Bitcoin Magazine will take a look at the eight altcoins that fell the most in the last seven days from September 10th to 17th.
These altcoins are:
- Solana (SOL): -22.34%
- Fantom (FTM): -19.88%
- Revain (REV): -18.44%
- FTX token (FTT): -13.23%
- Harmony (ONE): -10.74%
- IOST (IOST): -10.36%
- Celsius (CEL): -8.95%
- Klaytn (KLAY): -8.13%
The SOL has risen along with the parabolic ascending support line since July 20th. This resulted in an all-time high of $ 216 on September 9th.
The high is hit directly at the outer fib retracement resistance level 4,618. SOL started falling the same day, creating a shooting star candle.
It broke the USD 150 support line and support area on September 16.
The next supports are at $ 119 and $ 96. These are the 0.5 and 0.618 Fib Retracement Support Levels.
Daily SOL / USDT chart | Source: TradingView
FTM has been rising along with an ascending support line since August 30th. On September 9, it hit an all-time high of $ 1.94.
However, since then the price has fallen and broke below the support line on September 12th.
It is currently trading just above the USD 1.20 support area. So far, the price has fallen 35% from the aforementioned high.
Technical indicators are neutral and trending downwards. The MACD is approaching the zero line while the RSI is below 50.
FTM / USDT 6-hour chart | Source: TradingView
The REV has risen rapidly since August 7th. The upward move culminated on September 4th with a high of $ 0.0365.
Since then, the token has steadily declined, down 46% so far.
Even so, the price appears to have found support just above the 0.618 fib retracement support at $ 0.175. This is a place where there is a possibility of ricochet.
However, technical indicators do not confirm the possibility of a reversal. While the MACD is rising, it is still in negative territory. In addition, the RSI is below 50.
REV / USDT 6-hour chart | Source: TradingView
On September 1, the FTT broke above the $ 62 resistance area and peaked at $ 84.75 on September 9. However, it has since fallen. So far the price has fallen by 24.55%.
Despite the decline, FTT is still trading above the USD 62 support area that previously acted as an all-time high.
While the MACD and RSI are falling, the former is still in positive territory and the latter is above 50.
Hence, the trend can be viewed as bullish as long as the FTT does not close below the $ 62 zone.
Daily FTT / USDT chart | Source: TradingView
ONE hit a new all-time high on September 13th but has fallen sharply since then.
Due to the decline, the previous break above the USD 0.205 resistance area now looks like a divergence (red circle). Additionally, the decline was compounded by a decline in both the MACD and RSI.
The next support is at $ 0.14. This level coincides with an ascending support line that has been in place since July 19th.
Daily ONE / USDT chart | Source: TradingView
On September 9, IOST hit a high of $ 0.086 but did not hit a new all-time high.
After falling, it hit a lower high on September 15th and continued its downward trend.
The most likely range for a rebound is $ 0.06. This level coincides with an ascending support line (dashed line).
Otherwise, there is long-term ascending support near the $ 0.05 level.
IOST / USDT daily chart | Source: TradingView
On July 9th, the CEL bounced off the support area of $ 4.85 and hit a high of $ 6.66 on August 8th. Even so, the price has fallen since then.
However, the drop takes the form of a descending parallel channel, usually a corrective structure. On September 17th, it ricocheted from the support line of this channel.
It is possible that the token will start rising towards the resistance.
Daily CEL / USDT Chart | Source: TradingView
KLAY has been down since August 16 when it hit a high of $ 1.98. It hit a lower high four days later and then accelerated its decline.
Currently, the price is trading just above the 0.618 fib retracement support at $ 1.26.
If it breaks the next support will be at $ 1.
Daily KLAY / 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