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June 16, 2024
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Top Altcoins Poised For Major Drop Next Week

The post Top Altcoins Poised For Major Drop Next Week appeared first on Coinpedia Fintech News

With the Bitcoin price crossing the $67K mark, the overall market sentiment shows a potential rise coming for the altcoins. However, the weakness in some of the altcoins warns of an extended correction in the coming week.

Moreover, as the Bitcoin price might soon face resistance of nearly $70K, these altcoins might face a major drop. With the crucial support levels under tension, sideline traders could find a selling opportunity in these altcoins.

Let’s look closer at their price analysis for a better understanding.

Weakness in HBAR (HBAR) Warns $0.10 Breakdown


With a bullish trend in the weekly chart, the rising channel shows an increment in the underlying demand for HBAR tokens. However, the higher price rejection in the recent candles warns of a reversal.

Further, the declining trend in the trading volume during the recovery rally reflects underlying weakness. Hence, the bullish trend may soon subside under the rising supply and crash to the support trendline.

Hence, the HBAR price may soon crash under the $0.10 psychological mark. 

BEAM Price Vs. Resistance Trendline


With a bearish trend in motion, the BEAM price action shows a long-coming falling channel. Further, with the recent comeback, altcoin has challenged the overhead resistance trendline.

As it approaches the trendline, the higher price rejection and the bearish candles warn of a reversal. If the supply pressure spikes, the BEAM price could crash to the descending support trendline at $0.0015 if $0.0020 support breaks.

Render (RNDR) Retest Struggles Under High Supply


With the RNDR token showcasing a bullish breakout of the $10 neckline, the ongoing retest of the breakout brings an entry opportunity. However, the growing supply and the recent bearish candle warn of a downfall. 

Further, the growing supply stresses the 23.60% Fibonacci level. The declining trading volume reflects a lack of bullish commitment.

In a bearish case, a downfall under $10 will crash the Render token to $7.

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