In this article, BeInCrypto looks at eight that saw the deepest drops in the past seven days (March 19-26).
Here’s what this week’s top eight outsiders look like:
- Avalanche (AVAX) – 21.50%
- Cosmos (ATOM) – 20.13%
- SushiSwap (SUSHI) – 19.01%
- Polygon (MATIC) – 18.93%
- Fantom (FTM) – 18.45%
- Chiliz (CHZ) – 18.30%
- Near Protocol (NEAR) – 17.87%
- UMA (UMA) – 17.73%
AVAX hit an all-time high on Feb 10 at $ 60.30 and has been on a downward trajectory since then.
The coin formed a local low in February at $ 22.12. The 0.618 Fibonacci retracement is underway in this area. Despite pulling back from the low, AVAX did not manage to overcome the $ 36.50 resistance, which is strengthened by 0.382 Fibonacci relative to the previous downtrend.
The coin then dropped below the upward support line and returned to the $ 23.70 area.
AVAX may still strengthen in the short term, but the trend cannot be considered bullish until the rate returns to the area above $ 36.50. Intraday technical indicators remain neutral.
ATOM renewed its all-time high on February 16 at $ 26.55 and has been moving downward since then. In seven days, the coin corrected to $ 15.11. This area coincides with the 0.5 Fibonacci retracement and from here the retracement began.
Further growth fits into the structure of the correction. Moreover, intraday technical indicators remain bearish divergence.
This suggests that ATOM is moving within wave C of the ABC corrective structure. In this case, the price could test the 0.618 Fibonacci retracement in the $ 12.58 area.
SUSHI peaked at $ 23.41 on March 13 and has been following a downward trajectory since then.
At the time of this writing, the coin is down 33% from its peak.
Intraday technical indicators remain bearish and show no signs of a reversal.
Most likely, SUSHI will fall to support in the $ 11.85 area. This area coincides with the 0.5 Fibonacci retracement of the entire upward movement, as well as horizontal support.
The next support is at $ 9.11. This is a 0.618 Fibonacci retracement.
MATIC peaked on March 11 in the $ 0.54 area and since then the price has been moving in a downward trajectory. At the time of this writing, the coin is down 42% from its peak.
Intraday technical indicators remain bearish.
Meanwhile, MATIC is approaching support at $ 0.277. This is 0.5 Fibonacci retracement relative to the upward movement.
Despite the bearish indicators, MATIC could bounce off this level, at least in the short term.
The FTM price peaked on February 25 at $ 0.87. Since then, the coin has entered a correction phase. However, on February 28, the decline stopped and the FTM began to consolidate within the falling wedge. This is a well-known pattern that indicates a possible bullish reversal.
This forecast is amplified by the bullish divergence on the RSI & MACD.
Hence, the likelihood of a bullish breakout of this pattern is quite high. The next nearest area of resistance is at $ 0.587.
CHZ peaked at $ 0.944 on March 12 and entered a correction phase. The token lost almost 50% of its value and reached 0.5 Fibonacci retracement.
Despite the high likelihood of an upward correction in the short term, technical indicators point to a continuation of the bearish trend. Most likely, CHZ will ultimately fall towards the $ 0.37 support that formed the 0.618 Fibonacci retracement.
Near peaked at $ 7.34 on March 13 and the price has been on a downward trajectory since then. The price broke the rising support line on March 12. This move brought the token to the $ 4.50 support area. There is some bullish divergence on the RSI, while the MACD is signaling a bullish reversal.
Thus, the price can recover to the $ 6.0- $ 6.45 area.
This will also lead to a retest of the support line.
The UMA bounced off the $ 19.20 support level in trading on February 28. The rate rose to $ 28.29, but was unable to overcome the resistance. Since then, the UMA has been declining.
The coin is currently trading near the $ 19.20 support area.
Technical indicators turned in a bullish direction. In addition, the decline looks like a complete ABC structure in which waves A: C have a 1: 1 ratio.
This suggests that the UMA will soon turn around.
Here you can read the latest technical analysis for Bitcoin (BTC).