BeInCrypto takes a look at the eight altcoins that fell the most in the last seven days from September 3rd to 10th.
These altcoins were:
- Gentle love potion (SLP): -31.07%
- TomoChain (TOMO): – 29.90%
- BakeryToken (BAKE): – 28.86%
- Tooth (TOOTH): -26.24%
- Telcoin (TEL): -23.74%
- Uniswap (UNI): -22.44%
- Decree (DCR): -19.79%
- Dash (DASH): -17.66%
SLP has been moving down since July 13th after hitting a high of $ 0.41. The decline has taken the form of a descending wedge, which is often viewed as a bullish reversal pattern.
So far, SLP has hit a low of $ 0.08 on September 7th. This also confirmed the $ 0.08 horizontal area as support, a level previously unheard of since May 23rd.
While a potential bullish divergence is developing in the RSI, there are still no clear bullish reversal signs.
Should a breakout occur, the next resistance would be found at USD 0.20. That target is the 0.382 fib retracement resistance level.
Conversely, a break below the USD 0.08 support area could likely push the SLP to new all-time lows.
TOMO has gone up since May 19th. On July 8th, he broke out of an ascending parallel channel and returned on July 20th to acknowledge him as support (green symbol).
It then continued to move higher until it hit a new all-time high of $ 3.92 on September 6th. However, the next day he fell badly.
The technical indicators are falling. The RSI has fallen below 50 and it is possible that the token completed a fourth pullback. As long as it does not fall below the channel’s support line, the bullish structure will remain intact.
BAKE has been following an ascending support line since February.
It recently touched the line on July 20th and fell back on it on September 7th.
While the support line is still intact, the technical indicators are bearish. The MACD is almost negative and the RSI has fallen below 50.
DENT has been moving up since July 20th. It broke out of a rising parallel channel on August 11th and hit a high of $ 0.0089 on August 15th.
It has since been moving down, with the rate of decline accelerating on September 7th. On that day, DENT hit a low of $ 0.0042.
Much like TOMO, DENT may have completed a fourth wave pullback.
On July 24th, TEL broke out of a descending line of resistance. It hit a high of $ 0.029 on August 23.
However, it fell afterwards and broke below the $ 0.02 horizontal support area. Until it gets back to that level, the trend cannot be viewed as bullish.
On August 13th, UNI was above the $ 29 resistance area. After a slight decline, it appeared to have erupted again on September 1st.
This created a double top (red circles) that is often viewed as a bearish reversal pattern.
UNI has been moving down since then.
It is currently trading just above the 0.5 fib retracement support level at $ 22.68. So far there are no bullish reversal signs.
DCR has been moving up since July 20th. Between August 17th and September 3rd, DCR attempted to break out of the $ 180 area.
However, this was unsuccessful and broke from rising support on September 7th.
DCR is currently trying to find support above the 0.5 fib retracement support level at USD 138.50.
On July 19, DASH broke out of a descending resistance line. It continued to rise until it hit a high of $ 285 on August 23.
However, it has since moved down and hit a lower high on September 5th.
The technical indicators are in bearish – the RSI has fallen below 50 and the MACD is almost negative.
Currently DASH is trading just above the USD 190 horizontal support area where it has stalled.
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