Categories: Analysis

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:

  1. OMG Network (OMG): -27.61%
  2. Arweave (AR): -18.59%
  3. NEM (VIEW): -17.70%
  4. THOR chain (RUNE): -17.58%
  5. Audius (AUDIO): -16.95%
  6. Cosmos (ATOM): -15.98%
  7. SushiSwap (SUSHI): -14.58%

OMG

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

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

LOOK

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

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

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

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

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.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

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

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page

CoinX

Recent Posts

Best Cryptos to Invest in December 2024: Qubetics Surges Past $2.6M as Solana Records Big Whale Pump and Polkadot Aims for $6

Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…

58 minutes ago

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

2 hours ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

3 hours ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

3 hours ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

4 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

4 hours ago

This website uses cookies.