The recent downturn in the cryptocurrency market, driven by selling pressure, has raised concerns among investors, leading to uncertainties and selling activities affecting weaker altcoins. While optimism persists for major altcoins, the future outlook for several others appears bleak with anticipated sharp price declines. Here is a cautionary evaluation of selected altcoins facing significant downside risks:

HBAR's Risk of Breaking 200-Day EMA

The trajectory of Hedera's HBAR shows a decline, currently trading below the 50-day Exponential Moving Average (EMA) and testing the crucial 200-day EMA alongside a longstanding support line. Falling below the psychological support level of $0.10 raises alarms, with the potential breach of dynamic support at $0.094 likely to drive HBAR's price lower towards $0.073.

VET's Threat of Breaking Trend Line

VeChain's VET is under immense pressure from a descending support trend line, exacerbated by the gap between the 200-day and 50-day EMAs. A significant 7.92% decline on June 7 resulted in an engulfing candle, breaking a previous trend and indicating a looming bearish phase. A further 2.03% decline suggests a continuation of the downward trend, potentially dragging VET to the support level of $0.026 upon breaking the trend line.

ALGO's Bearish Trends

Algorand's ALGO recorded a 6.20% decline on June 7, disrupting its weekly recovery and hinting at a possible breach below $0.16. The convergence of the 200-day and 50-day EMAs signals a death cross, signaling a shift towards a bearish trajectory. A break below $0.16 could lead to a substantial drop, possibly reaching $0.10.

Key Considerations for Investors

• Watch out for breaches below crucial EMAs and support trend lines.
• Monitor price movements after significant percentage drops.
• Exercise caution with psychological support levels potentially being compromised.

In conclusion, the cryptocurrency market is navigating a challenging phase with several altcoins facing severe pressures. Investors are advised to remain vigilant, assess potential downsides carefully, and make prudent decisions prior to engaging in any trading activities.