Cryptocurrency

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrency-market-faces-significant-downturn/" data-wpel-link="internal">Cryptocurrency Market Faces Significant Downturn</a> 
The recent selling pressure in the <a href="https://en.coin-turk.com/what-is-a-chain-order/" data-wpel-link="internal">cryptocurrency market</a> caused a significant crash in many cryptocurrencies, increasing FUD (fear, uncertainty, and doubt) among <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>. This selling pressure led many to take profits, creating additional pressure on weaker altcoins. While the general market expectation is upward for the best altcoins, some altcoins may face sharp declines in the coming week. We have prepared a list of altcoins to approach with caution due to significant downside potentials. 
<h2 style="text-align: justify" id="strong-hbar-faces-risk-of-breaking-200-day-ema-strong">HBAR Faces Risk of Breaking 200-Day EMA</h2> 
Amid the current downward market outlook, Hedera‘s HBAR shows a high-momentum downward trajectory. The altcoin is trading below its 50-day EMA and is testing the 200-day EMA along with a long-term support trend line. Moreover, it has already lost the psychological support level at $0.10. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-360478" src="https://coin-turk.com/wp-content/uploads/2024/06/Altcoin-HBAR.png" alt="" width="1600" height="763"> 
With the bullish support under pressure, the dynamic support at $0.094 could soon break. Therefore, HBAR‘s price may continue to fall next week, potentially dropping to $0.073. 
<h2 style="text-align: justify" id="strong-vet-faces-risk-of-breaking-trend-line-strong">VET Faces Risk of Breaking Trend Line</h2> 
VeChain‘s mainnet asset VET is also under significant pressure due to the falling support trend line. This pressure is compounded by the downside potential between the 200-day and 50-day EMAs. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-360479" src="https://coin-turk.com/wp-content/uploads/2024/06/Altcoin-VET.png" alt="" width="1600" height="763"> 
The 7.92% drop on June 7 created an engulfing candle, breaking the previous horizontal trend and indicating a possible negative trend. Furthermore, the additional 2.03% drop recorded in the last 24 hours signals the continuation of the downtrend. If VET falls below the support trend line, it could drop to the support level at $0.026. 
<h2 style="text-align: justify" id="strong-algo-sends-bearish-signals-strong">ALGO Sends Bearish Signals</h2> 
Algorand‘s mainnet asset ALGO lost 6.20% on June 7, disrupting its weekly recovery and warning of a potential break below $0.16. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-360480" src="https://coin-turk.com/wp-content/uploads/2024/06/Altcoin-ALGO.png" alt="" width="1600" height="763"> 
The convergence of the 200-day and 50-day EMAs indicates a death cross, signaling a shift from a bullish to a bearish trend. The extreme bearish signal on the daily chart, combined with a resistance trend line, suggests that a break below $0.16 could lead to a significant drop in ALGO‘s price, potentially down to $0.10. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptocurrency-market-faces-significant-downturn/" data-wpel-link="internal">Cryptocurrency Market Faces Significant Downturn</a></h5>

Cryptocurrency Market Faces Significant Downturn

Table of Contents

COINTURK NEWS

Other articles published on Jun 8, 2024

Next Cryptocurrency To Explode Saturday, June 8 — cat in a dogs world, Filecoin, Injective, MAGA

BlockDAG Achieves Top Rank on CoinSniper, Amassing $46.4M in Presales; Ethereum Sees Volume Spike...

Ripple CTO Defends Craig’s Legal Team Over Satoshi Claims

Bitcoin Sees Heavy Selling Pressure

$25 Billion Worth Of Bitcoin Transactions In A Day Sets Yearly High; Investors Go Wild On Algotec...

Bitcoin ETFs See Major Inflow of 1,901 BTC in a Single Day

Join our free newsletter for daily crypto updates!