OKB Creates Bullish Pattern After New Yearly Low: Biggest Weekly Losers

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In this arti­cle, BeIn­Cryp­to takes a look at the five cryp­tocur­ren­cies that decreased the most over the past sev­en days, more specif­i­cal­ly from May 27 to June 3. 

These cryp­tocur­ren­cies are:

  1. Con­vex Finance (CVX): ‑7.43%
  2. Amp (AMP): ‑3.02%
  3. OKB (OKB): ‑2.90%
  4. Ethereum Clas­sic (ETC): ‑2.10%
  5. Celo (CELO): ‑1.82%

CVX

CVX has been decreas­ing inside a descend­ing par­al­lel chan­nel since May 12. Such chan­nels usu­al­ly con­tain cor­rec­tive move­ments, mean­ing that a break­out from it would be expected. 

Ini­tial­ly, the six-hour RSI gen­er­at­ed a bull­ish diver­gence, a sign that a break­out might occur. How­ev­er, the trend­line of the diver­gence broke down on June 1. 

If the price los­es the mid­dle of the chan­nel, it could con­tin­ue decreas­ing towards a new all-time low.

AMP

AMP has been falling inside a descend­ing par­al­lel chan­nel since May 13. The chan­nel has caused sev­er­al rejec­tions, most recent­ly on June 1. 

Even though the chan­nel is con­sid­ered a cor­rec­tive pat­tern, mean­ing that it leads to break­outs the major­i­ty of the time, there are no bull­ish rever­sal signs in place yet. 

Sim­i­lar to CVX, a decrease below the mid­dle of the chan­nel could lead to low­er prices.

OKB

OKB reached a low of $10 on May 12, but bounced sharply and cre­at­ed a long low­er wick imme­di­ate­ly after­ward. It is cur­rent­ly trad­ing at $11.40 and has seem­ing­ly cre­at­ed a triple bot­tom pattern. 

Addi­tion­al­ly, the pat­tern has been com­bined with a bull­ish diver­gence in the RSI (green line). But, the trend­line of the diver­gence is at risk of break­ing down. If it does, low­er prices can be expected. 

Con­verse­ly, if the line stays intact, an increase towards $15.10 could occur.

ETC

ETC has been falling under­neath a descend­ing resis­tance line since March 9. This led to a low of $16.02 on May 12. 

After­ward, ETC broke out from the resis­tance line but failed to reclaim the $25 resis­tance area. Fur­ther­more, the RSI was reject­ed by the 50 line.

Until the price reclaims the $25 area and the RSI moves above 50 (red icon), the trend can­not be con­sid­ered bullish.

CELO

CELO has been trad­ing inside a sym­met­ri­cal tri­an­gle since May 12. While this is con­sid­ered a neu­tral pat­tern, it is com­ing after a down­ward move­ment. As a result, a break­down of it would be the most like­ly scenario. 

Cur­rent­ly, the price is very close to the sup­port line of the tri­an­gle. A decrease below it would be expect­ed to accel­er­ate the rate of decrease.

For Be[in]Crypto’s lat­est bit­coin (BTC) analy­sisclick here

Disclaimer

All the infor­ma­tion con­tained on our web­site is pub­lished in good faith and for gen­er­al infor­ma­tion pur­pos­es only. Any action the read­er takes upon the infor­ma­tion found on our web­site is strict­ly at their own risk.

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