Is[in]Crypto takes a look at the five cryptocurrencies that fell the most last week, specifically from September 9 to 16.
These cryptocurrencies are:
- Terra Classic (LUNC): -47.56%
- Sun (HNT): -16.58%
- Knowledge (GNO): -16.21%
- Kusama (KSM): -15.66%
- EOS: -15.46%
LUNC has been falling since hitting a high of $0.00059 on September 8. The high occurred at a confluence of significant Fib levels, created by the 4.2-4.618 extension of the initial up move (red) and the 1.61 length of waves one and three (white).
The subsequent downside move led to a low of $0.00024 on September 15, seemingly triggering a breakout from the $0.00028 support area (red icon).
If LUNC does not re-claim the $0.00028 area, it could continue to fall to $0.000165. The bearish potential is also supported by the daily RSI, which has fallen below 50 (red icon).
HNT has declined since reaching an all-time high of $51.47 in November 2021. The bearish move has led to a low of $3.18 so far this month.
The subsequent bounce validated the $4 area as support (green icon), creating a bullish candlestick in the process. However, the up move could not be sustained and the price fell back to the $4 area.
The weekly RSI is significantly below 50, indicating that the long-term trend is bearish. As a result, an eventual collapse from the $4 area is likely. If that happens, the next closest support area will be at $1.80
GNO has been declining since hitting a high of $205 on August 18. Price made a lower high on September 11 (red icon), validating the resistance line of a descending parallel channel.
If the downtrend continues, the nearest support area will be at $125. The support is created by the support line of the channel and a horizontal support area.
KSM has been retreating since hitting a high of $69.91 on July 23. It made a slightly lower high in early August before accelerating its decline.
On Thursday, KSM broke out of the $45 horizontal support area that had been in place since June. On Friday, KSM hit a new yearly low of $42.85.
If the bearish move continues, the next closest support levels will be at $36 and $27, created by the 1.27 and 1.61 Fib retracement levels of the most recent up move.
EOS has been falling since hitting a high of $1.90 on August 23rd. The price made a lower high on September 19 and accelerated its decline thereafter.
EOS is currently trading within a support level confluence at $1.40, created by a horizontal support area and the resistance line of a previous ascending parallel channel.
Whether EOS breaks below this support area or rebounds will likely determine the direction of the future trend.
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