Hateful Eight: SLP, COMP, SHIB, FLOW, MDX, KCS, SUSHI, STX — Biggest Losers July 23-30

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In Brief
  • SLP, SHIB, and MDX are following descending resistance lines.

  • KCS, FLOW, and COMP have broken out from descending resistance lines.

  • SUSHI is trading inside a range between $6.25 and $9.60.

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The past seven days have been bullish for the cryptocurrency industry, with only one token decreasing in double digits. The eight tokens that decreased the most last week were:

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  • Smooth Love Potion (SLP): -20.82%
  • Compound (COMP): -6.29%
  • SHIBA INU (SHIB): -4.53%
  • Flow (FLOW): -1.84%
  • Mdex (MDX): -1.56%
  • Kucoin Token (KCS): -1.49%
  • SushiSwap (SUSHI): -0.33%
  • Stacks (STX): -0.10%

SLP

SLP reached a low of $0.21 on July 20 and bounced (green icon). The bounce validated the $0.23 horizontal level as support.

However, the token was rejected by a descending resistance line (red icon) two days later and has been moving downwards since. Since the rejection, it has dropped by 31.76%

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It’s rapidly approaching the $0.23 horizontal level once again.

Whether SLP breaks out above the descending resistance line or breaks down below the horizontal support area will likely determine the direction of the future trend.

SLP Chart By TradingView

COMP

COMP had been decreasing underneath a descending resistance line since July 6. This led to a low of $310 on July 20.

COMP bounced after, validating the 0.618 Fib retracement level as support (green icon). As long as it’s trading above this level, the trend can be considered bullish.

The main resistance area is found at $554. This is the 0.5 Fib retracement resistance level (white) when measuring the entire downward move since May.

COMP Chart By TradingView

SHIB

SHIB has been decreasing alongside a descending resistance line since May 19. On June 12, it reached the $0.00000575 support area and bounced.

However, it returned to the same level two more times, on June 22 and July 20.

SHIB has failed to move above the aforementioned descending resistance line and was recently rejected by it on July 6.

A breakout above the line would likely take SHIB towards the $0.00000930 resistance area. Conversely, a breakdown below the current support area would likely take it to new lows.

SHIB Chart By TradingView

FLOW

On July 6, FLOW broke out from a descending resistance line and seemingly initiated an upward move.

However, it was rejected twice by the 0.382 Fib retracement resistance level of $20.62.

FLOW created a higher low on July 20 and moved upwards. It’s currently in the process of breaking out above the aforementioned resistance area at $20.62. If successful, it would likely trigger a sharp move toward $29.86.

FLOW Chart By TradingView

MDX

MDX has been decreasing under a descending resistance line since June 1. On July 21, it fell to a new all-time low price of $1.05.

The price bounced after this and approached $1.05 again. However, there are no bullish reversal signs in place, indicating that MDX could fall to a new all-time low soon.

MDX Chart By TradingView

KCS

On July 3, KCS broke out from a descending resistance line. It proceeded to reach a high of $14.84 on July 7.

However, this caused a rejection from the 0.618 Fib retracement resistance level at $14.02 and led to a downward move that took KCS to the $8.50 horizontal support area.

As long as KCS is trading above this level, it’s likely to increase toward the $14.02 resistance area once again.

KCS Chart By TradingView

SUSHI

On June 27, SUSHI broke out from a descending resistance line. It proceeded to reach a high of $9.72 but created a long upper wick, validating the $9.60 area as resistance.

Following this, it bounced at the $6.25 support area only to make another failed attempt at moving above $9.60 and created another long upper wick (red icon).

SUSHI is now trading close to the middle of the $6.25-$9.60 trading range.

SUSHI Chart By TradingView

STX

STX began an upward move on June 22 and reached a high of $1.47 on July 11. After this, it was rejected by the $1.40 horizontal resistance area and began to move to the downside.

STX created a higher low on July 20 and initiated another upward move, reclaiming the $1.07 support area in the process.

It’s now trading in a range between $1.07 and $1.40.

STX Chart By TradingView

For BeInCrypto’s latest bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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