BeInCrypto takes a look at the eight altcoins that decreased the most over the past seven days, from April 30 to May 7.
These altcoins are:
- PancakeSwap (CAKE) – 16.53%
- Polygon (MATIC) – 13.62%
- Chiliz (CHZ) – 9.32%
- Enjin Coin (ENJ) – 8.56%
- Reserve Rights (RSR) – 7.22%
- Klaytn (KLAY) – 7.20%
- KuCoin Token (KCS) – 6.98%
- Stacks (STX) – 6.87%
CAKE has been moving downwards since April 30, when it reached a high of $44.77. The high was made right at the 2.61 external Fib retracement of the prior drop. So far, it has fallen by 20%.
However, the downward movement looks corrective, with the price trading inside a descending wedge.
This suggests that CAKE is likely to break out once more and move towards new highs. If so, the next closest resistance area is found at $52.30.
On April 26, MATIC broke out and initiated a parabolic movement that led to a new all-time high price of $0.947 on April 30. The token has been decreasing since, but has bounced at the 0.382 Fib retracement support level at $0.685.
Despite the bounce, both the MACD & RSI are showing weakness.
The next closest support area is found at $0.60, created by the 0.5 Fib retracement support level.
CHZ has been trading inside a massive descending parallel channel since reaching an all-time high price of $0.944 on March 12.
The decrease continued until the token reached a low of $0.321 on April 23. It bounced at the support line of the channel and it has been increasing since.
However, it failed to reclaimed the middle of the channel.
Currently, it is attempting to find support near the 0.5 Fib retracement level before moving upwards once again.
ENJ has been moving upwards since April 23. Shortly afterwards, it broke out from a descending resistance line that had been in place since the April 9 all-time high price.
Similarly to CHZ it is trying to find support between the 0.5 & 0.618 Fib retracement levels. A breakout from the short-term descending resistance line (dashed) will confirm that the trend is bullish.
RSR has been moving upwards since it bounced on April 15, putting an end to a downward movement that had been ongoing since the all-time high of April 16, which amounted to 46.74%.
Despite the increase, it has failed to reclaim the main resistance area, found between $0.0915 and $0.098.
KLAY had been on a downward movement from April 2 to April 23, decreasing by 62% in the process.
While it has bounced since, the bounce has been very weak, failing to reclaim even the closest resistance level found at $2.55. Until it does, the trend cannot be considered bullish.
Conversely, the next closest support area would be found at $1.68.
KCS has been moving upwards since it bounced at the $10.18 level, completing a fourth wave pullback in the process.
Therefore, it is possible that it has now begun its fifth wave. If so, a potential target for the top of the upward movement is found all the way at $24.
STX has been decreasing since reaching a high of $2.84 on April 5. Since then, it has been moving inside a symmetrical triangle, which is considered a neutral pattern.
However, since it is transpiring after an upward movement, a breakout would be more likely.
Currently, the token is right at the support line of this pattern.