Be[in]Crypto takes a look at the five altcoins that decreased the most over the past seven days, more specifically from April 30 to May 6.
These altcoins are:
- Apecoin (APE): -40.24%
- Kava (KAVA) : -31.20%
- STEPN (GMT): -30.75%
- Cronos (CRO): -27.28%
- Fantom (FTM): -22.33%
APE has been falling since April 18 when it nearly reached a new all-time high at $27.80. The downward movement has been swift and has had no significant retracements.
On May 4, APE broke down below the $14 horizontal area, which previously acted as resistance. While the area was expected to provide support, it failed to do so.
The next support is at $12, created by an ascending support line. A breakdown below it could greatly accelerate the rate of decrease.
KAVA has fallen sharply since reaching a high of $5.65 on April 29. The downward movement led to a low of $3.64 on May 6. The low was made right at the 0.618 Fib retracement support level of $3.75.
If the area fails to initiate a bounce, the rate of decrease could greatly accelerate.
GMT has been falling since reaching an all-time high price of $4.17 on April 28. The downward movement has been swift, and on May 5, GMT broke down from the $3 horizontal area.
The next closest support area is at $2.10.
If the area fails to hold the price, there would be no other support levels until $0.80.
CRO had been following an ascending support line since Jan 22. This continued until April 25, when the price finally broke down and reached a low of $0.26 on May 3.
There are no bullish signs in place and the next support area is at $0.19.
FTM has been decreasing alongside a descending parallel channel since Jan 26. More recently, it was rejected by the channel on April 2 (red icon) and has been falling at an accelerated rate since.
On April 30, FTM fell to a new yearly low of $0.65.
The support line of the channel is currently at $0.37.
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