BeInCrypto looks at five altcoins that decreased the most from the entire crypto market last week, specifically from Dec. 2 – 9.
These digital assets have taken the crypto news and crypto market spotlight:
- 1inch Network (1INCH) price is down 10.90%
- Helium (HNT) price is down 8.48%
- Chainlink (LINK) price is down 7.85%
- Algorand (ALGO) price is down 7.59%
- EthereumPoW (ETHW) price is down 7.48%
1INCH Leads Crypto Market Losers
The 1INCH price had traded above the $0.55 horizontal support area since the beginning of June. The area caused numerous bounces (green icons).
However, the 1INCH price broke down from the area on Nov. 9 and validated it as resistance (red icon) on Nov. 27. The price has been moving downward since.
If the decrease continues, the closest support area would be at $0.40, created by the 1.27 external Fib retracement of the previous bounce.
The trend is considered bearish as long as the 1INCH price is trading below the $0.55 area.
HNT Falls By 96% After All-Time High
The HNT price has fallen since reaching an all-time high price of $60.80 in Nov. 2021. The drop has been sharp, leading to a decrease of 96%.
Currently, the HNT price is trading close to the $2 horizontal support area, which previously created a long lower wick in Aug. (green icon).
However, the weekly RSI is decreasing and has not generated any bullish divergence yet. As a result, there are no bullish reversal signs in place.
Chainlink Breaks out From Bullish Pattern
The Chainlink price has increased since breaking out from a descending wedge on Nov. 22. The upward movement led to a high of $7.80 on Dec. 2.
While the Chainlink price fell afterward, it is approaching the $6.66 horizontal and Fib support level.
The area may initiate a bounce and lead to an upward movement that takes the LINK price above $10.
ALGO Breaks Down Below Crucial Horizontal Level
The ALGO price has fallen since reaching a high of $2.99 in Nov. 2021. The downward movement accelerated in the beginning of Nov. 2022, and the ALGO price broke down from the $0.25 horizontal support area.
As a result of the breakdown, the most likely ALGO price forecast is a drop toward the $0.175 horizontal support area. On the other hand, a weekly close above the $0.25 area would invalidate this bearish ALGO price prediction.
ETHW Finds Support After Breakout
The EthereumPoW price broke out from a descending resistance line on Nov. 29. It reached a high of $4.24 two days later.
While the ETHW price fell afterward, it found support at the 0.5-0.618 Fib retracement support area and created a long lower wick (green icon). This is a sign that the upward movement is expected to continue.
A breakout above the $4.50 area could accelerate the rate of increase.
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