1INCH, Helium, Chainlink Dump Despite Crypto Market Bounce
BeInCrypto looks at five altcoins that decreased the most from the entire crypto market last week, specifically from Dec. 2 – 9.
These digital assets have taken the crypto news and crypto market spotlight:
1inch Network (1INCH) price is down 10.90%
Helium (HNT) price is down 8.48%
Chainlink (LINK) price is down 7.85%
Algorand (ALGO) price is down 7.59%
EthereumPoW (ETHW) price is down 7.48%
1INCH Leads Crypto Market Losers
The 1INCH price had traded above the $0.55 horizontal support area since the beginning of June. The area caused numerous bounces (green icons).
However, the 1INCH price broke down from the area on Nov. 9 and validated it as resistance (red icon) on Nov. 27. The price has been moving downward since.
If the decrease continues, the closest support area would be at $0.40, created by the 1.27 external Fib retracement of the previous bounce.
The trend is considered bearish as long as the 1INCH price is trading below the $0.55 area.
HNT Falls By 96% After All-Time High
The HNT price has fallen since reaching an all-time high price of $60.80 in Nov. 2021. The drop has been sharp, leading to a decrease of 96%.
Currently, the HNT price is trading close to the $2 horizontal support area, which previously created a long lower wick in Aug. (green icon).
However, the weekly RSI is decreasing and has not generated any bullish divergence yet. As a result, there are no bullish reversal signs in place.
Chainlink Breaks out From Bullish Pattern
The Chainlink price has increased since breaking out from a descending wedge on Nov. 22. The upward movement led to a high of $7.80 on Dec. 2.
While the Chainlink price fell afterward, it is approaching the $6.66 horizontal and Fib support level.
The area may initiate a bounce and lead to an upward movement that takes the LINK price above $10.
ALGO Breaks Down Below Crucial Horizontal Level
The ALGO price has fallen since reaching a high of $2.99 in Nov. 2021. The downward movement accelerated in the beginning of Nov. 2022, and the ALGO price broke down from the $0.25 horizontal support area.
As a result of the breakdown, the most likely ALGO price forecast is a drop toward the $0.175 horizontal support area. On the other hand, a weekly close above the $0.25 area would invalidate this bearish ALGO price prediction.
ETHW Finds Support After Breakout
The EthereumPoW price broke out from a descending resistance line on Nov. 29. It reached a high of $4.24 two days later.
While the ETHW price fell afterward, it found support at the 0.5-0.618 Fib retracement support area and created a long lower wick (green icon). This is a sign that the upward movement is expected to continue.
A breakout above the $4.50 area could accelerate the rate of increase.
For BeInCrypto’s latest crypto market analysis, click here.
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BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.