These are the worst performing cryptocurrencies in the crypto market over the past week:
- Klaytn (KLAY) price is down -19.48%
- Chiliz (CHZ) price is down -14.51%
- eCash (XEC) price is down -13.68%
- The price of Internet Computers (ICP) fell by -13.53%
- Ravencoin (RVN) price is down -12.22%
Klaytn KLAY price keeps falling
KLAY price has been falling since hitting a high of $0.335 on July 29th. Initially, Klaytn price rallied above the $0.225 horizontal support area which acted as the all-time low support. Nonetheless, KLAY price broke out of the range on September 14 and has since accelerated down with the rest of the crypto market. So far, KLAY price has hit a new all-time low of $0.142 on October 13th. The closest area of support is $0.135, created by the 1.61 external Fib retracement of the recent move higher.
Chiliz CHZ price might rally ahead of lower lows
CHZ price started a five wave upward move on June 18th. The move led to a new high of $0.282 on September 23. Given the severity of the ensuing drop, which was also seen in the crypto market, it is likely that this was the peak of the move. The ensuing drop in Chiliz price followed a descending resistance line and led to a low of $0.160 on Oct 13. The low was hit very close to the 0.618 Fib retracement support level (white) at $0.158. CHZ price created a long lower wick which is seen as a sign of buying pressure. If CHZ price breaks above the descending resistance line, it would confirm that the first part of the correction is complete and the B-wave (black) has started.
eCash XEC price seems ready to be retraced
XEC has been trading inside a symmetrical triangle since hitting a low of $0.000025 on May 12 (green symbol). While symmetrical triangles are considered a neutral pattern, they often offer a continuation. Therefore, as the triangle develops after a downward move in eCash price, an eventual collapse is expected. On October 12th, XEC price finally managed to close below the channel support line, thereby confirming the breakdown. Therefore, a downside move in XEC price is expected towards the low of $0.000025.
Internet Computer ICP Price Means Trouble
ICP price has dipped below a descending resistance line since hitting a high of $9.80 on July 31st. The downward movement in internet computer price so far has resulted in a low of $4.67 on October 13th. Despite this sharp decline, the crypto market has yet to see the ICP price drop below its all-time low of $4.60. However, unless the ICP price fails to break out of the resistance line, the continuation of the downside seems likely. In this case, the closest support levels would be $3.21 and $1.45. Since they would both represent new all-time lows, they are found using an external Fib retracement on the recent upmove.
Ravencoin RVN price is consolidating
RVN price has been falling since hitting a high of $0.075 (red icon) on Sept. 14, like the rest of the crypto market. The high was reached at the resistance line of a long-term descending parallel channel. So far, it has led to a low of $0.028 on Oct. 13. The downward movement led Ravencoin price to drop into the horizontal range of $0.048 – $0.028. Whether RVN price breaks above the range high of $0.040 or falls below the range low of $0.028 will determine whether to expect another breakout attempt or a drop towards the channel support line.
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