BeInCrypto takes a look at the eight altcoins that have fallen the most in the past seven days, July 16-23
se altcoins are:
- Mdex (MDX): -25.46%
- THORChain (RUNA): -14.76%
- KuCoin Token (KCS): -10.60%
- Red XinFin (XDC): -10.28%
- Synthetic (SNX): -9.90%
- graph (TRB): -7.82%
- Harmony (ONE): -7.52%
- Kusama (KSM): -6.64%
MDX
MDX has been moving lower since June 1, when it hit an all-time high of $ 2.78. downside movement was temporarily halted on June 22, once the low of $ 1.41 was reached.
MDX consolidated above this level for 27 days before finally collapsing. It continued to hit a new all-time low of $ 1.05 on July 21.
Although MDX has recovered slightly, it does not show clear signs of a bullish reversal. main resistance zone is at $ 1.45.
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RUNE
RUNE has been down since July 7, when it broke away from the $ 7 resistance area.
So far, it has hit a low of $ 3.01 on July 20. However, it rallied immediately and is now trading within the horizontal support area of $ 3.80.
Despite the rebound, RUNE is still following a descending resistance line. trend cannot be considered bullish until a breakout occurs above this line.
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KCS
KCS has been moving lower since July 7, when it hit a high of $ 14.84. high was reached just above the 0.618 Fibonacci retracement resistance level.
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resulting drop resulted in the token validating the horizontal support area of $ 8.60 on July 20. KCS created a bullish engulfing candle the next day.
As long as the token manages to maintain this support area, the trend can be considered bullish. Conversely, a break below this area would likely cause a revision of the $ 5 horizontal support area.
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XDC
XDC has been trading lower since July 3, when it was pushed back from the horizontal resistance area of $ 0.123.
decline continued until XDC rebounded to the horizontal support area of $ 0.068 on July 20. This equates to a 46% drop.
XDC rallied slightly but showed no signs of a bullish reversal.
TradingView Chart
SNX
SNX has been moving down within a descending wedge since July 12, when it peaked at $ 13.65. downward movement continued for 9 days, in which the token lost 49% of its value.
On July 22, SNX rallied to the horizontal support area of $ 7.25, which is also the 0.786 Fibonacci retracement support level.
It erupted shortly after and has been moving upward ever since.
closest resistance is at $ 10.45, the Fibonacci Retracement Resistance Level of 0.5.
TradingView Chart
TRB
GRT has been trading above the $ 0.53 horizontal support area since May 22. Although the area produced numerous bounces, GRT appeared to collapse below it twice, on June 21 and July 20.
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However, the token recovered the support area both times, initiating a significant upward move the first time. You still need to start climbing after cleaning the area a second time.
GRT is also following a decreasing resistance line that is currently at $ 0.64.
TradingView Chart
ONE
ONE has declined along with a descending resistance line since July 7, when it reached a high of $ 0.093. downward movement continued until it touched a low of $ 0.053 on July 20 (green icon).
resulting bounce has validated the $ 0.054 area as support.
ONE has been moving higher since then, but it is still trading below the decreasing resistance line, which now coincides with the 0.382 Fib retracement resistance level at $ 0.068.
A breakout could cause an upward move to the $ 0.80 region.
TradingView Chart
KSM
On July 20, KSM hit a low of $ 142. This reportedly triggered a break below the $ 165 support area.
However, the token regained its level soon after.
Currently, it is trying to break a descending resistance line from July 7.
This would likely take it towards the 0.618 Fibonacci retracement resistance level at $ 205.
Graph for T radingView
For the latest bitcoin (BTC) analysis from BeInCrypto, click here.
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