APT, KLAY, LUNC, CSPR and ETHW Perform Badly Despite Bullish Crypto Market

4 November 2022, 16:00 GMT+0000
Updated by Geraint Price
4 November 2022, 16:00 GMT+0000
In Brief
  • APT is trading inside a descending parallel channel.
  • KLAY has broken down from an ascending support line.
  • LUNC is following a descending resistance line.
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BeInCrypto takes a look at five projects that decreased considerably relative to the rest of the crypto market last week, more specifically, from Oct. 28 to Nov. 4. 

These five cryptocurrencies that underperformed the crypto market are:

  1. Aptos (APT) price decreased by 9.90%
  2. Klaytn (KLAY) price decreased by 8.85%
  3. Terra Classic (LUNC) price decreased by 7.96%
  4. Casper (CSPR) price decreased by 7.82%
  5. EthereumPoW (ETHW) price decreased by 7.55%

APT Leads Crypto Market Losses

APT has been decreasing inside a descending parallel channel since Oct. 23. The downward movement has so far led to a low of $7.12. 

Afterward, APT began an upward movement and is now trading in the upper portion of the channel. 

Due to the shape of the correction, another downward movement towards $6.50 would be the most likely scenario. This would also validate the support line of the channel.

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However, a breakout from the channel would invalidate the bearish price prediction and indicate that new lows are in store.

Aptos (APT) Price Channel
APT/USDT Chart By TradingView

KLAY Attempts Bounce at Fib Support

The KLAY price has been falling since reaching a high of $0.34 on Oct. 29. The downward movement led to a low of $0.22 on Nov. 4. The low was made inside the 0.5 Fib retracement support level. 

The six-hour RSI has generated bullish divergence (green line), a sign that a bounce could occur. If one occurs, the KLAY price would be expected to increase towards the 0.5-0.618 Fib resistance at $0.285-$0.30.

Conversely, a close below the $0.23 support area would likely lead to a touch of the 0.618 Fib retracement support level at $0.204.

KLAY Price Support
KLAY/USDT Chart By TradingView

LUNC Fails To Initiate Breakout

The LUNC price has been falling underneath a descending resistance line since Sept. 13. The line has caused two rejections, most recently on Oct. 30. 

Additionally, the LUNC price has fallen below the $0.00023 resistance area, which now coincides with the descending resistance line. 

Due to this confluence, it is possible that LUNC will get rejected and fall towards the closest Fib support at $0.00012. 

Conversely, a breakout above the line and horizontal area would mean that the price action is bullish instead.

LUNC Price Decrease.  Crypto Market
LUNC/USDT Chart By TradingView

CSPR Completes Crypto Market Corrective Structure

CSPR has been decreasing since reaching a high of $0.055 on Oct. 7. The downward movement resembles an A-B-C corrective structure, in which waves A:C have a 1:1 ratio. 

The decrease led to a low of $0.037 on Nov. 3, just above the 0.618 Fib retracement support level and $0.037 horizontal support area. 

As a result, it is possible that the correction is complete. If so, an increase towards at least $0.05 would be expected. 

Conversely, a close below $0.037 would invalidate this bullish prediction.

CSPR Price Correction.  Crypto Market
CSPR/USDT Chart By TradingView

ETHW Creates Double Bottom Pattern

ETHW has been decreasing below a descending resistance line since Sept. 17. The downward movement led to a low of $5.05 five days later.

After an initial bounce, the ETHW price has been decreasing gradually since.

In the period between Oct. 21 and Nov. 2, the price created a double bottom, which is considered a bullish pattern. Additionally, the weekly RSI generated bullish divergence (green line). These signs support a potential breakout from the line.

If a breakout occurs, the closest resistance would be at $8. 

On the other hand, a fall below $5.90 would invalidate this bullish prediction.

ETHW Price Double Bottom. Crypto Market
ETHW/USDT Chart By TradingView

For the latest BeInCrypto Bitcoin (BTC) and crypto news market analysis, click here

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.