The 7 biggest losers of the week: AR, LUNA, ICP, FTM, AVAX, QNT, THETA
Bitcoin Magazine will take a look at the eight altcoins that fell the most in the past seven days, October 8-15.
These altcoins are:
- Arweave (AR): -25.35%
- Terra (LUNA): -23.54%
- Internet Computer (ICP): -19.58%
- Fantom (FTM): -14.50%
- Avalanche (AVAX): -13.71%
- Quantity (QNT): -13.19%
- Theta token (THETA): -12.24%
Since August 31, AR has made three attempts to move above the $ 66 resistance area, but all three have failed (red icon).
The last one was on October 8th. The AR has steadily decreased since then.
Three rejections created a triple top. This is a bearish pattern that often leads to a trend reversal.
The next support zone is at $ 39.
AR / USDT daily chart | Source: Tradingview
On October 12th, LUNA broke above the descending resistance line (green symbol), suggesting that the previous downtrend was over. This resulted in a new all-time high of $ 49.54 on October 4th.
However, the upward movement has not been sustained and the token has been moving downward since then.
It is currently trying to confirm the aforementioned resistance level as support. This line also coincides with the 0.5 fib retracement support.
If this is successful, LUNA is expected to hit new highs. However, there are no signs that a bullish reversal will take place.
A break below this resistance line means the uptrend is over.
Daily LUNA / USDT chart | Source: Tradingview
The ICP has risen within a rising wedge since June 29. However, the rising wedge is viewed as a bearish pattern, which means that price usually falls below the wedge most of the time.
On September 6, the ICP peaked at $ 86 (red symbol) but fell after being rejected by the resistance line of the wedge. The next day, the price broke below the pattern, confirming that the uptrend was over.
ICP is currently trading above the USD 40 support area and is touching it for the second time.
Since this area previously acted as resistance, it is now expected to act as support and initiate an upswing. Still, there are currently no signs of a bullish reversal.
Daily ICP / USDT Chart | Source: Tradingview
FTM has fallen since it hit an all-time high of $ 2.45 on October 8th. The downtrend so far has hit a low of $ 1.90 on May 13th.
However, the drop also takes the form of a descending parallel channel. Such channels often contain corrective movements. This means that the mainstream is bullish while the downtrend is just a correction in response to previous gains.
Eventually the RSI created a bullish divergence. RSI is a momentum indicator and divergence is a sign that the fall in price is not accompanied by a fall in momentum.
Therefore, a rally and a breakout would be the most likely scenario.
FTM / USDT 2-hour chart | Source: Tradingview
AVAX has been down since September 23, when it hit an all-time high of $ 79.80.
It is currently trading just below the $ 57 zone, which is significant as it was its all-time high so far. However, while it was expected as a support (green icon), AVAX broke below.
Additionally, the RSI has fallen below 50. The RSI is a momentum indicator and a cut below the 50 line usually means the trend is bearish.
As a result, AVAX is expected to move further down.
AVAX / USDT daily chart | Source: Tradingview
QNT has been down since September 11th when it hit an all-time high of $ 429.69.
A rally set in on September 20th, possibly ending the prolonged downward trend.
However, the token has since been traded in a symmetrical triangle. While the triangle is considered a neutral pattern, it often functions as a continuation pattern. This means that when it finishes, the previous trend will resume.
In the case of QNT, the trend is down as the token has gone down over the past month.
When a breakdown occurs, the next support is at $ 185.
QNT / USDT 2-hour chart | Source: Tradingview
THETA has risen since the price broke above a descending wedge (green symbol) on September 30th. This shows that the previous downtrend has ended.
However, THETA failed to recapture the $ 6.90 zone and was rejected twice, on October 6th and 9th. This move consolidated the $ 6.90 area as resistance.
After the rejection, THETA found support above the 0.618 fib retracement support at USD 5.55 and is about to move back towards the USD 6.90 region.
If this succeeds, it will likely rise to a September high of $ 9.60.
THETA / USDT 2-hour chart | Source: Tradingview
You can see the coin prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto