Be[in]Crypto takes a look at the five cryptocurrencies that decreased the most last week, more specifically, from Sept. 9 to Sept. 16.
These cryptocurrencies are:
- Terra Classic (LUNC): -47.56%
- Helium (HNT): -16.58%
- Gnosis (GNO): -16.21%
- Kusama (KSM): -15.66%
- EOS: -15.46%
LUNC has been decreasing since reaching a high of $0.00059 on Sept. 8. The high was made at a confluence of important Fib levels, created by the 4.2-4.618 extension of the original upward movement (red) and the 1.61 length of waves one and three (white).
The ensuing downward movement has led to a low of $0.00024 on Sept. 15, seemingly causing a breakdown from the $0.00028 support area (red icon).
Unless LUNC reclaims the $0.00028 area, it could continue falling towards $0.000165. The possibility of a decrease is also supported by the daily RSI, which has fallen below 50 (red icon).
HNT has decreased since reaching an all-time high price of $51.47 in Nov. 2021. The downward movement has so far led to a low of $3.18 this month.
The ensuing bounce validated the $4 area as support (green icon), creating a bullish candlestick in the process. However, the upward movement could not be sustained, and the price has decreased to the $4 area again.
The weekly RSI is considerably below 50, indicating that the long-term trend is bearish. As a result, an eventual breakdown from the $4 area is likely. If one occurs, the next closest support area would be at $1.80
GNO has been decreasing since reaching a high of $205 on Aug. 18. The price created a lower high on Sept. 11 (red icon), validating the resistance line of a descending parallel channel.
If the downward movement continues, the closest support area would be at $125. The support is created by the support line of the channel and a horizontal support area.
KSM has been falling since reaching a high of $69.91 on July 23. It created a slightly lower high in the beginning of Aug. before accelerating its rate of decrease.
On Thursday, KSM broke down from the $45 horizontal support area, which had been in place since June. On Friday, KSM reached a new yearly low of $42.85.
If the downward movement continues, the next closest support levels would be at $36 and $27, created by the 1.27 and 1.61 Fib retracement levels of the most recent upward movement.
EOS has been falling since reaching a high of $1.90 on Aug. 23. The price created a lower high on Sept. 19 and accelerated its rate of decrease afterwards.
Currently, EOS is trading inside a confluence of support level at $1.40, created by a horizontal support area and the resistance line of a previous ascending parallel channel.
Whether EOS breaks down below this support area or bounces will likely determine the direction of the future trend.
For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here
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