Be[In]Crypto takes a look at the five cryptocurrencies that decreased the most from June 17 to 24, including Harmony (ONE), which decreased after news of a $100 million exploit from their bridge.
These cryptocurrencies are:
- Voyager Token (VGX) : -17.92%
- Bancor (BNT) : – 11.69%
- UMA (UMA) : – 5.37%
- Harmony (ONE) : -3.67%
- Kucoin Token (KCS) : -1.72%
VGX has been falling since reaching a high of $1.37 on June 1. The downward movement has so far led to a low of $0.40 on June 24.
In the period since June 13, the RSI has generated bullish divergence (green line). If the divergence is the catalyst for an upward movement, the closest resistance area would be at $0.61.
BNT has been falling inside a descending parallel channel since Nov. 2021. The downward movement has so far led to a low of $0.43, which has been made in the middle portion of the channel.
While the daily RSI is oversold, there are no bullish reversal signs in place yet.
If the downward movement continues, the closest support area would be at $0.10, created by the middle of the channel.
UMA has been falling underneath a descending resistance line since the beginning of March. The downward movement led to a low of $1.85 on June 14.
In the period between May and June 14, the price created a double bottom, which is considered a bullish pattern. Additionally, the pattern was combined with a bullish divergence in the RSI, increasing its legitimacy. Finally, the RSI had previously broken out from a descending resistance line.
If the pattern gets confirmed and leads to a breakout, UMA could increase all the way to $6.22. This is the 0.382 Fib retracement resistance level when measuring the entire downward movement.
ONE has been decreasing since breaking down from a descending parallel channel in the beginning of May (red icon). The decrease has so far led to a low of $0.022 on June 18.
While there is a bullish divergence developing in the daily RSI, the price is not trading close to any important support levels, reducing the chance of a bullish reversal.
KCS has been decreasing inside a descending parallel channel since Dec. 2021. Such channels usually contain corrective patterns, meaning that a breakout from it would be expected.
On May 12, the price reached the support line of the channel and bounced (green icon). Afterward, it returned to this same level on June 14, creating a double bottom pattern.
Similar to UMA, the pattern was combined with a bullish divergence in the RSI (green line).
A movement above the middle of the channel would indicate that an eventual breakout is likely.