BeInCrypto takes a look at the eight altcoins that fell the most in the last seven days from July 9th to July 16th.
These altcoins are:
- Telcoin (TEL): -29.24%
- THETA (THETA): -21.14%
- THOR chain (RUNE): -21.13%
- 0x (ZRX): -20.08%
- Theta Fuel (TFUEL): -19.94%
- SushiSwap (SUSHI): -18.44%
- Uniswap (UNI): -17.73%
- IOTA (MIOTA): -17.64%
TEL has been following a descending resistance line since May 26th and was recently rejected by it on July 1st (red symbol).
It then fell to the USD 0.0185 horizontal support area and eventually collapsed before confirming the area as resistance (red symbol).
The closest resistance is at $ 0.0105.
The MACD and RSI are both bearish, even if the latter is oversold.
TEL chart from TradingView
THETA has been bearish along a descending resistance line since April 16. It has been rejected from the line several times, most recently on June 18 (red icon).
Since May 19th, THETA has risen above the horizontal resistance area of USD 5.50 three times, most recently on June 22nd (green symbol).
However, it collapsed from the area on July 12 and has been moving down since then.
The closest range of support is $ 4. Technical indicators are on the decline.
TradingView’s THETA chart
On June 21st, RUNE collapsed from the horizontal support area of $ 6.95. It then ricocheted off and retested the area on July 7th as a resistor (red icon). Since then it has been going down.
Technical indicators support the continuation of the downward trend.
The next horizontal support area is at $ 3.75.
TradingView’s RUNE chart
ZRX has been bearish since July 9 when it hit a high of $ 0.90. So far it has decreased by almost 30%.
ZRX is currently in the process of exiting the $ 0.65 horizontal support area which is also the support level for the fib retracement at 0.618.
This would likely trigger another drop towards the 0.786 fib retracement support level at $ 0.585.
The two-hour RSI and the MACD are both bearish.
TradingView’s ZRX chart
TFUEL has been moving down since it hit a new all-time high on June 9th. So far it has fallen nearly 60%. Additionally, TFUEL hit a lower high on June 18.
On July 10, it broke below the $ 0.618 fib retracement support area of $ 0.35. It is now close to the 0.786 Fib support level at $ 0.26.
Technical indicators in the daily timeframe are declining.
TradingView’s TFUEL chart
On June 22, SUSHI hit a low of $ 5.96 and rebounded. The upside hit a high of $ 9.72 on July 7th. However, this only served to validate the horizontal area of $ 9.30 as a resistance (red icon).
SUSHI has since been moving down and has almost reached the horizontal support area of $ 5.60. Technical indicators are declining, which supports the possibility that the price will continue to decline, at least until it reaches this support area.
SUSHI chart from TradingView
UNI has been acting within a symmetrical triangle since the May 23 impact. It was recently rejected by the triangle’s resistance line on July 7th (red icon) and has been moving down since then.
The triangle is often viewed as a neutral pattern. However, the fact that it occurs after a downward move makes a breakdown a little more likely.
Both the RSI and the MACD are bearish, which supports the possibility of an eventual collapse.
TradingView’s UNI chart
MIOTA rallied in the horizontal support area of $ 0.69 on May 23. This resulted in a high of $ 1.48 on June 3rd.
However, since then the price has been moving down along a descending resistance line. It returned to the $ 0.69 support area on July 14th.
A break below this range could trigger a sharp decline towards $ 0.40.
TradingView’s MIOTA chart
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