BeInCrypto takes a take a look at the eight altcoins that decreased essentially the most over the previous seven days, from July 16 to July 23
These altcoins are:
- Mdex (MDX) : -25.46%
- THORChain (RUNE) : -14.76%
- KuCoin Token (KCS) : -10.60%
- XinFin Community (XDC) : -10.28%
- Synthetix (SNX): -9.90%
- The Graph (GRT) : -7.82%
- Concord (ONE) : -7.52%
- Kusama (KSM): -6.64%
MDX has been shifting downwards since June 1, when it reached an all-time excessive worth of $2.78. The downward motion briefly halted on June 22, as soon as a low of $1.41 was reached.
MDX consolidated above this degree for 27 days, earlier than lastly breaking down. It proceeded to achieve a brand new all-time low worth of $1.05 on July 21.
Whereas MDX has bounced barely, it isn’t displaying any clear bullish reversal indicators. The primary resistance space is at $1.45.
RUNE has been lowering since July 7, when it was rejected by the $7 resistance space.
Up to now, it has reached a low of $3.01, doing so on July 20. Nonetheless, it bounced instantly and is now buying and selling contained in the $3.80 horizontal assist space.
Regardless of the bounce, RUNE continues to be following a descending resistance line. The pattern can’t be thought-about bullish till a breakout above this line transpires.
KCS has been shifting downwards since July 7, when it reached a excessive of $14.84. The excessive was made simply barely above the 0.618 Fib retracement resistance degree.
The following drop triggered the token to validate the $8.60 horizontal assist space on July 20. KCS created a bullish engulfing candlestick the following day.
So long as the token manages to carry this assist space, the pattern could be thought-about bullish. Conversely, a breakdown beneath this space would possible trigger a revisit of the $5 horizontal assist space.
XDC has been shifting downwards since July 3, when it was rejected by the $0.123 horizontal resistance space.
The descent continued till XDC bounced on the $0.068 horizontal assist space on July 20. This amounted to a lower of 46%.
XDC has bounced barely, however has not proven any bullish reversal indicators.
SNX has been shifting downwards inside a descending wedge since July 12, when it reached a excessive of $13.65. The downward motion continued for 9 days, wherein the token misplaced 49% of its worth.
On July 22, SNX bounced on the $7.25 horizontal assist space, which can be the 0.786 Fib retracement assist degree.
It broke out shortly afterwards and has been shifting upwards since.
The closest resistance is at $10.45, the 0.5 Fib retracement resistance degree.
GRT has been buying and selling above the $0.53 horizontal assist space since Could 22. Whereas the world has triggered quite a few bounces, GRT twice appeared to interrupt down beneath it, on June 21 and July 20.
Nonetheless, the token reclaimed the assist space each occasions, initiating a major upward motion the primary time it did so. It has but to start growing after reclaiming the world for the second time.
GRT can be following a descending resistance line that’s presently at $0.64.
ONE has been lowering alongside a descending resistance line since July 7, when it reached a excessive of $0.093. The downward motion continued till a low of $0.053 was reached on July 20 (inexperienced icon).
The following bounce validated the $0.054 space as assist.
ONE has been shifting upwards since, however continues to be buying and selling beneath the descending resistance line, which now coincides with the 0.382 Fib retracement resistance degree at $0.068.
A breakout may trigger an upward motion in the direction of the $0.80 area.
On July 20, KSM reached a low of $142. This purportedly triggered a breakdown beneath the $165 assist space.
Nonetheless, the token reclaimed the extent shortly afterwards.
At the moment, it’s trying to interrupt out from a descending resistance line that has been in place since July 7.
Doing so would possible take it in the direction of the 0.618 Fib retracement resistance degree at $205.
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