ICP drops to all-time lows – 7 altcoins lose most of the week
In this article, Bitcoin Magazine takes a look at the seven altcoins that have fallen the most in the past seven days, from December 3rd to 10th, to be precise.
These altcoins are:
- Qtum (QTUM): -31.17%
- THOR chain (RUNE): -30.11%
- Fantom (FTM): -29.84%
- Internet Computer (ICP): -28.55%
- THETA (THETA): -28.36%
- Harmony (ONE): -27.85%
- Chiliz (CHZ): -27.18%
On October 31st, QTUM broke out above the $ 14.10 zone. This resulted in a high of $ 19.30 the next day. After that, the token begins to fall within a descending parallel channel.
However, on December 4, it broke below the $ 14.10 zone and channel, dropping to $ 13.25.
Although the price has since rebounded, the upside movement has been negligible. Both the channel’s previous support line and the USD 14.10 area are expected to act as resistance if QTUM continues to rise.
Daily QTUM / USDT Chart | Source: TradingView
On October 22nd, RUNE broke out above a descending resistance line. On November 2nd, it hit a high of $ 17.27.
However, prices have fallen since then. Although the price initially bounced off the previous resistance line (green symbol), it broke below this line on December 4th.
The token is currently hovering just above the $ 7.15 zone. The descending line is likely to act as a resistance again.
Daily RUNE / USDT chart | Source: TradingView
FTM has been down since October 28th when it hit a high of $ 3.48. On December 3rd, the price broke the rising support line and hit $ 1.14 the next day.
The next jump is to validate the $ 1.15 zone as support. In addition, a long wick was created below, which is a sign of pressure to buy.
Daily FTM / USDT Chart | Source: TradingView
The ICP has been down since September 6th (red symbol) when it just hit a high of $ 87.
The next day it broke beneath a rising wedge. Although the price initially tried to stay above $ 42, it broke below that zone in November.
On December 4, the token hit a new all-time low of $ 24, but the rebound that followed brought the price back above the horizontal support area of $ 30.
Whether the ICP can hold above this zone or break below it will likely determine the direction of the future trend.
Daily ICP / USDT Chart | Source: TradingView
THETA has been in a descending channel since September 7th. On December 4, it hit a low of $ 3.65. The next bounce was to confirm the support line of the canal and create a long wick underneath (green icon).
More importantly, THETA fell below its July low of $ 3.49. This means that the bullish structure is still intact.
Recapturing the channel’s centerline at $ 5.50 would be a very bullish move, suggesting an eventual breakout is likely.
THETA / USDT daily chart | Source: TradingView
ONE has been down since October 26th when it hit an all-time high of $ 0.38. On December 4th, the rate of decline accelerated and the token broke both the USD 0.22 area and the rising support line.
The breakout is crucial as this zone previously acted as resistance at the all-time high, while the support line has been held since July 20th.
Since the collapse, ONE has confirmed the previous support line as resistance (red symbol). Until this line is restored the trend cannot be considered bullish.
Daily ONE / USDT chart | Source: TradingView
CHZ has been down since it hit a high of $ 0.65 on October 31. The high was reached directly at the resistance level of the Fib retracement of 0.618.
Despite the decline, CHZ rebounded from the confluence of support levels (green circle) created by a long term ascending support line and the previous descending resistance line.
Hence, the bullish structure remains intact.
CHZ / USDT daily chart | Source: TradingView
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews