ALGO Falls After 40% Daily Increase – Biggest Weekly Losers

BeInCrypto takes a take a look at the seven altcoins that decreased probably the most throughout final week, extra particularly from Nov 12-19.

These altcoins are: 

  1. OMG Network (OMG) : -20.32%
  2. Algorand (ALGO) : -18.90%
  3. Zcash (ZEC) : -17.03%
  4. Fantom (FTM) : -14.04%
  5. SushiSwap (SUSHI) : -13.95%
  6. NEAR Protocol (NEAR) :-13.91%
  7. Kusama (KSM) : -13.87%

OMG

OMG has been falling since Nov 5, when it reached a excessive of $20.12. On Nov 11, it created a decrease excessive and resumed its descent. This led to a low of $8.78 on Nov 18.  

Currently, OMG is buying and selling contained in the $9.20 horizontal assist space. The space additionally coincides with the assist line of a descending parallel channel, which had beforehand been in place since Oct 4. 

While there are presently no bullish reversal indicators in place, OMG is at a stage that’s prone to provoke a bounce.

Chart By TradingView

ALGO

ALGO has been lowering inside a symmetrical triangle since Sept 12. On Nov 18, it purportedly broke out from the triangle, reaching a brand new all-time excessive worth of $2.94 within the course of. However, this created a protracted higher wick with a magnitude of 37%, taking ALGO again contained in the triangle.

It is feasible that the rise got here because of the Upbit change itemizing.

A decisive motion exterior of the triangle is required to be able to decide the route of the pattern.

Chart By TradingView

ZEC

ZEC has been lowering since Nov 11, when it reached a excessive of $220. This led to a low of $141 on Nov 18 (inexperienced icon). The token started a bounce afterwards.

If the bounce continues, the closest resistance stage could be at $177. This is the 0.5 Fib retracement resistance stage when measuring all the drop.

Chart By TradingView

FTM

FTM has been lowering inside a descending wedge since Nov 9. The wedge is taken into account a bullish sample, that means {that a} breakout from it could be anticipated.

If a breakout transpires, the closest resistance space could be at $2.45. This is each a horizontal resistance space and the 0.382 Fib retracement resistance stage. 

A motion above it may set off an acceleration of the upward motion.

Chart By TradingView

SUSHI

SUSHI has been lowering alongside a descending resistance line since March 12. SO far, it has been rejected by the road 4 instances, most lately on Nov 4. 

After the lower, SUSHI returned to the $9 horizontal assist space. 

Similarly to OMG, regardless of the dearth of bullish reversal indicators, this space is prone to provoke a bounce.

Chart By TradingView

NEAR

NEAR has been lowering since Oct 26, when it reached an all-time excessive worth of $13.22. However, the $10.20 space, which was anticipated to behave as assist, failed to take action. NEAR broke down beneath this space on Nov 16. 

It is presently looking for assist above $8. This is the assist line of an ascending channel from which it beforehand broke out.

Chart By TradingView

KSM

KSM had been rising alongside an ascending assist line since July 20. This led to a brand new excessive of $519.1 on Nov 8. 

However, KSM has been lowering since, and broke down from the resistance line on Nov 16. 

It is presently looking for assist above the 0.5 Fib retracement assist stage at $330. The subsequent assist space is at $287, the 0.618 Fib retracement assist stage.

Chart By TradingView

For BeInCrypto’s newest Bitcoin (BTC) analysis, click here.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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