following characteristics:
The current price: $4.11
Market Capitalization: $915,796,570
Trading Volume: $19,373,383
7–day Gain/Loss: 25.27%
EOS
EOS (EOS) is in an uptrend as it rallied to the high of $1.80. The cryptocurrency asset could not continue the uptrend after a second retest. The altcoin declines above the 50-day line SMA. The uptrend will resume if the current support holds.
However, the selling pressure will resume if price breaks below the moving average lines. EOS is below the 20% range of the daily stochastic. The altcoin has reached the oversold region. The selling pressure may subside. It is the second-weakest altcoin at the moment. It has the following characteristics:
The current price: $1.43
Market Capitalization: $1,515,089,334
Trading Volume: $421,361,038
7–day Gain/Loss: 14.25%
Lido DAO
Lido DAO (LDO) price has been in an upward move but the uptrend has been interrupted at the $3.00 resistance zone. The crypto’s price declined below the moving average lines and resumed a sideways trend as it failed to break the recent high.
On the upside, if LDO rebounds and breaks the $3.00 resistance, the uptrend will resume. Lido DAO is likely to decline to the downside as price is below the moving average lines. It will decline to the low of $1.40 price level. Meanwhile, the altcoin is below the 20% range of the daily stochastic. The market has reached the oversold region. The selling pressure is likely to subside. The coin is the third-weakest altcoin at the moment. It has the following characteristics:
The current price: $1.83
Market Capitalization: $1,830,899,627
Trading Volume: $140,587,482
7–day Gain/Loss: 11.97%
Synthetix
Synthetix (SNX) is in a downtrend as price breaks below the moving average lines. After declining below the moving average lines, the coin has been trading below the moving average lines. On August 29, buyers attempted to breach the moving average lines but failed to break the resistance at $3.50. The altcoin has fallen below the moving average line and may further decline.
Meanwhile, on the August 20 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that SNX will fall to level 1.618 Fibonacci extension or $1.58. From the price action, the altcoin is declining to revisit the previous low of June 18. It is at level 38 of the Relative Strength Index for period 14. It indicates that it is in a downtrend zone and may further decline. However, SNX is the fourth weakest altcoin for the week. It has the following characteristics:
The current price: $2.65
Market Capitalization: $771,796,277
Trading Volume: $70,880,164
7–day Gain/Loss: 10.61%
Curve DAO Token
Curve DAO Token (CRV)) price is in a downtrend and may further decline to the downside. Since August 23, buyers have been retesting the resistance at $1.20 to break above it. On each retest, the coin would decline below the moving average lines.
Today, the upward move is stuck at the 21-day line moving average line. Meanwhile, on the August 20 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that CRV will fall to level 1.618 Fibonacci extension or $0.67. The altcoin is at level 45 of the Relative Strength Index for period 14. It indicates that it is in a downtrend zone and may further decline. It is the fifth weakest altcoin for the week. It has the following characteristics:
The current price: $1.06
Market Capitalization: $3,511,736,552
Trading Volume: $132,313,635
7–day Gain/LOSS %: 9.93%
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