Internet Computer (ICP) Falls to New All-Time Low: Biggest Weekly Losers

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In Brief
  • QTUM broke down from a descending parallel channel.

  • FTM and ONE broke down from ascending support lines.

  • CHZ has bounced at a confluence of support levels

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In this article, BeInCrypto takes a look at the seven altcoins that decreased the most over the past seven days, more specifically from Dec 3 – 10.

These altcoins are:

  1. Qtum (QTUM) : -31.17%
  2. THORChain (RUNE) : -30.11%
  3. Fantom (FTM) : -29.84%
  4. Internet Computer (ICP) : -28.55%
  5. THETA (THETA) : -28.36%
  6. Harmony (ONE) : -27.85%
  7. Chiliz (CHZ) : -27.18%

QTUM

On Oct 31, QTUM purportedly broke out from the $14.10 horizontal area. This led to a high of $19.30 the next day. Afterwards, the token began a gradual descent inside a descending channel. 

However, on Dec 4, it broke down from both the $14.10 area and the channel, falling to a low of $13.25. 

While it has bounced since, the upward movement has not been significant. Both the previous support line of the channel and the $14.10 area are expected to act as resistances if QTUM continues to increase.

QTUM Channel
Chart By TradingView

RUNE

On Oct 22, RUNE broke out from a descending resistance line. It proceeded to reach a high of $17.27 on Nov 2. 

However, it has been falling since. While it initially bounced above the previous resistance line (green icon), it broke down below it on Dec 4. 

Currently, the token is hovering just above the $7.15 horizontal area. The descending line is expected to act as resistance once more.

RUNE Drop
Chart By TradingView

FTM

FTM has been decreasing since Oct 28, when it reached a high of $3.48. On Dec 3, it broke down from an ascending support line, and reached a low of $1.14 the next day. 

The ensuing bounce served to validate the $1.15 area as support. It also created a long lower wick, which is considered a sign of buying pressure.

FTM Bounce
Chart By TradingView

ICP

ICP has been falling since Sept 6 (red icon), when it had just reached a high of $87. 

The next day, it broke down from an ascending wedge. While it initially managed to hold on above $42, it broke down from this area on Nov 16. 

On Dec 4, the token reached a new all-time low of $24. However, the ensuing bounce took it back above the $30 horizontal support area. 

Whether ICP manages to hold on above this area or breaks down will likely determine the direction of the future trend.

ICP Descent
Chart By TradingView

THETA

THETA has been decreasing inside a descending channel since Sept 7. On Dec 4, it reached a low of $3.65. The ensuing bounce served to validate the support line of the channel and create a long lower wick (green icon).

More importantly, THETA has yet to fall below its July lows at $3.49. This means that it is possible that the bullish structure is still intact.

A reclaim of the middle of the channel at $5.50 would be an extremely bullish development that would suggest an eventual breakout is likely.

THETA Movement
Chart By TradingView

ONE

ONE has been falling since Oct 26, when it reached an all-time high price of $0.38. On Dec 4, the rate of decrease accelerated and the token broke down from both the $0.22 horizontal are and an ascending support line. 

The breakdown was crucial, since the area had previously acted as the all-time high resistance, while the support line had been in place since July 20. 

Since the breakdown, ONE has validated the previous support line as resistance (red icon). Until this line is reclaimed, the trend cannot be considered bullish.

ONE Drop
Chart By TradingView

CHZ

CHZ has been falling since reaching a high of $0.65 on Oct 31. The high was made right at the 0.618 Fib retracement resistance level.

Despite the considerable drop, CHZ has bounced at a confluence of support levels (green circle), created by a long-term ascending support line and the previous descending resistance line. 

Therefore, the bullish structure still remains intact.

CHZ Bounce
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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