BeInCrypto takes a look at the eight altcoins that decreased the most over the past seven days, from Sept 10 to 17.
These altcoins are:
- Solana (SOL) : -22.34%
- Fantom (FTM) : -19.88%
- Revain (REV) : -18.44%
- FTX Token (FTT) : -13.23%
- Harmony (ONE) : -10.74%
- IOST (IOST) : -10.36%
- Celsius (CEL) : -8.95%
- Klaytn (KLAY) : -8.13%
SOL had been increasing alongside a parabolic ascending support line since July 20. This led to an eventual all-time high price of $216 on Sept 9.
The high was made right at the 4.618 external Fib retracement resistance level. SOL began to fall the same day and created a shooting star candlestick.
On Sept 16, it broke down from the support line and the $150 support area.
The next support levels are at $119 and $96. These are the 0.5 and 0.618 Fib retracement support levels.
FTM has been increasing alongside an ascending support line since Aug 30. On Sept 9, it reached an all-time high price of $1.94.
However, it has been moving downwards since and broke down from the support line on Sept 12.
It is currently trading just above the $1.20 horizontal support area. So far, it has decreased by 35% since the aforementioned high.
Technical indicators are neutral, leaning on bearish. The MACD is approaching the 0 line, while the RSI is just below 50.
REV has been moving upwards at an accelerated rate since Aug 7. The upward movement culminated with a high of $0.0365 on Sept 4.
Since then, the token has been decreasing and has fallen by 46% so far.
However, it has seemingly found support just above the 0.618 Fib retracement support level at $0.175. This is a likely place for a bounce.
However, technical indicators do not confirm the possibility of a reversal. While the MACD is increasing, it is still negative. Furthermore, the RSI is below 50.
On Sept 1, FTT broke out from the $62 resistance area and proceeded to reach a high of $84.75 on Sept 9. However, it has been decreasing since. So far, it has fallen by 24.55%.
Despite the drop, FTT is still trading above the $62 support area, which previously acted as the all-time high resistance.
Furthermore, while the MACD and RSI are decreasing, the former is positive while the latter is above 50.
Therefore, the trend can be considered bullish as long as FTT does not close below the $62 area.
ONE reached a new all-time high on Sept 13 but has been falling sharply since.
Due to the decrease, the previous breakout above the $0.205 resistance area now seems like a deviation (red circle). Furthermore, the drop has also been combined by a decrease in both the MACD and RSI.
The closest support is near $0.14. This coincides with an ascending support line that has been in place since July 19.
On Sept 9, IOST reached a high of $0.086, barely failing to reach a new all-time high price.
After a drop, it created a lower high on Sept 15 and resumed its downward movement.
The most likely area for a bounce would be close to $0.06. This coincides with a steep ascending support line (dashed).
If not, there is a long-term ascending support line close to $0.05.
On July 9, CEL bounced at the $4.85 support area and reached a high of $6.66 on Aug 8. However, it has been moving downwards since.
However, the decrease has taken the shape of a descending parallel channel, which is usually a corrective structure. On Sept 17, it bounced at the support line of this channel.
It is possible that the token will begin an upward move towards resistance.
KLAY has been falling since Aug 16, when it reached a high of $1.98. Four days later, it created a lower high and accelerated its rate of decrease afterwards.
Currently, it is trading just above the 0.618 Fib retracement support level at $1.26.
If it were to break down, the next support would be at $1.