In this article, Be[in]Crypto takes a look at the five cryptocurrencies that have decreased the most over the past week, more specifically from April 15 to 22.
These cryptocurrencies are:
- Helium (HNT) : -11.22%
- (MKR) : -8.00%
- Waves (WAVES) : -7.42%
- (CHZ) : -7.08%
- Uniswap (UNI) : -6.80%
HNT has been falling since reaching an all-time high price of $59.27 on Nov 7. The downward movement has followed a descending resistance line.
Initially, the price bounced above the $20.50 horizontal support area, but broke down on April 14.
If the downward movement continues, the next closest support would be at $10.
MKR has been trading above the $1,700 horizontal support area since Jan 20. It has bounced at the area five times, most recently doing so on April 21.
However, MKR has yet to initiate any sort of upward movement, indicating a lack of strength. If a breakdown from the $1,700 area occurs, the rate of decrease would be expected to accelerate.
WAVES has been falling since reaching an all-time high price of $63.88 on March 31. The decrease has been swift, and WAVES has decreased by 70% in only 22 days.
Currently, WAVES is trading just above the previous descending resistance line. While the line was expected to provide support, the price has yet to initiate any sort of upward movement, leading to the possibility that WAVES will decrease below the line.
CHZ had been increasing alongside an ascending support line since Feb 23. The upward movement led to a high of $0.33 on March 30.
However, on April 6, CHZ broke down from the support line and validated it as resistance on April 13.
Currently, CHZ is holding above the 0.618 Fib retracement support level at $0.21. If it drops below it, the rate of decrease could greatly accelerate.
UNI has been falling since March 31 in what is likely a five wave downward movement. If so, it is currently in the fifth and final wave of this decrease.
The most likely target for the bottom of the movement is between $8.10 and $8.21. It is found using the 1.61 external retracement on wave four (white) and the length of wave one (black).
