Bitcoin Magazine takes a look at the eight altcoins that fell the most in the last seven days from July 9th to July 16th.
These altcoins are:
TEL has been moving along a descending resistance line since May 26th and was recently rejected by it on July 1st (red icon).
The price then fell to the horizontal support area of $ 0.0185 and finally broke before confirming that area as resistance (red symbol).
The next support is at $ 0.0105.
MACD and RSI are both bearish, even if the latter is deep in the oversold territory.
TEL / USDT 6-hour chart | Source: TradingView
THETA has been bearish since April 16 along with a descending resistance line. It has been rejected by this line several times, most recently on June 18th (red icon).
Since May 19, THETA has bounced three times from the horizontal support area of USD 5.50, most recently on June 22 (green icon).
However, the price broke below this zone on July 12 and has been below it ever since.
The next support is at $ 4. The technical indicators are falling.
THETA / USDT daily chart | Source: TradingView
On June 21st, RUNE broke below the support area of $ 6.95. It then recovered and retested this area on July 7th as a resistance (red icon). The price has since moved down.
Technical indicators support the continuation of the downward trend.
The next horizontal support is at $ 3.75.
Daily RUNE / USDT chart | Source: TradingView
ZRX has been falling since July 9th when it hit a high of $ 0.90. So far it has been almost 30% less.
ZRX is currently breaking below the $ 0.65 horizontal support area, which is also the 0.618 fib retracement support.
This is likely to trigger a decline towards the 0.786 fib retracement support at $ 0.585.
The two-hour RSI and the MACD are both bearish.
ZRX / USDT 2-hour chart | Source: TradingView
TFUEL has fallen since it hit a new all-time high on June 9th. It’s down nearly 60% so far. Additionally, TFUEL hit a lower high on June 18.
On July 10, it broke below the fib retracement support area of 0.618 at $ 0.35. It is now about to hit the 0.786 fib support at $ 0.26.
Technical indicators in the daily timeframe are falling.
Daily TFUEL / USDT Chart | Source: TradingView
On June 22nd, SUSHI hit a low of $ 5.96 and bounced back. The upward move took the price to a high of $ 9.72 on July 7th. However, this only served to confirm the $ 9.30 area as resistance (red icon).
SUSHI has since turned down and is about to hit the horizontal support area of $ 5.60. The technical indicators are falling, which supports the possibility that the price will continue to fall, at least until it hits this support area.
Daily SUSHI / USDT Chart | Source: TradingView
UNI has been trading within a symmetrical triangle since its May 23 rally. It was recently rejected by the triangle’s resistance line on July 7th (red icon) and has been falling since then.
The triangle is often viewed as a neutral pattern. However, the fact that it is following a downward move slightly increases the likelihood of collapse.
Both the RSI and the MACD are bearish, which supports the possibility of a breakdown.
UNI / USDT 6-hour chart | Source: TradingView
MIOTA bounced off the horizontal support area of $ 0.69 on May 23. This resulted in a high of $ 1.48 which was hit on June 3rd.
However, since then the price has come down along with the resistance line declining. It returned to the $ 0.69 support area on July 14th.
A break below this zone can cause a sharp drop to $ 0.40.
MIOTA / USDT 6-hour chart | Source: TradingView
You can see the price of altcoins Here.
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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