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BeInCrypto looks at the five altcoins that have suffered the most from the entire crypto market over the last week, specifically from December 23rd to December 30th.
These digital assets have captured the attention of crypto news and crypto markets.
- Chain (XCN) Price Dropped 33.83%
- Solana (SOL) price has decreased by 22.87%
- Aptos (APT) Price Dropped 15.36%
- Axie Infinity (AXS) Price Dropped by 15.00%
- Sandbox (SAND) price decreased by 14.68%
XCN is the worst performing Altcoin
XCN price has broken below the downward resistance line since Sept 27th. This line was rejected on November 1st (red icon), accelerating the downward movement. This put him at an all-time low of $0.011 on December 30th.
No sign of reversal. As a result, downward movement may continue. Reclaiming the $0.035 resistance area instead indicates that a bullish reversal has begun.
SOL falls below critical support
SOL price fell from the $30 horizontal support area in the first week of November. The move down was fast, falling to $8 on December 30th.
If the decline continues, the next closest support area is $4.20, a 55% drop from the current price.
The weekly RSI has just broken below 25 and no bullish divergence has occurred. This suggests that the trend is still bearish and the downtrend is likely to continue.
SOL price needs to retake the $30 territory for the trend to be considered bullish.
APT resumes downward movement
APT price has been below downward resistance since October 23rd. Most recently, this line he was rejected on Dec 16 (red icon) and the next day he fell from the $3.95 support area. This is an important development as the area has been in place since his November 8th.
Similar to SOL, the RSI is below 30 and no bullish divergence has occurred.
If the downtrend continues, the nearest support area will be $2.22. This is created by the 1.61 external Fib retracement of the most recent bounce.
AXS collapses from ascending support
AXS price has been rising along with the upward support line since November 9th. This upward move saw a new high of $10.40 on December 5th. However, the price then fell and broke below the rising support line on December 16th.
After being validated as resistance on Dec 22 (red icon), the AXS price has resumed its downward trend and is approaching a new annual low. If the decline continues, the nearest support area will be $4.50. This is created by the 1.61 external Fib retracement of the most recent bounce.
Regaining the rising support line means the trend is bullish.
SAND Altcoin Could Fall 45%
SAND price has been below downward resistance since reaching an all-time high of $7.94 in November 2021. This line was rejected (red icon) the first week of his November and processed. This led to a low of $0.38 on December 29th.
If the decline continues, the nearest support area is $0.21, which is 46% below the current price.
On the other hand, retracing the $0.80 resistance area means the trend is bullish.
Click here for BeInCrypto’s latest crypto market analysis.
Disclaimer
While BeInCrypto strives to provide accurate and up-to-date information, BeInCrypto is not responsible for any factual omissions or inaccuracies. YOU AGREE AND UNDERSTAND THAT YOU MUST USE THIS INFORMATION AT YOUR OWN RISK. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.
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