BeInCrypto takes a look at the eight altcoins that decreased the most over the past seven days, from Sept 17 to 24.
These altcoins are:
- Huobi Token (HT) : -32.15%
- SushiSwap (SUSHI) : -28.15%
- EOS (EOS) : -25.94%
- Filecoin (FIL) : -25.69%
- OKB (OKB) : -24.52%
- IOTA (IOTA) :- 24.44%
- Audius (AUDIO) : -24.22%
- Aave (AAVE) : -23.74%
HT had been increasing alongside an ascending support line since July 20. This led to an eventual high of $17.67 on Sept 7.
However, HT fell sharply afterwards, breaking down from the ascending support line in the process. So far, it has dropped by 45% relative to the Sept 7 high.
Currently, it is trading at $9.60, which is both a horizontal support area and the 0.786 Fib retracement support level.
While this is a likely area for a bounce, the MACD and RSI are still bearish.
SUSHI has been moving upwards since July 20. On Aug 9, it broke out from the $9.40 horizontal area and proceeded to reach a high of $16.2 on Sept 16. The token has been falling since.
Similarly to HT, it is trading inside horizontal support at $9.40. The support area also coincides with a descending support line.
However, both the RSI and MACD are falling, failing to provide any bullish reversal signs.
On Aug 1, EOS broke out from the $3.90 resistance area and validated it as support. Afterwards, it accelerated its rate of increase and reached a high of $6.42 on Sept 6.
Similarly to SUSHI, EOS has been decreasing alongside a descending support line since. On Sept 22, it bounced at the support line and the $3.90 horizontal support area.
However, both the MACD and RSI are decreasing, failing to provide any bullish reversal signs.
FIL had been increasing alongside an ascending support line since July 20. This led to a high of $120.17 on Sept 5.
However, the token has been decreasing since and broke down from the ascending support line on Sept 20.
So far, it has dropped by 48% since the Sept 5 high.
The main support area is at $57, created by the 0.786 Fib retracement support level. So far, there are no bullish signs in neither the MACD nor RSI.
OKB has been falling since Aug 8. Initially, it decreased inside a descending parallel channel. However, it broke down from the channel on Sept 1 and validated it as resistance two days later (red icon).
Afterwards, another sharp fall followed.
While there are no bullish reversal signs yet, OKB is approaching a strong support area at $12.10, created by the 0.786 Fib retracement support level and an ascending support line.
IOTA has been decreasing inside a descending wedge since Sept 4. The movement inside it has been very choppy, indicative of a corrective decrease. Furthermore, the descending wedge is considered a bullish pattern.
Currently, the token is right at the 0.786 Fib retracement support level, which coincides with the support line of the wedge. The short-term MACD and RSI are both moving upwards.
Therefore, an eventual breakout would be likely.
Since Aug 17, AUDIO has been decreasing in what looks like a descending parallel channel.
On Sept 7 and 21, it created a double bottom pattern near $2.05, the 0.618 Fib retracement support level.
The pattern was combined with bullish in the RSI. Furthermore, it is considered a bullish pattern.
Therefore, an eventual breakout from the channel would be likely.
AAVE has been decreasing inside a descending broadening wedge since Aug 17. While this is considered a bullish pattern, there are no bullish reversal signs in place yet.
Both the RSI and MACD are decreasing. The former is below 50 while the latter is negative. Furthermore, the closest support area is at $220.
Therefore, it is possible that the token will continue trading inside this pattern.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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