These 5 Altcoins Have Performed Worst in the Crypto Market

BeInCrypto looks at the five altcoins that declined the most from the entire crypto market last week, specifically from December 23 to 30.

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

  1. Chain (XCN) worth decreased by 33.83%
  2. solana ,Fifth note of musical scale, worth decreased by 22.87%
  3. Aptos (apart, worth decreased by 15.36%
  4. Ax Infinity (AXS, worth decreased by 15.00%
  5. sandbox ,Sand, worth decreased by 14.68%

XCN is the Worst Performing Altcoin

XCN price has been falling below a descending resistance line since September 27. The line caused rejection on November 1 (red icon), which accelerated the downward movement. This drove it to a new all-time low of $0.011 on 30 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.

XCN Price Downward Movement
XCN/USD Daily Chart. source: trading view

SOL breaks below key support

sol price There was a break above the $30 horizontal support area during the first week of November. The downward movement intensified, reaching a low of $8 on December 30.

If the downside momentum continues, the next closest support area lies at $4.20, which is a 55% downside from the current price.

weekly RSI Has just dropped below 25 and has not generated any bullish divergence. This suggests that the trend is still bearish and likely to continue to move to the downside.

SOL price needs to retest the $30 area for the trend to be considered bullish.

sol price breakdown
SOL/USDT Weekly Chart. source: trading view

apt resumes downward movement

APT price has declined below the descending resistance line since October 23. Most recently, the line caused a rejection on December 16 (red icon) and broke above the $3.95 support area the next day. This is a significant development as the zone was in existence since November 8.

Similar to SOL, the RSI has dropped below 30 and is not generating any bullish divergence.

If the downside momentum continues, the nearest support area will be at $2.22, formed by the 1.61 external Fibonacci retracement of the most recent bounce.

Apt Price Drop Altcoins
Apt/usdt daily chart. source: trading view

AXS broke from rising support

AXS price was rising along an ascending support line since November 9th. This upward momentum reached a high of $10.40 on 5 December. However, the price declined since then and broke above the rising support line on 16 December.

After validating it as resistance on December 22 (red icon), AXS price resumed its decline and is nearing a new yearly low. If the decline continues, the nearest support area will be at $4.50, formed by the 1.61 external Fibonacci retracement of the most recent bounce.

Retesting the ascending support line would mean that the trend is bullish.

AXS Support Breakdown
AXS/USDT Daily Chart. source: trading view

Sand Altcoin Could Drop Up To 45%

Since reaching an all-time high of $7.94 in November 2021, Sand price has declined below the descending resistance. The line caused a rejection in the first week of November (red icon), breaking above the $0.80 horizontal support area. Process. Due to this, it came down to a low of $0.38 on 29 December.

If the downside momentum continues, the nearest support area will be at $0.21, which is a 46% downside from the current price.

On the other hand, a retest of the $0.80 resistance area would mean that the trend is bullish instead.

sand altcoin price resistance
SAND/USDT Weekly 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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