In this article, BeIn Crypto takes a look at the seven altcoins that decreased the most last week, more specifically from Dec 10 to Dec 17.
These altcoins are:
- Casper (CSPR) : -21.11%
- WAX (WAXP) : -20.50%
- Decred (DCR) : -20.28%
- StormX (STMX) : -17.39%
- BitTorrent (BTT) : -15.42%
- Voyager Token (VGX) : -14.28%
- Internet Computer (ICP) : -12.93%
CSPR has been falling since Nov 30, when it was rejected by the resistance line of an ascending parallel channel (red icon).
The decrease has been swift, and the token is now trading just above the support line of this channel.
A breakdown from the channel would likely lead the token to a new all-time low.
WAXP has been falling since reaching an all-time high price of $0.98 on Nov 17. So far, it has fallen by 53%.
However, it is still holding on above the $0.44 horizontal support area, which previously acted as resistance.
As long as it is holding above this level, the possibility of a continued bounce remains strong.
The main resistance is at $0.58, created by a descending resistance line in place since the all-time high.
DCR has been falling since it reached an all-time high price of $250 on April 16. On Sept 2, it created a lower high and resumed its descent.
Currently, it is trading just above the 0.785 Fib retracement support level at $61. This is also a horizontal support area, increasing the chance that it will initiate a bounce.
However, if the decrease after Sept 2 and that after April 16 have a 1:1 ratio, DCR would fall all the way down at $23.5.
Therefore, it is possible that the correction has not yet come to an end.
STMX has been falling since Sept 4. On Dec 4, it broke down from an ascending support line, and validated it as resistance five days later (red icon). Previously, the support line had been in place since late June.
Therefore, the breakdown from it means that the upward movement that began in June has come to an end.
If STMX continues falling, the closest support area would be at $0.14.
VGX has been falling since Nov 22. After an initial bounce, it created a lower high on Dec 1 and resumed its decent.
The token broke down from an ascending support line on Dec 13 The line had previously been in place since Oct 28, so the breakdown from it suggests that the upward movement is over.
On Dec 16, VGX validated the line as resistance. The closest support area is now at $2.95.
BTT has been trading inside a symmetrical triangle since June 22. On Dec 4, it initiated a strong bounce (green icon) after falling to the support line of the triangle. This led to a high of $0.0041 on Dec 8.
However, BTT was rejected by the resistance line of the triangle and has been falling since.
It is now trading at $0.0026, very close to its Dec lows of $0.0021.
It is possible that the support line of the triangle will initiate yet another bounce.
ICP has been decreasing since Sept 6, when it was rejected by the resistance line of an ascending wedge and broke down from it the next day.
On Dec 4, it reached a new all-time low of $24, but seemingly bounced, reclaiming the $29 horizontal support area.
However, the bounce proved to be short-lived and ICP fell to yet another all-time low of $23.62 on Dec 15.
The token is now in bearish price discovery.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here
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