ApeCoin (APE) Down More Than 50% Since All-Time High: Biggest Weekly Losers

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In Brief
  • GMT and APE Have broken down below important horizontal levels

  • KAVA is trading inside its 0.618 Fib support level.

  • The next support area for CRO is at $0.19.

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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:

  1. Apecoin (APE): -40.24%
  2. Kava (KAVA) : -31.20%
  3. STEPN (GMT): -30.75%
  4. Cronos (CRO): -27.28%
  5. Fantom (FTM): -22.33%

APE

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

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

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

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

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.

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate 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.

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