Five Bearish Altcoins That Fell In Double Digits » Alliancepro-covid19
BeInCrypto takes a look at the five altcoins that have fallen the most in the crypto market over the past week, especially from December 9th to 16th.
These digital assets have captured the attention of crypto news and the crypto market:
- Chain price (XCN) down 21.83%
- Trust Wallet Token (TWT) price down 21.32%
- Flow (FLOW) price decreased by 17.91%
- Dogecoin (DOGE) Price Down 16.13%
- Filecoin (FIL) Price Down 13.07%
XCN Leads Altcoin Losers With New All-Time Low
The price of XCN has fallen below the descending resistance line (dashed line) since September 27th. On November 1, the downward movement accelerated, creating an even steeper descending resistance line (solid). This resulted in a new all-time low price of $0.03 on December 16th.
There are no signs of a reversal, which indicates the continuation of the downward movement. This bearish projection will be invalidated if the descending resistance line is broken.
TWT drops after double top
TWT is the utility token of Trust Wallet, a cryptocurrency wallet that supports various crypto assets on the Binance, Tron, and Ethereum blockchains. The digital asset has increased dramatically since November 9th.
However, TWT price made a double top on November 14 and December 14 (red icons). The double pattern is considered a bearish pattern, meaning that it results in breakouts most of the time. On December 16, the altcoin exited the ascending parallel channel, confirming the bearish pattern.
If the downward movement continues, the nearest support area will be at $1.65-$1.86.
The restoration of the channel will cancel this bearish price forecast.
FLOW Price Drops to New All-Time Low
FLOW is a utility token for the Flow blockchain network. The price of FLOW has declined below the descending resistance line since the beginning of August. The line caused a rejection in November (red icon), accelerating the rate of decline and causing a break below $1.22.
As with XCN, there are no signs of a bullish reversal so far as the daily RSI is declining and has not triggered a bullish divergence.
As a result, the downward movement is likely to continue. If so, then the next support level would be $1.60 created by the 1.27 outside Fibonacci retracement from the most recent up move.
Conversely, a break of the resistance line and the $1.22 area would render this bearish prediction invalid.
DOGE completes fix
Dogecoin is Elon Musk’s favorite cryptocurrency and one of the two most famous meme coins along with the Shiba Inu. The price of altcoins has fallen below the descending resistance line since November 1st. More recently, this line caused a deviation on December 5th.
The move between November 11 and December 11 resembles a completed ABC corrective pattern. This supports the current bearish outlook.
As a result, a fall towards the $0.06 support line is the most likely scenario. A break of the resistance line indicates that the trend is more likely to be bullish.
FIL Price Falls Below Critical Support
On Nov. 9, FIL price dropped below the $5 horizontal support area. This was an important development as the area has been providing support since the beginning of June.
Since then, the downward trend has continued. On December 16, FIL hit a low of $3.76. The trend is considered bearish until FIL regains the $5 area.
If the downtrend continues, the immediate support level will be at $3.60, created by the 1.61 outer Fibonacci retracement level.
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