BeInCrypto looks at the five altcoins that declined the most from the entire crypto market last week, specifically from December 16 to 23.
These digital assets have grabbed crypto news and crypto market headlines:
- The price of Chain (XCN) has decreased by 40.88%
- Trust Wallet Token (TWT) has decreased in price by 26.63%
- Filecoin (FIL) has decreased in price by 22.81%
- Lido DAO (LDO) has decreased in price by 18.49%
- Chilli (CHZ) costs down by 17.74%
XCN Altcoins Lead The Route
XCN price has been falling below a descending resistance line since September 27. The line caused a rejection on November 1 (red icon) and the price accelerated the rate of decline afterwards. This drove it to a new all-time low of $0.018 on 21 December.
There are no reversing signals in place. As a result, the downward movement is likely to continue. Retesting the $0.035 resistance area signals the start of a rather bullish reversal.
TWT Falls After Bearish Pattern
TWT price has declined since completing a double top pattern (red icon) on 11 December. Five days later the price broke above an ascending support line and reached a low of $1.24 on 17 December.
If the downside momentum continues, the nearest support area will be at $1.25, which is formed by an ascending support line and a horizontal support area.
A move above $1.70 indicates that the uptrend will continue.
FIL broke below support
FIL price has declined below the descending resistance line since August 1st. The line caused rejection on November 5 (red icon). This pushed FIL price to a new yearly low, breaking the $5 horizontal support area.
So far, FIL price declined below the 1.61 external Fib retracement level of the most recent bounce to a low of $2.41. If the downside momentum continues, the next closest support area will be at $1.78, the 2.61 external Fibonacci retracement.
Conversely, breaking out of the resistance line indicates that the trend is bullish.
LDO runs the risk of breaking off from the horizontal support
LDO price broke above a descending resistance line on October 17th and recovered to validate it as support on November 9th (green circle). However, it failed to start an upward move afterwards and is now at a risk of breaking above the $0.90 horizontal support area.
If this happens, LDO price could drop further towards $0.65. Conversely, a bounce at this level could lead to a relief rally towards $1.25.
CHZ Altcoin Breaks Below Important Support
Even though the price of CHZ was expected to rise during the FIFA World Cup, it actually fell significantly. CHZ price broke an ascending support line on December 8 and declined below the $0.135 horizontal support area eight days later.
If the downside momentum continues, the next closest support area will be at $0.088.
On the other hand, retesting the $0.135 horizontal zone indicates that the trend is bullish.
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