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These 5 Altcoins Dropped the Furthest in the Crypto Market This Week

2 mins
Updated by Geraint Price
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In Brief

  • Klaytn (KLAY) price was rejected by a horizontal resistance area.
  • Filecoin (FIL) price failed to sustain its upward movement.
  • Hedera Hashgraph (HBAR) and Tezos (XTZ) price are mired in corrective structures.
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BeInCrypto looks at five biggest altcoins losers in the entire crypto market this week, specifically from Feb. 24 – March 3.

The altcoins that have fallen the most in the entire crypto market are:

  1. Conflux (CFX) price fell by 30.56%
  2. Klaytn (KLAY) price fell by 19.92%
  3. Hedera (HBAR) price fell by 19.65%
  4. Filecoin (FIL) price fell by 19.40%
  5. Tezos (XTZ) price fell by 16.23%

Conflux (CFX) Price Leads Crypto Losers

The Conflux price has increased since breaking out from a short-term descending wedge on Feb. 15. This led to a high of $0.367 on Feb. 21. 

However, the price has fallen since. Despite the drop, the digital asset still trades at the 0.5 Fib retracement support level. 

While the CFX price broke out from a descending resistance line, it failed to sustain its upward movement. If it closes below the 0.5 Fib retracement support level, it could fall to the next support at $0.145.

On the other hand, a bounce could cause a retest of the $0.350 highs.

Conflux (CFX) Crypto Price Movement
CFX/USDT Daily Chart. Source: TradingView

Klaytn (KLAY) Price Gets Rejected by Resistance

Since May 2022, the KLAY price was rejected by the $0.34 resistance area three times (red icons), most recently on Feb. 22. The price has fallen since.

If the decrease continues, KLAY could fall to the $0.18 horizontal support area at $0.18. On the other hand, if the price regains momentum, it could increase to the $0.34 resistance area.

Klaytn (KLAY) Resistance Rejection
KLAY/USDT Daily Chart. Source: TradingView

Hedera (HBAR) Is in the Middle of Correction

The HBAR price has fallen since reaching a high of $0.098 on Feb. 12. The decrease led to a low of $0.066 on March 2. 

The decrease came after the HBAR price completed a five-wave upward movement. As a result, it is likely that the HBAR price is now correcting. 

If so, the price could fall to the 0.618 Fib retracement support level at $0.060. A breakout from the short-term descending resistance line would indicate that the correction is complete.

Hedera Hashgraph (HBAR) Price Daily Movement
HBAR/USDT Daily Chart. Source: TradingView

Filecoin (FIL) Crypto Price Falls Inside Channel

The Filecoin price has fallen since reaching a high of $9.50 on Feb. 19. The decrease led to a low of $5.92 on March 3.

During the drop, the price fell back inside the ascending parallel channel from which it previously broke out. Therefore, a decrease to its support line at $5.50 is the most likely scenario.

However, if the price moves above the channel again, it could retest the $9.50 high once more.

Filecoin (FIL) Price Channel
FIL/USDT Daily Chart. Source: TradingView

Tezos (XTZ) Could Be Correcting

The Tezos price movement is very similar to that of HBAR. The price completed a five-wave upward movement and fell sharply afterward.

The most likely price scenario suggests that XTZ completed the first part of a corrective structure. If so, it will soon begin a relief rally before falling once more.

The most suitable level for the correction to end is at the 0.618 Fib retracement support level at $1. Afterward, the previous increase could resume.

An increase above $1.50 would indicate that the correction is over and could lead to an increase toward $2.

Tezos (XTZ) Crypto Price Correction
XTZ/USDT Daily Chart. Source: TradingView

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

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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. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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