In this article, BeInCrypto takes a look at eight altcoins that decreased the most over the past seven days (March 19 – March 26).
This week’s Hateful 8 altcoins are:
- Avalanche (AVAX) – 21.50%
- Cosmos (ATOM) – 20.13%
- SushiSwap (SUSHI) – 19.01%
- Polygon (MATIC) – 18.93%
- Fantom (FTM) – 18.45%
- Chiliz (CHZ) – 18.30%
- Near Protocol (NEAR) – 17.87%
- UMA (UMA) – 17.73%
AVAX has been decreasing since an all-time high price of $60.30 was reached on Feb. 10.
So far, it has managed to reach a low of $22.12, doing so on Feb. 28. The token reached the low close to the 0.618 Fib retracement level. While AVAX bounced since, it was rejected by the $36.50 resistance area, which is the 0.382 Fib retracement of the previous downward movement.
Afterward, it broke down from an ascending support line and has returned to the $23.70 support area once more.
While AVAX could bounce in the short-term, the trend cannot be considered bullish until the $36.50 area is reclaimed. Technical indicators in the daily time-frame are relatively neutral.
ATOM has been decreasing since reaching an all-time high price of $26.55 on Feb. 16. Seven days later, it reached a low of $15.11. This was done right at the 0.5 Fib retracement support level and initiated a significant bounce.
However, the ensuing upward movement looked corrective. Furthermore, technical indicators in the daily time-frame are bearish.
Therefore, it is likely that ATOM is in the C wave of an A-B-C corrective structure. If so, it could decrease to the 0.618 Fib retracement support level at $12.58.
SUSHI has been decreasing since March 13, when it reached an all-time high price of $23.41.
So far, it has dropped by 33%.
Technical indicators are bearish, and there are no reversal signs.
Therefore, it is likely that SUSHI drops towards the $11.85 support level. This is both the 0.5 Fib retracement level of the entire upward movement and a horizontal support area.
The next support is found at $9.11, the 0.618 Fib retracement level.
MATIC has been decreasing since March 11, when it reached a high of $0.54. So far, it has dropped by 42%.
Technical indicators in the daily time-frame are bearish.
However, MATIC is approaching the $0.277 support level, the 0.5 Fib retracement of the entire upward movement.
Therefore, despite indicators being bearish, a bounce is expected once MATIC gets there, at least in the short-term.
FTM has been moving downwards since reaching a high of $0.87 on Feb. 25. However, the descent stalled on Feb. 28, and FTM has been trading inside a descending wedge since. This is known as a bullish reversal pattern.
Furthermore, there is bullish divergence developing in both the RSI & MACD.
Therefore, a breakout from this pattern would be expected. If so, the token’s price would find the next resistance at $0.587.
CHZ has been moving downwards since reaching an all-time high of $0.944 on March 12. So far, it has dropped by nearly 50% and is trading at the 0.5 Fib retracement level.
While a short-term bounce is expected to occur, technical indicators are bearish. Therefore, it is likely that CHZ eventually drops to the 0.618 Fib retracement support at $0.37.
NEAR has been decreasing since March 13, when it reached a high of $7.34. On March 21, it broke down from an ascending support line. This movement took it to the $4.50 support area.
There is some bullish divergence in the RSI, and the MACD has given a bullish reversal sign. Therefore, an upward move towards the $6.0-$6.45 area could occur.
This would also cause a re-test of the support line from which NEAR broke down.
On Feb. 28, UMA bounced at the $19.20 support area. This increase took it to a high of $28.29, where it was rejected. UMA has been decreasing since.
Currently, it is trading very close to the $19.20 support area.
Short-term indicators are bullish. Furthermore, the decrease looks like a completed A-B-C structure, in which waves A:C had a 1:1 ratio.
Therefore, it is possible that UMA will soon reverse its 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.