The top 3 altcoins in the top 50 fell the most in the last week

Bitcoin is down 9% in the past seven days and it still risks falling below $ 40,000, the current temporary psychological support.

BTC / USD weekly framework price chart | Source: TradingView

However, Bitcoin’s losses are still relatively small compared to some other top altcoins like Cardano (ADA), which have fallen more than 12% to around $ 1.15, XRP is around 10% to almost $ 1 in the same period zero $ 75 please.

Meanwhile, some of the top 10 altcoins that have lost 15 to 20% in the past week are Ether (ETH) which is down over 17%, Binance Coin (BNB) which is down 16%, Solana (SOL) , Polkadot (DOT), and Tera (LUNA) are all down about 20%.

Here are the details of the three worst-performing large-cap altcoins in the past seven days.

Axie Infinity (- 27.5%)

With an annual return of more than 12,000%, Axie Infinity (AXS) is proving to be one of the best places for traders to secure profits.

AXS price fell nearly 27.5% in the past seven days to around $ 70, making it the worst performer among large cap altcoins. Compared to Bitcoin, it has dropped almost 17% to 0.0017 BTC over the same period.

ASX / USD vs. AXS / BTC Daily Frame price chart | Source: TradingView

However, AXS price could rebound in the coming days as one of the market’s key momentum indicators, the Relative Strength Index (RSI), warns of an “oversold” condition. In particular, the daily RSI of AXS has fallen below 30, which analysts interpret as a buy signal.

Further bullish signals for AXS came from its bearish target zone between $ 64.5 and $ 50, as shown in the chart below. In particular, the $ 64.5 level served as support during the August-September 2021 session.

The daily AXS / USD price chart has potential downside targets | Source: TradingView

Similarly, levels around $ 50 have led traders to amass AXS in four consecutive drops since the September 7th sell-off.

Conversely, a break below the downside target range AXS may push below $ 40, further support since August 2021.

AAVE (-24%)

In contrast to AXS, Aave’s native token, AAVE has also generated a return of almost 60% since January 10, 2021. However, it remains one of the worst performing altcoins on the way into 2022.

AAVE price has fallen a little more than 24% to $ 200 in the past seven days. Meanwhile, its performance against Bitcoin is nearly 15% lower, reflecting that traders are still not confident about the price rally.

AAVE / USD vs. AAVE / BTC daily frame price chart | Source: TradingView

The AAVE daily RSI has been in a downtrend since December 27th and is currently near the 39 level. A longer correction is currently being sought to hit oversold levels below 30 which means the AAVE- Price could go lower.

A sell-signal will also occur if AAVE retests the two month ascending trendline support, as shown in the chart below. He has bounced back from those gains at least four times since December 4th. Therefore, if AAVE falls below this level, a correction to $ 165 is likely, another level of support.

The daily framework AAVE / USD price chart has temporary support and resistance targets | Source: TradingView

Conversely, a rebound from rising trendline support could push AAVE into the USD 250-275 trading range, which has served as both resistance and historical support. The region has been holding back AAVE’s bullish attempts since December 2021.

IOTA (-24%)

Based on the adjusted timeframe performance of the last seven days, the loss of IOTA is slightly less than that of AAVE. But since it has had an annualized return of nearly 165%, it seems like a good sell for traders looking to cover their losses elsewhere during the ongoing downturn in the broader market.

What’s noteworthy is that the IOTA price has fallen more than 24% to $ 1 in the past seven days. Compared to Bitcoin, IOTA is down about 14%.

IOTA / USD vs. IOTA / BTC Weekly Frame price chart | Source: TradingView

However, IOTA is likely to rebound now as the daily RSI is on the verge of hitting oversold levels as the price falls to a trading range of $ 0.93 to $ 1 that has drawn buyers in the past.

The daily IOTA / USD price chart has temporary support and resistance targets | Source: TradingView

If IOTA falls below the $ 0.93-1 $ 1 range, it will slide to $ 0.71 – a level of support from the May-June 2021 trading session. Conversely, recovery action could target $ 1.21.

You can view details about the altcoin prices.

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