BeInCrypto takes a look at the five altcoins that declined the most from the entire crypto market last week, specifically, from November 25th to December 2nd.
These digital assets have grabbed crypto news and crypto market headlines:
- Convex Finance (CVX) is down 8.02% in price
- The Curve DAO token (CRV) is down 7.00% in price
- NEXO price down by 6.88%
- Solana (SOL) down 4.72%
- Bitcoin Cash (BCH) price is down 4.22%
CVX leads the crypto market drop
CVX price has been falling inside a descending wedge since July 23rd. The descending wedge is considered a bullish pattern, meaning it leads to a breakout most of the time.
On November 21, CVX price bounced above the $3.55 horizontal support area (green icon). It also validated the support line of the wedge.
If CVX price breaks out of the wedge, the next nearest resistance will be at $6.
On the other hand, a daily close below the $3.55 area would lead to a new yearly low.
CRV deviation and retrieve
CRV price was rejected by a descending resistance line on 5 November (red icon) and declined to a low of $0.40 on 20 November.
However, it later bounced back and reclaimed $0.56 on the same day. The downside divergence and subsequent retracement of the $0.56 area is an extremely bullish signal.
Nevertheless, whether the CRV price breaks above the resistance line or declines below the $0.56 area will determine the future trend direction.
NEXO falls after breakdown
NEXO price has declined since reaching a high of $0.74 on November 26. This decline led to a break above an ascending support line three days later.
Currently, NEXO price is holding above the $0.64 horizontal support area. If this breaks, the next closest support area lies at $0.58, formed by the 1.61 external Fibonacci retracement of the previous increase.
Reclaiming of the previous ascending support line indicates that the correction is complete.
Solana Price Attempts Breakout Above $15
On November 22, Solana price broke a descending resistance line that had been in place for two weeks. It reached a high of $14.98 on 26 November.
While the price later declined, it bounced back at the 0.5 Fibonacci retracement support level (green icon) at $12.95.
Consequently, another attempt to break above $15 is the most likely scenario.
A breakout above the $15 resistance area will intensify the short-term Solana price prediction.
BCH bounces back after yearly low
BCH price has been falling below a descending resistance line since July 29. The line caused a rejection on November 5, reaching a new yearly low of $87 on November 9.
Later, BCH price bounced back and reclaimed the $98 support area. It made another attempt to break above the resistance line on November 23 (red icon).
Whether BCH price breaks above the descending resistance line or breaks below the $98 area will determine the future trend direction.
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