BeInCrypto looks at five altcoins that decreased the most from the entire crypto market last week, specifically from Dec. 16 – 23.
These digital assets have taken the crypto news and crypto market spotlight:
- Chain (XCN) price has decreased by 40.88%
- Trust Wallet Token (TWT) price has decreased by 26.63%
- Filecoin (FIL) price has decreased by 22.81%
- Lido DAO (LDO) price has decreased by 18.49%
- Chiliz (CHZ) price has decreased by 17.74%
XCN Leads Altcoins Rout
The XCN price has fallen below a descending resistance line since Sept. 27. The line caused a rejection on Nov. 1 (red icon) and the price accelerated its rate of decrease afterward. This led to a new all-time low of $0.018 on Dec. 21.
There are no reversal signs in place. As a result, the downward movement will likely continue. Reclaiming the $0.035 resistance area would indicate that a bullish reversal has begun instead.
TWT Falls After Bearish Pattern
The TWT price has decreased since completing a double top pattern (red icons) on Dec. 11. The price broke down from an ascending support line five days later and reached a low of $1.24 on Dec. 17.
If the downward movement continues, the closest support area would be at $1.25, created by the ascending support line and a horizontal support area.
Moving above the $1.70 would indicate that the bounce will continue.
FIL Breaks Down Below Support
The FIL price has decreased below a descending resistance line since Aug. 1. The line caused a rejection on Nov. 5 (red icon). This took the FIL price to a new yearly low, breaking down from the $5 horizontal support area.
So far, the FIL price has reached a low of $2.41, below the 1.61 external Fib retracement of the most recent bounce. If the downward movement continues, the next closest support area would be at $1.78, the 2.61 external Fib retracement.
Conversely, breaking out from the resistance line would indicate that the trend is bullish instead.
LDO Risks Breakdown From Horizontal Support
The LDO price broke out from a descending resistance line on Oct. 17 and returned to validate it as support on Nov. 9 (green circle). However, it failed to initiate an upward movement afterward and is now at risk of breaking down from the $0.90 horizontal support area.
If this occurs, the LDO price could fall toward $0.65. Conversely, a bounce at this level could lead to a relief rally toward $1.25.
CHZ Altcoin Falls Below Crucial Support
Even though the CHZ price was expected to increase during the FIFA World Cup, it actually fell considerably. The CHZ price broke down from an ascending support line on Dec. 8 and then decreased below the $0.135 horizontal support area eight days later.
If the downward movement continues, the next closest support area would be at $0.088.
On the other hand, reclaiming the $0.135 horizontal area would indicate that the trend is bullish instead.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
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Source: https://beincrypto.com/five-worst-performing-altcoins-crypto-market/