BeInCrypto takes a look at five projects that decreased considerably relative to the rest of the crypto market last week, more specifically, from Oct. 28 to Nov. 4.
These five cryptocurrencies that underperformed the crypto market are:
- Aptos (APT) price decreased by 9.90%
- Клейтн (KLAY) price decreased by 8.85%
- Terra Классикалык (LUNC) price decreased by 7.96%
- Каспер (CSPR) price decreased by 7.82%
- EthereumPoW (ETHW) price decreased by 7.55%
APT Leads Crypto Market Losses
APT has been decreasing inside a descending parallel channel since Oct. 23. The downward movement has so far led to a low of $7.12.
Afterward, APT began an upward movement and is now trading in the upper portion of the channel.
Due to the shape of the correction, another downward movement towards $6.50 would be the most likely scenario. This would also validate the support line of the channel.
However, a breakout from the channel would invalidate the bearish price prediction and indicate that new lows are in store.
KLAY Attempts Bounce at Fib Support
The KLAY price has been falling since reaching a high of $0.34 on Oct. 29. The downward movement led to a low of $0.22 on Nov. 4. The low was made inside the 0.5 Fib retracement support level.
Алты саат RSI has generated bullish divergence (green line), a sign that a bounce could occur. If one occurs, the KLAY price would be expected to increase towards the 0.5-0.618 Fib resistance at $0.285-$0.30.
Conversely, a close below the $0.23 support area would likely lead to a touch of the 0.618 Fib retracement support level at $0.204.
LUNC Fails To Initiate Breakout
The LUNC price has been falling underneath a descending resistance line since Sept. 13. The line has caused two rejections, most recently on Oct. 30.
Additionally, the LUNC price has fallen below the $0.00023 resistance area, which now coincides with the descending resistance line.
Due to this confluence, it is possible that LUNC will get rejected and fall towards the closest Fib support at $0.00012.
Conversely, a breakout above the line and horizontal area would mean that the price action is bullish instead.
CSPR Completes Crypto Market Corrective Structure
CSPR has been decreasing since reaching a high of $0.055 on Oct. 7. The downward movement resembles an A-B-C corrective structure, in which waves A:C have a 1:1 ratio.
The decrease led to a low of $0.037 on Nov. 3, just above the 0.618 Fib retracement support level and $0.037 horizontal support area.
As a result, it is possible that the correction is complete. If so, an increase towards at least $0.05 would be expected.
Conversely, a close below $0.037 would invalidate this bullish prediction.
ETHW Creates Double Bottom Pattern
ETHW has been decreasing below a descending resistance line since Sept. 17. The downward movement led to a low of $5.05 five days later.
After an initial bounce, the ETHW price has been decreasing gradually since.
In the period between Oct. 21 and Nov. 2, the price created a double bottom, which is considered a bullish pattern. Additionally, the weekly RSI generated bullish divergence (green line). These signs support a potential breakout from the line.
If a breakout occurs, the closest resistance would be at $8.
On the other hand, a fall below $5.90 would invalidate this bullish prediction.
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Source: https://beincrypto.com/apt-klay-lunc-cspr-ethw-perform-badly-crypto-market-bullish/