BeInCrypto takes a look at the seven cryptocurrencies that have decreased the most over the past seven days, more specifically from Jan 7 to Jan 14.
These cryptocurrencies are:
- Ravencoin (RVN) : -16.71%
- Helium (HNT) : -15.35%
- Loopring (LRC) : -14.51%
- Cosmos (ATOM) : -12.52%
- Decentraland (MANA) : -8.03%
- Filecoin (FIL) : -7.56%
- Crypto.com Coin (CRO) : -5.88%
RVN has been decreasing alongside a descending resistance line since August. This led to a low of $0.064 on Dec 4. The low caused what looked like a deviation below the $0.09 horizontal support area.
However, the token reclaimed the line shortly afterwards and has been moving upwards since. This is a bullish development that often precedes bullish trend reversals.
After another rejection from the resistance line, RVN returned to the $0.09 area on Jan 10 and bounced.
A breakout above the resistance line could greatly accelerate the rate of increase.
On Dec 17, HNT broke out from a descending resistance line. It returned to validate it as support three days later (green icon) and resumed its upward movement afterwards.
It managed to reach a high of $45.16 before falling. The high was made right at the 0.5 Fib retracement resistance level.
Afterwards, the token returned to the $32 area and validated it as support. It is possible that this area will initiate a bounce.
LRC has been falling since Nov 10, when it reached an all-time high price of $3.86. The downward movement has so far led to a low of $1.38, reached on Jan 11.
The decrease has taken the shape of a descending wedge, which is considered a bullish pattern. Furthermore, the token has bounced at the $1.45 horizontal area.
If a bounce occurs, the closest resistance area would be at $2.62. This is the 0.5 Fib retracement resistance level.
ATOM has been following a descending resistance line since Sept 20, when it reached an all-time high price of $44.8. While it initially seemed that the token broke out on Jan 6, it has fallen back below it and has validated the line as resistance once more.
A breakout above the line would take the token to a new all-time high price.
MANA has been decreasing since reaching an all-time high price on Nov 25.
On Jan 10, it broke down from the $3 horizontal support area and validated it as resistance two days later (red icon).
Until this area is reclaimed, the trend cannot be considered bullish.
FIL has been falling since Sept 5. On Dec 4, it broke down from a descending wedge and the $44 horizontal area, accelerating its rate of decrease.
So far, it has reached a low of $26.32, doing so on Jan 10. The closest support area is at $22.
Until the $44 area is reclaimed, the trend cannot be considered bullish.
CRO has been falling since it reached an all-time high price of $0.97 on Nov 24. The downward movement has so far led to a low of $0.36 on Dec 4.
The token has bounced afterwards, but it is still trading 55% below the aforementioned all-time high.
However, CRO is trading just above the $0.42 support area, which is the 0.618 Fib retracement support level. There is also horizontal support at $0.32.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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