Convex Finance, Curve DAO Token, Nexo, Solana, and Bitcoin Cash Take a Beating This Week

2 December 2022, 13:30 GMT+0000
Updated by Geraint Price
2 December 2022, 13:30 GMT+0000
In Brief
  • CVX is trading inside a descending wedge.
  • CRV is following a descending resistance line.
  • NEXO broke down from an ascending support line.
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BeInCrypto takes a look at five altcoins that decreased the most from the entire crypto market last week, more specifically, from Nov. 25 to Dec. 2. 

These digital assets have taken the crypto news and crypto market spotlight: 

  1. Convex Finance (CVX) price is down 8.02%
  2. Curve DAO Token (CRV) price is down 7.00%
  3. Nexo (NEXO) price is down 6.88%
  4. Solana (SOL) price is down 4.72%
  5. Bitcoin Cash (BCH) price is down 4.22%

CVX Leads Crypto Market Drop

The CVX price has been decreasing inside a descending wedge since July23. The descending wedge is considered a bullish pattern, meaning that it leads to breakouts the majority of the time. 

On Nov. 21, the CVX price bounced at the $3.55 horizontal support area (green icon). This also validated the support line of the wedge. 

If the CVX price breaks out from the wedge, the next closest resistance would be at $6.

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On the other hand, a daily close below the $3.55 area would lead to a new yearly low.

Convex (CVX) Price Wedge Crypto Market
CVX/USDT Daily Chart. Source: TradingView

CRV Deviates and Reclaims

The CRV price was rejected by a descending resistance line on Nov. 5 (red icon) and fell to a low of $0.40 on Nov. 20.

However, it bounced afterward and reclaimed the $0.56 are the same day. The deviation below and subsequent reclaim of the $0.56 area is a hugely bullish sign.

Still, whether the CRV price breaks out from the resistance line or falls back below the $0.56 area will likely determine the direction of the future trend.

Curve DAO Token (CRV) Price Resistance
CRV/USDT Chart By TradingView

NEXO Falls After Breakdown

The NEXO price has fallen since reaching a high of $0.74 in Nov. 26. The decrease caused a breakdown from an asscending support line three days later.

Currently, the NEXO price is holding above the $0.64 horizontal support area. If it breaks down, the next closest support area is at $0.58, created by the 1.61 external Fib retracement of the previous increase.

A reclaim of the previous ascending support line would indicate that the correction is complete.

NEXO Price Breakdown Crypto Market
NEXO/USDT Two-Hour Chart. Source: TradingView

Solana Price Attempts Breakout Above $15

On Nov. 22, The Solana price broke out from a descending resistance line that had been in place for two weeks. It proceeded to reach a high of $14.98 on Nov. 26.

While the price fell afterward, it bounced at the 0.5 Fib retracement support level (green icon) at $12.95.

As a result, another attempt at breaking out above $15 is the most likely scenario.

A breakout above the $15 resistance area would make the short-term Solana price prediction bullish.

Solana (SOL) Price Prediction Short-Term
SOL/USDT Two-Hour Chart. Source: TradingView

BCH Bounces After Yearly Low

The BCH Price has decreased underneath a descending resistance line since July 29. The line caused a rejection on Nov. 5, leading to a new yearly low of $87 on Nov. 9. 

Afterward, the BCH price bounced and reclaimed the $98 support area. It made another attempt at breaking out above the resistance line on Nov. 23 (red icon).

Whether the BCH price breaks out above the descending resistance line or breaks down below the $98 area will determine the direction of the future trend.

Bitcoin Cash (BCH) Price Daily Crypto Market
BCH/USDT Daily Chart. Source:TradingView

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer: BeInCrypto strives to provide accurate and up-to-date news and informationbut 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.