Bitcoin Magazine will analyze the seven altcoins that have lost the most in the past seven days to see if their decline continues or not?
- Flow (FLOW): -19.06%
- dYdX (DYDX): -13.45%
- Celsius (CEL): -10.02%
- eCash (XEC): -8.99%
- Perpetual Protocol (PERP): -7.04%
- Telcoin (TEL): -5.60%
- Waves (WAVES): -5.52%
FLOW has been declining since August 30th along with a descending resistance line. The resistance line is a sign that the token is correcting. Until FLOW breaks out, the trend cannot be considered bullish.
Currently, the token is holding just above the horizontal support area of $ 12.50. This zone is important as a break below it could push the price to a new low below $ 8.
There are currently no signs of a bullish reversal in sight.
Daily FLOW / USDT chart | Source: Tradingview
DYDX has fallen in a descending parallel channel since September 30th when it hit an all-time high of $ 27.85. Such channels often contain corrective movements. This means that a breakout across the channel is the most likely scenario.
The level that is likely to lead to a rebound is $ 17. This is the all-time high so far and is now intended to act as support. In addition, it also coincides with the channel’s support line.
DYDX / USDT 12-hour chart | Source: Tradingview
CEL has been trading within a large symmetrical triangle since January 22nd. Such triangles are considered neutral patterns, which means that both a breakout and a breakout are likely to occur.
The token is rapidly approaching the point of convergence between resistance and support, at which point a decisive move out of the pattern is expected.
Until the CEL breaks or breaks out, the direction of the trend cannot be determined due to the neutrality of the pattern.
Daily CEL / USDT Chart | Source: Tradingview
XEC has fallen along with a descending resistance line since September 28th. It fell to a new all-time low of $ 0.00017 on October 20.
The price attempted a rally thereafter but was rejected by both the $ 0.0002 area and the descending resistance line (red symbol).
As a result, the trend is bearish and XEC could hit a new all-time low.
XEC / USDT 6-hour chart | Source: Tradingview
On October 11th, PERP broke a descending resistance line and ended the downward movement that had lasted since August 30th.
The upside continued until October 15 when PERP was rejected by the 0.5 fib retracement resistance at $ 18.50. The same area previously rejected tokens on September 14th and 26th (red icon).
The PERP has since turned down and is approaching the USD 13 support area where a rally could begin.
PERP / USDT 6-hour chart | Source: Tradingview
The TEL has risen along with the ascending support line since September 21. In doing so, it first broke the USD 0.021 area and continued to hit a high of USD 0.0234.
However, the uptrend could not be sustained and the TEL then fell below the USD 0.021 zone. This is a bearish sign as the zone is expected to provide support. On the contrary, it acted as a resistance on October 20th (red symbol).
There is a confluence of support levels at $ 0.018 created by an ascending support line and a horizontal support area. The TEL will likely be displayed when it gets there.
6-hour TEL / USDT chart | Source: Tradingview
WAVES has been rising along with an ascending support line since September 21 and almost reached a new all-time high on October 14 (red icon).
However, it failed and was rejected by the USD 33.50 resistance area. Since then the price has moved down. It has now reached the rising support line again.
When the support line holds, the price creates an ascending triangle that is viewed as a bullish pattern. In this case, a possible breakout would be the most likely scenario.
If there is a breakdown, the next support is at $ 25.80.
WAVES / USDT 6-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