Bitcoin Magazine will take a look at the eight altcoins that fell the most in the last seven days from September 3rd to 10th.
These altcoins are:
- Gentle love potion (SLP): -31.07%
- TomoChain (TOMO): – 29.90%
- BakeryToken (BAKE): -28.86%
- Dent (DENT): -26.24%
- Telcoin (TEL): -23.74%
- Uniswap (UNI): -22.44%
- Decree (DCR): -19.79%
- Dash (DASH): -17.66%
The SLP has been falling since July 13th after hitting a high of $ 0.41. The decline takes the form of a descending wedge, often viewed as a bullish reversal pattern.
So far, the SLP hit a low of $ 0.08 on September 7th. This also confirms the $ 0.08 zone as support, a level not seen since May 23rd.
While the RSI may be creating a bullish divergence, there are still no clear signs of a bullish reversal.
If there is a breakout, the next resistance will be found at USD 0.20. That target is the 0.382 fibonacci retracement resistance.
Conversely, a break below the USD 0.08 support area could push the SLP to new all-time lows.
Daily SLP / USDT Chart | Source: TradingView
TOMO has risen since May 19th. On July 8th, the price broke an ascending parallel channel and returned on July 20th to confirm it as support (blue symbol).
After that, the price continued to rise until it hit a new all-time high of $ 3.92 on September 6th. However, the next day he fell badly.
Technical indicators are falling. The RSI has moved below 50 and it is possible that the token completed a pullback with wave 4. As long as it does not break below the channel’s support line, the bullish structure will remain intact.
Daily TOMO / USDT Chart | Source: TradingView
BAKE has been moving along an ascending support line since February.
On July 20th, he touched this line and rose to the top. By September 7th, the price had fallen back on that line.
While the support line is still intact, the technical indicators are bearish. The MACD is near the negative zone and the RSI has fallen below 50.
BAKE / USDT daily chart | Source: TradingView
DENT has increased since July 20th. It broke out above a rising parallel channel on August 11 and continued to hit a high of $ 0.0089 on August 15.
The price has since decreased, on September 7th at a faster rate of decrease. On that day, DENT hit a low of $ 0.0042.
Similar to TOMO, DENT likely completed a pullback with wave 4.
DENT / USDT 6-hour chart | Source: TradingView
On July 24th, TEL broke out above a descending resistance line. It continued to hit a high of $ 0.029 on August 23.
However, the price fell afterwards and broke below the USD 0.02 support area. Until it has recovered to this level, the trend cannot be viewed as bullish.
Daily TEL / USDT chart | Source: TradingView
On August 13th, UNI climbed above the $ 29 resistance area and appears to have broken out again on September 1st after falling slightly.
This created a double top (red circle) that is often viewed as a bearish reversal pattern.
UNI has fallen since then.
The price is currently trading just above the 0.5 fib retracement support at $ 22.68. So far there has been no sign of a bullish reversal.
UNI / USDT daily chart | Source: TradingView
DCR has increased since July 20th. Between August 17th and September 3rd, DCR attempted a breakout above the $ 180 area.
However, it failed and broke below the rising support line on September 7th.
DCR is currently trying to find support above the 0.5 fib retracement level at $ 138.50.
DCR / USDT daily chart | Source: TradingView
On July 19, DASH broke out above a descending resistance level. It continued to rise until it hit $ 285 on August 23.
However, since then the price has fallen and hit a lower high on September 5th.
The technical indicators are bearish – the RSI has fallen below 50 and the MACD is about to break into negative territory.
Currently DASH is trading just above the USD 190 support area where it has stalled.
Daily DASH / USDT chart | Source: TradingView
Here you can see the altcoin prices.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Beincrypto