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Technical Analysis

These Are the 5 Altcoins That Tumbled the Most in Price Last Week

2 mins
Updated by Geraint Price

In Brief

  • Huobi Token (HT) could fall to a new all-time low.
  • Cosmos (ATOM) and Kava (KAVA) are following descending resistance lines.
  • Toncoin (TON) is following an ascending support line.
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BeInCrypto looks at the five biggest altcoins losers in the entire cryptocurrency market this week, specifically from March 17 to 24.

The cryptocurrency prices that have fallen the most in the entire altcoin market are:

  1. Kava (KAVA) price fell by 15.90%
  2. Immutable (IMX) price fell by 14.98%
  3. Huobi Token (HT) price fell by 14.12%
  4. Cosmos (ATOM) price fell by 12.09%
  5. Toncoin (TON) price fell by 11.97%

Kava (KAVA) Crypto Price Leads Altcoin Market Losers

The KAVA price has fallen since March 14. The decrease confirmed the deviation above the $1.06 resistance area. Such deviations are considered signs of a bearish trend. The drop has followed a descending resistance line. 

As long as the price follows this line, a fall to the $0.80 horizontal support area is expected. 

On the other hand, a breakout from the line could lead to an increase toward $1.06.

Kava (KAVA) Price Movement
KAVA/USDT Daily Chart. Source: TradingView

Immutable (IMX) Crypto Price Risks Falling Below Breakout Level

The IMX price broke out from the $1.22 resistance area on March 17. This seemingly initiated an upward movement above a resistance area that had been in place since June 2022. 

However, the price fell after reaching a new yearly high of $1.59 on March 18. It is now trading below the $1.22 resistance area once more. 

If the decrease continues, the next closest support area would be at $0.85. However, if the crypto asset reclaims the $1.22 area, it could increase toward $1.55 again.

Immutable (IMX) Price Drop
IMX/USDT Daily Chart. Source: TradingView

Huobi Token (HT) Price Gets Rejected

The HT price has fallen under a descending resistance line since November 2022. More recently, it was rejected by the line on Feb. 20, initiating the current decrease. 

While the price bounced sharply after its $1.23 low on March 9, it failed to move above the $4.20 resistance area. If the decrease continues, HT could return to $1.23. 

However, if the digital asset reclaims the $4.20 area, it could increase toward the descending resistance line at $5.

Huobi Token (HT) Price Resistance
HT/USDT Daily Chart. Source: TradingView

Has Cosmos (ATOM) Completed Its Correction? 

The ATOM price has fallen under a descending resistance line since September 2022. More recently, the line caused a rejection on Feb. 4, 2023. Afterward, the price completed an A-B-C corrective structure. 

After bouncing at the $10.30 horizontal support area, ATOM initiated another upward movement. 

If the increase continues, the price could move toward the long-term resistance line at $14. 

However, if it closes below $10.30, ATOM could fall to the next support at $8.90.

Cosmos (ATOM) Crypto Price Resistance
ATOM/USDT Daily Chart. Source: TradingView

Toncoin (TON) Bounces at Support

The technical analysis from the daily time frame shows that the TON price has gradually fallen since reaching a high of $2.90 on Dec. 14. The decrease culminated with a low of $1.87 on March 23. 

However, the price bounced, validating the $2 horizontal support area and an ascending support line (green icon). Whether the price bounces or breaks down could determine the future trend. 

A breakdown could lead to lows near $1.40, while a bounce could retest the $2.60 resistance area.

Toncoin (TON) Crypto Market Altcoin Bounce
TON/USDT Daily Chart. Source: TradingView

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

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