Five Worst Performing Altcoins in the Crypto Market

BeInCrypto looks at the five altcoins that declined the most from the entire crypto market last week, specifically from December 16 to 23.

These digital assets have grabbed crypto news and crypto market headlines:

  1. Chain (XCN) worth decreased by 40.88%
  2. faith purse Token (TWT) worth decreased by 26.63%
  3. Filecoin (Phil, worth decreased by 22.81%
  4. lido dao (I do) worth decreased by 18.49%
  5. Chili’s ,CHZ, worth decreased by 17.74%

XCN Leads The Altcoins Route

XCN price has been falling below a descending resistance line since September 27. The line caused a rejection on November 1 (red icon) and the price accelerated the rate of decline afterwards. This drove it to a new all-time low of $0.018 on 21 December.

There are no reversing signals in place. As a result, the downward movement is likely to continue. Retesting the $0.035 resistance area signals the start of a rather bullish reversal.

Chain (XCN) Price Resistance.  crypto market
XCN/USD Daily Chart. source: trading view

TWT Falls After Bearish Pattern

TWT price has declined since completing a double top pattern (red icon) on 11 December. Five days later the price broke above an ascending support line and reached a low of $1.24 on 17 December.

If the downside momentum continues, the nearest support area will be at $1.25, which is formed by an ascending support line and a horizontal support area.

A move above $1.70 indicates that the uptrend will continue.

Trust Wallet Token (TWT) Price Analysis.  Altcoins
TWT/USDT Daily Chart. source: trading view

FIL broke below support

FIL price has declined below the descending resistance line since August 1st. The line caused rejection on November 5 (red icon). This pushed FIL price to a new yearly low, breaking the $5 horizontal support area.

So far, FIL price traded below the 1.61 External Fib Retracement of the most recent bounce to a low of $2.41. If the downside momentum continues, the next closest support area will be at $1.78, the 2.61 external Fibonacci retracement.

Conversely, breaking out of the resistance line indicates that the trend is bullish.

Filecoin (FIL) Breakdown.  Altcoins crypto market
FIL/USDT Daily Chart. source: trading view

LDO runs the risk of breaking off from the horizontal support

LDO price broke above a descending resistance line on October 17th and recovered to validate it as support on November 9th (green circle). However, it failed to start an upward move afterwards and is now at a risk of breaking above the $0.90 horizontal support area.

If this happens, LDO price could drop further towards $0.65. Conversely, a bounce at this level could lead to a relief rally towards $1.25.

Lido Dao (LDO) Price Breakout Altcoins
LDO/USDT Daily Chart. source: trading view

CHZ Altcoin Breaks Below Important Support

Even though the price of CHZ was expected to increase during the FIFA World Cup, it actually quite fell, CHZ price broke an ascending support line on December 8 and declined below the $0.135 horizontal support area eight days later.

If the downside momentum continues, the next closest support area will be at $0.088.

On the other hand, retesting the $0.135 horizontal zone indicates that the trend is bullish.

Chile (CHZ) support on the rise in value
CHZ/USDT Daily Chart. source: trading view

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disclaimer

BeInCrypto endeavors to provide accurate and up-to-date information, but shall not be responsible for any missing facts or incorrect information. You comply and understand that you should use any of 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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