Be[in]Crypto takes a look at the five cryptocurrencies that decreased the most last week, more specifically, from Sept. 9 to Sept. 16.
These cryptocurrencies are:
- Terra Classic (LUNC): -47.56%
- Helium (HNT): -16.58%
- Gnosis (GNO): -16.21%
- Kusama (KSM): -15.66%
- EOS: -15.46%
LUNC has been decreasing since reaching a high of $0.00059 on Sept. 8. The high was made at a confluence of important Fib levels, created by the 4.2-4.618 extension of the original upward movement (red) and the 1.61 length of waves one and three (white).
The ensuing downward movement has led to a low of $0.00024 on Sept. 15, seemingly causing a breakdown from the $0.00028 support area (red icon).
Unless LUNC reclaims the $0.00028 area, it could continue falling towards $0.000165. The possibility of a decrease is also supported by the daily RSI, which has fallen below 50 (red icon).
HNT has decreased since reaching an all-time high price of $51.47 in Nov. 2021. The downward movement has so far led to a low of $3.18 this month.
The ensuing bounce validated the $4 area as support (green icon), creating a bullish candlestick in the process. However, the upward movement could not be sustained, and the price has decreased to the $4 area again.
The weekly RSI is considerably below 50, indicating that the long-term trend is bearish. As a result, an eventual breakdown from the $4 area is likely. If one occurs, the next closest support area would be at $1.80
GNO has been decreasing since reaching a high of $205 on Aug. 18. The price created a lower high on Sept. 11 (red icon), validating the resistance line of a descending parallel channel.
If the downward movement continues, the closest support area would be at $125. The support is created by the support line of the channel and a horizontal support area.
KSM has been falling since reaching a high of $69.91 on July 23. It created a slightly lower high in the beginning of Aug. before accelerating its rate of decrease.
On Thursday, KSM broke down from the $45 horizontal support area, which had been in place since June. On Friday, KSM reached a new yearly low of $42.85.
If the downward movement continues, the next closest support levels would be at $36 and $27, created by the 1.27 and 1.61 Fib retracement levels of the most recent upward movement.
EOS has been falling since reaching a high of $1.90 on Aug. 23. The price created a lower high on Sept. 19 and accelerated its rate of decrease afterwards.
Currently, EOS is trading inside a confluence of support level at $1.40, created by a horizontal support area and the resistance line of a previous ascending parallel channel.
Whether EOS breaks down below this support area or bounces will likely determine the direction of the future trend.
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.