On August 17, altcoins retraced their earlier lows, precipitating a cryptocurrency crash. If present support levels are crossed, the worst-performing cryptocurrencies risk further falls. The cryptocurrency market will continue its downward path.
Ankr
The price of Ankr (ANKR) was in an uptrend but dropped below the 21-day simple moving average (SMA). At the $0.058 resistance, the bulls were twice rebuffed. The alternative cryptocurrency is bearish and is trading between the moving average lines. If bulls retest and surpass the 21-day simple moving average, the uptrend will resume. A break below the 50-day line, on the other hand, would indicate a continuation of the downtrend.
Similarly, the decline tested the 61.8% Fibonacci retracement level with a retreating candle on August 14. The retracement indicates that ANKR will drop to the 1.618 Fibonacci extension level, or $0.036. The price action indicates that the altcoin retested the 1.618 Fibonacci extension and then resumed its upward movement. The daily stochastic indicator for ANKR is above the 25% area. This means the market has regained its bullish momentum. ANKR is the cryptocurrency that has performed the worst this week. It possesses the following qualities:
Filecoin
As the price of Filecoin (FIL) breaks below the moving average lines, a downtrend is evident. Prior to the $11.37 high, the cryptocurrency was in an upswing. However, the uptrend ended. The selling pressure is diminishing as the altcoin consolidates above the $6.05 support. In the meantime, a candle body has tested the 61.8% Fibonacci retracement level during the downturn on August 3. The retracement indicates that FIL will decline to the Fibonacci extension of $1.618 or $5.61.
Based on the price activity, Filecoin has dropped to $6.28. The digital currency’s daily stochastic is below the 20% region. This indicates that the market is in the oversold region. The selling pressure has reached its limit of bearishness. The altcoin will resume its climb. This week, altcoin has had the second-worst performance of all cryptocurrencies. It exhibits the following attributes:
STEPN
Since May 12, STEPN (GMT) has been in a fluctuating range. The value of the coin has ranged between $0.53 and $1.10. Since June, buyers have made frantic efforts to surpass the $1.10 barrier. On August 17, however, the bears breached the moving average lines and recorded a low of $0.76.
Since the 19th of August, the cryptocurrency has been consolidating above the $0.76 mark. If bears break below the present level of support, GMT will retest the prior low of $0.53. The lack of price movement is attributed to the presence of modest indecisive doji candles. In the meantime, the altcoin’s Relative Strength Index for the 14-period is at 35, indicating that GMT is in a downturn and entering the oversold region of the market. In contrast, GMT is the third-worst performing cryptocurrency this week. It possesses the following qualities:
Stacks
The price of Stack (STX) enters a downward trend and falls below $0.39. The cryptocurrency experienced a correction to the upside and reached a high of $0.52. As the market hits the overbought region, the bulls were unable to continue bullish momentum above the high of $0.50. The altcoin touched a low of $0.39 on August 17, when the bears broke below the moving average lines. Over the $0.39 support, the cryptocurrency is consolidating.
The digital currency’s daily stochastics are below the 20% region. The market has hit the oversold zone. There won’t likely be any more competition to sell. It is the fourth-worst performing cryptocurrency throughout the past week. It exhibits the following attributes:
Dogecoin
The price of Dogecoin (DOGE) is declining as the altcoin has reached a low of $0.067. Dogecoin has traded in the bullish trend zone since July 20, when the cryptocurrency reached a high of $0.0917 before being driven back. The bears were unable to continue bullish momentum above the latest high as the altcoin dipped below its moving average lines. As it continues to consolidate, the bitcoin market is currently experiencing a downward correction.
The daily stochastic is below the 20% level. This suggests that bearish exhaustion has been reached on the market. In other words, Dogecoin has hit an oversold market zone. Attracting buyers to the oversold region to drive up the price. This week, Dogecoin is the fifth poorest performing cryptocurrency. It exhibits the following attributes:[rb_related title=”More Read” style=”light” total=”4″]