BeInCrypto takes a look at five projects that decreased the most from the entire crypto market last week, more specifically, from Nov. 11 to Nov. 18
These digital assets have taken the crypto news and crypto market spotlight:
- Cronos (CRO) price is down 24.60%
- Solana (SOL) price is down 21.99%
- Casper (CSPR) price is down 21.73%
- Huobi Token (HT) price is down 21.33%
- Decentraland (MANA) price is down 18.68%
CRO Price Leads Crypto Market Rout
The CRO price began a sharp fall on Nov. 8. It reached a low of $0.05 on Nov. 14, a 57% decrease in only six days. CRO bounced afterward, creating a long lower wick (green icon). However, it has yet to initiate a rally.
If a retracement occurs, the primary resistance would be at $0.08 and $0.09. These are the 0.382 and 0.5 Fib retracement resistance levels, respectively.
SOL Price Fails to Rally
The SOL token is the native token of the Solana network. The SOL price had fallen underneath a descending resistance line since Nov. 5. The decrease led to a low of $12.37 on Nov. 9.
After a slight bounce, the SOL price returned to the same level and created a double bottom pattern (green icon). Besides being considered a bullish pattern, the double bottom was combined with bullish divergence in the RSI (green line).
Shortly afterward, the SOL price broke out from the descending resistance line.
However, the Solana price failed to initiate any upward movement. If one occurs, the main resistance area would be at $22.52, created by the 0.382 Fib retracement resistance level.
Conversely, a decrease below the Nov. 9 lows at $12.37 would indicate that lower prices are in store.
CSPR Price Bounces at Long-Term Support
The CSPR price has been increasing alongside an ascending support line since June 16. The line has been validated four times (green icons), most recently on Nov. 17. As long as the line is in place, the bullish structure remains intact.
However, there are no bullish reversal signs in place yet. While the RSI is oversold, it has not generated any bullish divergence yet, despite the small bounce over the past 24 hours.
As a result, the direction of the trend is not determined. Whether the CSPR price breaks down from the support area or bounces will likely decide the trend.
In case of a bounce, the closest resistance area would be at $0.38.
HT Risks Breakdown From Long-Term Support
HT has fallen since Nov. 3. The downward movement led to a low of $3.7 on Nov. 13. This was a new yearly low and seemingly caused a breakdown from the $4.30 horizontal support area, which had been in place since July.
However, the HT price bounced and created a long lower wick (green icon), reclaiming the $4.30 area. Now, the next resistance is at $5.40.
If HT breaks down from the $4.30 horizontal support area, the rate of the decrease could accelerate further.
MANA Breaks Down From Long-Term Support
MANA has decreased below a descending resistance line since reaching an all-time high price of $5.90 in Nov. 2021. The line caused a rejection in the beginning of Nov. 2022 (red icon), and the MANA price broke down from the $0.50 horizontal support area next week. The current low of $0.41 is the lowest since June 2021.
If the downward movement continues, the next closest support is at $0.30.
Conversely, a breakout from the resistance line is required for the trend to be considered bullish.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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