OMG Network (OMG) is down 30% in minutes – 7 altcoins with the biggest drop of the week
Bitcoin Magazine will be looking at the eight altcoins that fell the most in the last seven days from November 5th to 12th.
These altcoins are:
- OMG Network (OMG): -27.61%
- Arweave (AR): -18.59%
- NEM (VIEW): -17.70%
- THOR chain (RUNE): -17.58%
- Audius (AUDIO): -16.95%
- Cosmos (ATOM): -15.98%
- SushiSwap (SUSHI): -14.58%
On November 3, OMG broke out on a descending parallel channel and peaked at $ 20.12 two days later.
Although the price fell afterwards, it appears to have found support above the previous resistance area at $ 15.80. However, on November 12, the price fell 30% in a matter of minutes. The drop was enormous and could be traced back to the BOBA token airdrop, as holders were sold after the snapshot at 00:00.
For the bullish structure to remain intact, OMG needs to create a long wick below and above the resistance line of the channel and ideally the USD 15.80 zone.
Otherwise the trend is considered bearish.
Therefore, the end of the day is crucial in determining the direction of future movements.
OMG / USDT daily chart | Source: Tradingview
AR has been falling since hitting an all-time high of $ 91 on Nov. 6.
Despite the decline, it holds above the $ 66 support area. Previously, this area acted as a resistance (red symbol) three times and is now expected to act as a support.
If so, AR can rebound towards the next resistance at $ 99.
AR / USDT daily chart | Source: Tradingview
SEE has been moving along an ascending support line since June 22nd. This resulted in a high of $ 0.243 on September 6th.
After a brief pullback, XEM bounced off the support line again, hitting a high of $ 0.234 on November 5th. The move confirmed the $ 0.24 area as resistance.
Currently the token is moving back to the ascending support line and will likely bounce there again.
If there is a breakout above $ 0.24, the next resistance is at $ 0.41.
Daily VIEW / USDT chart | Source: Tradingview
RUNE has moved up since breaking above the descending resistance line on October 22nd. The upside hit a high of $ 17.27 on November 2nd.
While the token has fallen since then, it is likely in the process of confirming the $ 12 area as support (green icons).
If he succeeds, the next resistance is $ 20.
Daily RUNE / USDT chart | Source: Tradingview
AUDIO has been moving down since Aug 17th. The downward movement is contained in a descending parallel channel. Such canals often contain corrective structures, which means that in most cases there will be a breakout over the canal.
On October 31st, AUDIO broke out over this channel. It then went back to confirm the channel’s resistance line as support (green icon) before bouncing up.
The next area of resistance is at $ 3.05.
AUDIO / USDT daily chart | Source: Tradingview
ATOM broke the descending resistance line and hit a high of $ 43.26 on October 26th. However, it has fallen since then.
It hit a low of $ 28.32 on November 11th and bounced back. The rally served to re-affirm the previous resistance and support area of $ 30.50.
As long as the token is trading above these levels, the uptrend will remain intact.
ATOM / USDT daily chart | Source: Tradingview
SUSHI has been falling along with a descending resistance line since March 12th. This line has so far rejected it three times (red symbol), the last time on November 5th.
It is currently falling towards the $ 8.50 horizontal support area and could see a rebound in this area.
SUSHI / USDT 2-day 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