Bitcoin (BTC) is on its fourth weekly increase target in six weeks, as we reported on cryptokoin.com. Total Bitcoin and altcoin market value is following the sixth consecutive weekly rise. Despite the upward momentum in the general markets, altcoin projects that lost the most value in the past week are under the spotlight. Which cryptocurrencies are the biggest losers? Here are the altcoin projects that lost the most in the past week…
The first altcoin on the list: ApeCoin (APE)
ApeCoin (APE) has been rising since hitting its lowest level on June 15. This upward movement has taken place in an ascending parallel channel. Such channels often contain corrective actions. The combined moves of this mean that an eventual breakout is likely. Also, the APE is still at the top of this channel, allowing the possibility of a breakout as a result. Whether the NFT altcoin project breaks from the middle of the channel or the resistance line will likely determine the direction of the future trend. The closest horizontal resistance area for this altcoin is at $9.10.
WAVES
WAVES has been increasing since June 15th. However, it reached its highest level on June 22 and has been consolidating ever since. All the movement is contained within a symmetrical triangle, which is considered a neutral pattern. As a result, both a failure and a break remain possible.
vomiting (KSM)
KSM has been moving upwards since June 13. It created a higher low on July 13 and then accelerated the pace of increase. On July 18, KSM broke out of the $59 area and later confirmed as support (green icons). If KSM continues to rise, the next closest resistance area will be $83.
Helium (HNT)
HNT has been falling into a descending wedge since June 10. The descending wedge is considered a bullish pattern, which means a breakout from it would be the most likely scenario. HNT is fast approaching the end of the model. If a breakout occurs, the next closest area of resistance will be at $10.85. This is the 0.618 Fibonacci retracement resistance level when measuring the entire downward move.
Last altcoin on the list: Synthetix Network (SNX)
On July 13, SNX emerged from a descending line of resistance that had been in effect since the beginning of April. Shortly after, it regained the $3.60 horizontal area that had previously acted as resistance. If the upside continues, the nearest resistance area will be at $5.57. This is the 0.618 Fibonacci retracement resistance level.
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