Be[in]Crypto takes a look at the five cryptocurrencies that decreased the most last week, more specifically, from Aug 12 to 19.
These cryptocurrencies are:
- Convex Finance (CVX) : -28.57%
- Oasis Network (ROSE): -27.14%
- The Graph (GRT) : -25.67%
- Theta Network (THETA) : -25.20%
- Curve DAO Token (CRV) : -25.05%
CVX
On Aug 13, CVX broke down from an ascending parallel channel that had been in place since June 18. Breakdowns from such long-term structures usually lead to significant downward movements.
Currently, the price is re-testing the $5.30 area as support. This is the 0.618 Fib retracement support level and the previous resistance area. If the area fails to hold, CVX could fall to new lows.
ROSE
ROSE broke out from an ascending parallel channel on July 28. It proceeded to reach a high of $0.116 before falling.
The downward movement has so far led to a low of $0.073. This is the 0.618 Fib retracement support level and coincides with the resistance line of the previous channel. So, it is possible that the line will initiate a bounce.
GRT
Beginning on July 12, GRT completed a five-wave upward movement. This led to a high of $0.155 on Aug 8.
GRT has been falling since, reaching a low of $0.10 on Aug 19. The low validated an ascending support line for the third time (green icon). If the line fails to hold, the next support would be at the yearly lows near $0.092.
THETA
Similarly to GRT, THETA has been following an ascending support line since June 13. The line was validated for the third time on Aug 19 (green icons).
If the line fails to initiate a bounce, the next closest support area would be at $1.09.
CRV
Beginning on Jun 18, CRV completed a five-wave upward movement that led to a high of $1.58 on July 28.
Since then, it has been completing an A-B-C corrective structure. If so, it is currently nearing the end of wave C, which is expected to end between the 0.5-0.618 Fib retracement support levels at $0.93 to $1.05.
For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here
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Disclaimer
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