Be[in]Crypto takes a look at the five altcoins that decreased the most last week, more specifically from April 8 to 15.
These altcoins are:
- Mina (MINA) : -30.57%
- Anchor Protocol (ANC): -29.67%
- Waves (WAVES) : -28.33%
- Convex Finance (CVX) : -21.14%
- Terra (LUNA) : -20.58%
MINA has been falling since reaching a high of $3.53 on April 5. At the time, it seemed that the price had broken out from the $3.15 horizontal resistance area. However, due to the ensuing decrease, the breakout is considered as only a deviation (red circle).
Since then, MINA has fallen by 35%.
The closest support area is at $2.25. MINA has already reached it, and it is possible that the area will initiate a bounce.
ANC has been decreasing since reaching a high of $6.19 on March 5.
Initially, ANC bounced at the $2.50 horizontal area on March 25 (green icon). However, it broke down below it on April 11.
Until this area is reclaimed, the trend cannot be considered bullish.
The next closest support area is at $1.60.
WAVES has been falling since reaching an all-time high price of $63.88 on March 31. The downward movement led to a low of $20.33 on April 13 (green icon). This potentially validated a previous descending resistance line, from which WAVES broke out on March 8.
It is possible that the line will act as support and initiate a bounce. In that case, the closest resistance would be at $37. This is the 0.382 Fib retracement resistance level.
CVX initiated an upward movement on March 4 and reached a high of $39.88 on April 4. However, it has been falling since.
While CVX initially bounced at the $29,50 horizontal support area, it created a bearish engulfing candlestick (red icon) on April 14.
If it continues decreasing, the next closest support area would be at $24.75. This is the 0.618 Fib retracement support level.
Similar to WAVES, LUNA has been falling since reaching an all-time high price of $119.55 on April 5. So far, it has decreased by 32%. So far, it has decreased by 32%.
LUNA failed to hold on above the $102 area and validated as support and increased the rate of its drop.
LUNA is approaching the main support area at $72.75. This is the 0.618 Fib retracement support level.
For Be[in]Crypto’s latest Bitcoin (BTC) analysis, click here
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