BeInCrypto takes a look at the eight altcoins that decreased the most over the past seven days, from July 9 to July 16.
These altcoins are:
- Telcoin (TEL) : -29.24%
- THETA (THETA) : -21.14%
- THORChain (RUNE) : -21.13%
- 0x (ZRX) : -20.08%
- Theta Fuel (TFUEL) : -19.94%
- SushiSwap (SUSHI) : -18.44%
- Uniswap (UNI) : -17.73%
- IOTA (MIOTA) : -17.64%
TEL
TEL has been following a descending resistance line since May 26 and was recently rejected by it on July 1 (red icon).
Afterward this, it fell to the $0.0185 horizontal support area and eventually broke down before validating the area as resistance (red icon).
The next closest resistance is found at $0.0105.
The MACD and RSI are both bearish, even if the latter is oversold.
THETA
THETA has been decreasing alongside a descending resistance line since April 16. It was rejected multiple times by the line, most recently on June 18 (red icon).
Since May 19, THETA has bounced above the $5.50 horizontal resistance area three times, most recently on June 22 (green icon).
However, it broke down from the area on July 12 and has been moving downwards since.
The next closest support area is found at $4. Technical indicators are bearish.
RUNE
On June 21, RUNE broke down from the $6.95 horizontal support area. It bounced afterwards and retested the area as resistance on July 7 (red icon). It has been moving downwards since.
Technical indicators support the continuation of the downward movement.
The closest horizontal support area is found at $3.75.
ZRX
ZRX has been decreasing since July 9, when it reached a high of $0.90. So far, it has fallen by nearly 30%.
ZRX is currently in the process of breaking down from the $0.65 horizontal support area, which is also the 0.618 Fib retracement support level.
Doing so would likely trigger another fall towards the 0.786 Fib retracement support level at $0.585.
The two-hour RSI and MACD are both bearish.
TFUEL
TFUEL has been moving downwards since it reached a new all-time high price on June 9. So far, it has fallen by nearly 60%. In addition, TFUEL created a lower high on June 18.
On July 10, it broke down below the 0.618 Fib retracement support area of $0.35. It has now nearly reached the 0.786 Fib support level at $0.26.
Technical indicators in the daily time-frame are bearish.
SUSHI
On June 22, SUSHI reached a low of $5.96 and bounced. The upward move took it to a high of $9.72 on July 7. However, this only served to validate the $9.30 horizontal area as resistance (red icon).
SUSHI has been moving downwards since and has nearly reached the $5.60 horizontal support area. Technical indicators are bearish, supporting the possibility that the price continues to decrease at least until it reaches this support area.
UNI
UNI has been trading inside a symmetrical triangle since bouncing on May 23. It was recently rejected by the resistance line of the triangle on July 7 (red icon) and has been moving downwards since.
The triangle is often considered a neutral pattern. However, the fact that it’s transpiring after a downward movement makes a breakdown slightly more likely.
Both the RSI and MACD are bearish, supporting the possibility of an eventual breakdown.
MIOTA
MIOTA bounced at the $0.69 horizontal support area on May 23. This led to a high of $1.48 being reached on June 3.
However, the price has been moving downwards alongside a descending resistance line since. On July 14, it returned to the $0.69 support area once again.
A breakdown below this area could trigger a sharp fall towards $0.40.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.
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