Bitcoin Magazine will take a look at the eight altcoins that fell the most in the past seven days, from May 28th to June 4th.

These altcoins are:

• HNT: -16.67%
• MATIK: -10.47%
• KLAY: -9.55%
• ETC: -7.73%
• SPEED: -6.93%
• ICP: -6.69%
• EGLD: -6.35%
• QTUM: -6.23%

HNT

HNT has been trading within a descending parallel channel since April 7th. After bouncing off the channel’s support line (green symbol) on May 23, it began to rise.

That move helped it hit an all-time high of $ 23.90 on May 28th. However, the price fell shortly thereafter and is now trading within the channel again.

The next horizontal support is at $ 11.80.

HNT / USDT daily chart | Source: TradingView

MATIC

MATIC hit an all-time high of $ 2.70 on May 18 before crashing. The subsequent rebound reached another lower high on May 26th.

MATIC was rejected again and falls. The lower peak is used to confirm the descending resistance line.

The main support levels were found at $ 1.38 and $ 1.10.

MATIC / USDT 6-hour chart | Source: TradingView

KLAY

On May 24th, KLAY hit a low of $ 0.90 and rebounded. This move is intended to validate the USD 1.10 area as support. This area is the 0.786 Fib retracement support level.

However, the recovery was short-lived and KLAY is back near that support line.

In addition, it is moving along a descending resistance line. As long as the price does not break this resistance, the trend cannot be considered bullish.

The closest support is at $ 0.58.

Daily KLAY / USDT chart | Source: TradingView

ETC

ETC has been down since May 6 when it hit an all-time high of $ 176.72. The decline continued until March 23.

This confirmed the previous all-time high resistance area as support. Since then, ETC has been on the rise.

However, it hasn’t hit a higher low yet and was rejected on May 26th.

Technical indicators have not yet given a bullish signal. MACD and RSI are falling and the latter is below 50.

The stochastic oscillator also has yet to produce a bullish cross, although it is about to do so.

ETC / USDT daily chart | Source: TradingView

REV

REV has gone down since it was rejected from the $ 0.04 resistance area on May 11, creating a very long upper wick.

It is now back near the all-time low of $ 0.01.

The price movement is extremely irregular and there is no clear pattern.

Weekly REV / USDT Chart | Source: TradingView

ICP

The ICP has risen since hitting an all-time low of $ 92 on May 19. It recovered immediately, hitting a high of $ 224 the next day before falling again.

On May 31st, the ICP broke above the descending resistance line.

However, the price has returned to the USD 105 support area. A break below this level would take the ICP to an all-time low.

ICP / USDT 6-hour chart | Source: TradingView

EGLD

EGLD hit an all-time high of $ 245 on April 12th. It then fell sharply, dropping to a low of $ 65.95 on May 23.

The decline brought EGLD back to the long-term ascending support line that has existed since November 2020. This is the sixth touch of the support line.

Technical indicators give bullish signals. There is a bullish divergence in the RSI, its trendline is still intact (in blue). In addition, the stochastic oscillator created a bullish cross.

As long as both the long-term rising support line and the diverging trend line of the RSI are intact, the trend can be described as bullish.

Daily EGLD / USDT chart | Source: TradingView

QTUM

QTUM has been moving along a descending resistance line since hitting all-time highs on May 7th. Although it attempted a breakout on May 24th, the uptrend was unable to sustain.

Currently, QTUM is trying to hit a higher low. The main support area is at $ 9.68, which is the same as the 0.618 Fib retracement support.

QTUM / USDT 6-hour chart | Source: TradingView

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.

SN_Nour

According to Beincrypto

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