ALGO falls after 40% gain in the day – seven altcoins lose most of the week

Bitcoin Magazine will take a look at the seven altcoins that have fallen the hardest in the past week, from November 12th to 19th to be precise.

These altcoins are:

1. OMG Network (OMG): -20.32%
2. Algorand (ALGO): -18.90%
3. Zcash (ZEC): -17.03%
4. Fantom (FTM): -14.04%
5. SushiSwap (SUSHI): -13.95%
6. NEAR protocol (NEAR): -13.91%
7. Kusama (KSM): -13.87%

OMG

OMG has been down since Nov 5th when it peaked at $ 20.12. It hit a lower top on November 11th and kept falling. This resulted in a low of $ 8.78 on November 18.

Currently, OMG is trading within the horizontal support area of ​​$ 9.20. This area also coincides with the support line of a descending parallel channel that has formed since October 4th.

While there are currently no signs of a bullish reversal, OMG is at levels likely to start a rally.

OMG / USDT daily chart | Source: TradingView

ALGO

ALGO has been falling into a symmetrical triangle since September 12th. It broke above the triangle on November 18, hitting a new all-time high of $ 2.94. However, this resulted in a long top wick, 37% in size, which brought ALGO back into the triangle.

Possibly this increase was due to its listing on the Upbit stock exchange.

A definite move out of the triangle is required to determine the direction of the trend.

Daily ALGO / USDT chart | Source: TradingView

ZEC

The ZEC has been falling since November 11th when it hit a high of $ 220, leading to a low of $ 141 on November 18 (green symbol). After that, the tokens began to rise.

When the recovery resumes, the next resistance will be at $ 177. This is the 0.5 fib retracement resistance when measuring the total decline.

ZEC / USDT 6-hour chart | Source: TradingView

FTM

FTM has fallen into a descending wedge since November 9th. The wedge is viewed as a bullish pattern meaning a breakout above the wedge is expected.

If there is a breakout, the next resistance is at $ 2.45. This is both a horizontal resistance range and a .382 fib retracement resistance.

Moving up above it can help the price move up quickly.

FTM / USDT 6 hour chart | Source: TradingView

SUSHI

SUSHI has been falling along with a descending resistance line since March 12th. So far it has been rejected by this line four times, most recently on November 4th.

After falling, SUSHI returned to the USD 9 horizontal support area.

Similar to OMG, despite the lack of bullish reversal signs, this area is likely to rally.

3-day SUSHI / USDT chart | Source: TradingView

NEAR

NEAR has been down since October 26th when it hit an all-time high of $ 13.22. However, the $ 10.20 zone that was supposed to serve as support did not. NEAR broke below this zone on November 16th.

It is currently trying to find support above $ 8. This is the support line of an ascending channel that it previously broke out of.

NEAR / USDT daily chart | Source: TradingView

KSM

KSM has risen along with the ascending support line since July 20th. This led to a new high of $ 519.1 on November.

However, KSM has since declined and broke below the support line on Nov. 16.

It is currently trying to find support above the 0.5 fib retracement support at $ 330. Next support is at $ 287, 0.618 fib retracement support.

Daily KSM / USDT 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.

SN_Nour

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