Hateful Eight: SLP, TOMO, BAKE, DENT, TEL, UNI, DCR, DASH — Biggest Losers Sept 3-10

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In Brief
  • SLP is trading inside a descending wedge.

  • TOMO reached a new all-time high on Sept. 6

  • BAKE is following a long-term ascending support line.

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BeInCrypto takes a look at the eight altcoins that decreased the most over the past seven days, from Sept 3 to 10.

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These altcoins were:

  1. Smooth Love Potion (SLP): -31.07%
  2. TomoChain (TOMO): – 29.90%
  3. BakeryToken (BAKE):-28.86%
  4. Dent (DENT): -26.24%
  5. Telcoin (TEL): -23.74%
  6. Uniswap (UNI): -22.44%
  7. Decred (DCR): -19.79%
  8. Dash (DASH): -17.66%

SLP

SLP has been moving downwards since July 13, after it reached a high of $0.41. The decrease has taken the shape of a descending wedge, which is often considered a bullish reversal pattern. 

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So far, SLP has reached a low of $0.08 on Sept 7. This also validated the $0.08 horizontal area as support, a level that previously had not been reached since May 23. 

While there is a potential bullish divergence developing in the RSI, there are no clear bullish reversal signs yet. 

If a breakout were to occur, the closest resistance would be found at $0.20. This target is the 0.382 Fib retracement resistance level. 

Conversely, a decrease below the $0.08 support area could likely take SLP to a new all-time low.

TOMO

TOMO has been increasing since May 19. On July 8, it broke out from an ascending parallel channel and returned to validate it as support on July 20 (green icon). 

Following this, it continued moving upwards until it reached a new all-time high price of $3.92 on Sept 6. However, it fell sharply the next day. 

Technical indicators have turned bearish. The RSI has moved below 50 and it’s possible that the token has completed a fourth wave pullback. As long as it does not break down below the support line of the channel, the bullish structure remains intact.

BAKE

BAKE has been following an ascending support line since February. 

Recently, it touched the line on July 20 and fell back to it once again on Sept 7. 

While the support line is still intact, technical indicators have turned bearish. The MACD is nearly negative and the RSI has fallen below 50.

DENT

DENT has been moving upwards since July 20. It broke out from an ascending parallel channel on Aug 11 and proceeded to reach a high of $0.0089 on Aug 15. 

It has been moving downwards since, with the rate of decrease accelerating on Sept 7. On that day, DENT reached a low of $0.0042.

Similar to TOMO, DENT has potentially completed a fourth wave pullback.

TEL

On July 24, TEL broke out from a descending resistance line. It proceeded to reach a high of $0.029 on Aug 23. 

However, it fell after and broke down below the $0.02 horizontal support area. Until it reclaims this level, the trend cannot be considered bullish.

UNI

On Aug 13, UNI moved above the $29 resistance area. After a slight decrease, it appeared to have broken out again on Sept 1. 

This created a double top (red circles), which is often considered a bearish reversal pattern. 

UNI has been moving downwards since. 

It’s currently trading just above the 0.5 Fib retracement support level at $22.68. So far, there are no bullish reversal signs in place.

DCR

DCR has been moving upwards since July 20. In the period from Aug 17 to Sept 3, DCR tried to break out above the $180 area.

However, it was unsuccessful in doing so and broke down from an ascending support line on Sept 7. 

DCR is currently attempting to find support above the 0.5 Fib retracement support level at $138.50.

DASH

On July 19, DASH broke out from a descending resistance line. It proceeded to increase until it reached a high of $285 on Aug 23.

However, it has been moving downwards since and created a lower high on Sept 5. 

Technical indicators have turned bearish — the RSI has moved below 50 and the MACD is nearly negative.

Currently, DASH is trading just above the $190 horizontal support area, where it has stalled.

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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