This week, most cryptocurrencies suffered significant price losses. We look at the biggest losers in the crypto market this week.
FLOW (FLOW)
The price of FLOW experienced a significant decline of approximately 45% last week, placing it at the top of our list of biggest price losers.
FLOW has been in a prolonged and significant downtrend for several months, with no signs of finding any support levels. As a result, the potential for a further decline toward zero is nearly unlimited.
Furthermore, the histogram of the MACDs has been consistently declining in a bearish manner for several weeks, indicating a downward trend.
Additionally, the MACD lines are on the verge of crossing over in a bearish manner. The only glimmer of hope comes from the RSI, as it could potentially demonstrate a bullish divergence, suggesting the possibility of an upward movement.
Solana (SOL)
Solana, the second biggest loser, experienced a substantial decline of approximately 42% in its price last week. As a result, Solana has retraced back to the golden ratio support level at approximately $15.
Solana In-Depth Analysis: Solana (SOL) Price Reaches Crucial Support Level After 42% Drop – Where to Next?
If this support level fails to hold, the next significant support for Solana would only be found within the range of approximately $8 to $11.
Moreover, the MACD histogram has been consistently declining in a bearish manner over the past few weeks, indicating a downward trend. Additionally, the MACD lines are on the verge of crossing over in a bearish manner.
The RSI, on the other hand, is not providing any clear bullish or bearish signals. On the upside, notable Fibonacci resistance is already present at around $16.4.
Linear (LINA)
Linear (LINA) experienced the third-largest price decline, with a drop of approximately 42%. However, there has been a subsequent recovery in the LINA price, which has now reached the 50-week Exponential Moving Average (EMA), acting as a resistance level.
Furthermore, the MACD lines on the weekly chart remain crossed in a bullish manner, although the MACD histogram has been declining bearishly since last week.
LINA is approaching the next significant Fibonacci resistance level at around $0.024, which it could reach if the price breaks above the 50-week EMA at approximately $0.0133.
Conflux (CFX)
The final participant in this ranking is Conflux (CFX), as its price experienced a decline of approximately 38% last week. Currently, the price is resting on the golden ratio support level of around $0.19.
If this support level fails to hold, there is a risk of a significant price plunge.
On a different note, the MACD lines on the weekly chart have crossed bearishly, and the histogram of the MACDs has been declining in a bearish manner for several weeks. These indicators suggest a prevailing bearish sentiment in the market for CFX.
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