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Helium (HNT) Sinks to New Yearly Low: Biggest Weekly Losers

2 mins
Updated by Geraint Price
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In Brief

  • HNT has fallen to a new yearly low.
  • AR is trading inside a descending parallel channel.
  • GMT and ANKR have fallen below crucial support levels.
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Be[in]Crypto takes a look at the five cryptocurrencies that decreased the most last week, more specifically, from Aug 26 to Sept 2.

These cryptocurrencies are:

  1. Helium (HNT): -24.24%
  2. Ankr (ANKR): -15.30%
  3. Avalanche (AVAX): -14.74%
  4. Arweave (AR): -14.70%
  5. STEPN (GMT): -11.84%

HNT

HNT has been decreasing since reaching a high of $12.50 on June 10. It created a lower high on June 25 before accelerating its rate of decrease. 

On Aug 22, HNT broke down from the $6.80 horizontal support area and validated it as resistance (red icon). 

Since then, it has been fallen at an even more accelerated rate and has so far reached a low of $4.60 on Sept. 1.

Using an external retracement on the previous bounce, the closest support area seems to be at $2.85.

HNT Decrease
HNT/USDT Chart By TradingView

ANKR

On May 12, ANKR broke down from the $0.054 resistance area. Previously, the area had acted as support since July 2021. 

Afterward, the price began an upward movement and reached the area once more. However, it was rejected on Aug 11 (red icon). 

The trend cannot be considered bullish until ANKR manages to reclaim this level.

ANKR Bounce
ANKR/USDT Chart By TradingView

AVAX

AVAX has been falling since reaching a high of $30.88 on Aug 8. On Aug 27, the downward movement caused a breakdown from an ascending support line, which had previously been in place since the May lows. This is a sign that the preceding upward movement has now ended. 

If the downward movement continues, the closest support area would be at $16, created by those same May lows. 

AVAX support
AVAX/USD Chart By TradingView

AR

AR has been decreasing inside a descending parallel channel since July 31. Such channels usually contain corrective movements, meaning that a breakout from it would be expected. 

On Aug 31, AR bounced at the support line of the channel and the $10 horizontal support area. Due to the confluence of these support levels, it is possible that AR will initiate a significant bounce at this level. 

AR Channel
AR/USDT Chart By TradingView

GMT

GMT has been falling at an accelerated rate since reaching a lower high on Aug 16. The downward movement caused a breakdown from the support area on Aug 26.

Similarly to ANKR, the trend cannot be considered bullish until GMT reclaims this level. Failure to do so would take GMT to new yearly lows.

GMT support
GMT/USDT Chart By TradingView

For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona 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. (I do not have a discord and will not contact you first there. Beware of scammers)
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