Bitcoin Magazine will take a look at the eight altcoins that fell the most in the past seven days, from September 24th to October 1st.
These altcoins are:
- Digital bits (XBD): -22.60%
- Huobi Token (HT): -11.98%
- Celo (CELO): -8.13%
- Avalanche (AVAX): -6.21%
- Decree (DCR): -3.11%
- Quantity (QNT): -2.77%
- NEAR Protocol (NEAR): -2.28%
- Waves (WAVES): -0.95%
XDB has been falling since September 15 when it hit an all-time high of $ 0.69. The downtrend hit a low of $ 0.23 on October 1st. This corresponds to a decrease of 66% since the peak.
The token bounced off significantly on the same day, creating a long wick at the bottom (green symbol).
The rally served to confirm a rising support line and the 0.618 fib retracement support at $ 0.28.
To confirm a bullish reversal, XDB needs to break above the descending (dashed) resistance line that has existed since the above all-time high.
Daily XDB / USDT chart | Source: Tradingview
HT has fallen sharply since September 7th. On September 26, it hit a low of $ 5.85. However, it has created a long wick underneath and is likely to create a double bottom from the July 20th price level.
Although the token has been on the rise, the upturn has been very weak so far. In addition, RSI and MACD are both falling.
There is very strong resistance between $ 11.75 and $ 13.13.
Daily HT / USDT Chart | Source: Tradingview
CELO has fallen since forming the second part of a double high on September 24th. This pattern is associated with bearish divergence in both RSI and MACD.
However, after the next decline, CELO rebounded from a rising support line (green symbol) on September 30th. Combined with the $ 7.50 resistance area, this forms an ascending triangle that is believed to be a bullish pattern.
Daily CELO / USDT chart | Source: Tradingview
AVAX has been down since it hit an all-time high of $ 79.80 on September 23. It is possible that it is trading within a symmetrical triangle that is considered a neutral pattern.
In addition, technical indicators are neutral in the short term time frame. The RSI is right on the 50 line and the MACD is on the zero line.
Therefore, the direction of the trend is not determined.
AVAX / USDT 2-hour chart | Source: Tradingview
The DCR has been falling since September 2nd. On September 28, it hit a low of $ 96 and then rebounded, confirming the $ 100 support area for the fourth time since late May.
However, the recovery has been very weak so far. Additionally, DCR is still trading along a descending resistance line. Until the price crosses this line, the short-term trend cannot be considered bullish.
DCR / USDT daily chart | Source: Tradingview
The QNT has fallen below the descending resistance line since hitting an all-time high of $ 429 in September.
The downside moved as low as $ 256 on September 21st before reversing the trend.
QNT broke above the resistance line on October 1st.
The next resistance range is between $ 341 and $ 362.
QNT / USDT 2-hour chart | Source: Tradingview
NEAR has fallen into a descending parallel channel since hitting an all-time high on September 29th.
Between September 21 and September 29, the token bounced off the 0.5 fib retracement support at $ 6.70 creating a horizontal area of support.
NEAR / USDT 6-hour chart | Source: Tradingview
WAVES has been in decline since September 13th. It broke ascending support line on September 20th. Four days later, it confirmed that line as resistance along with the horizontal resistance area of $ 26.80 (red symbol).
Until the price gets back to these levels, the trend cannot be considered bullish.
WAVES / USDT daily chart | Source: Tradingview
You can see the coin prices here.
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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