Bitrabo Editorial
Most cryptocurrencies experienced significant price losses this week. In this article, we take a look at the biggest losers in the crypto market.
FLOW (FLOW)
Last week, the price of FLOW saw a significant decline of approximately 45%, making it the top loser in terms of price. Unfortunately, FLOW has been in a downtrend for several months with no signs of finding support levels. This puts it at the risk of further decline, potentially towards zero.
Furthermore, the MACD histogram has been consistently declining in a bearish manner for weeks, indicating the continuation of a downward trend. The MACD lines are also on the verge of crossing over in a bearish manner. However, there is a possibility of a bullish divergence in the RSI, suggesting a potential upward movement.
Solana (SOL)
Solana, the second-biggest loser, experienced a significant decline of approximately 42% in its price last week. It retraced back to the golden ratio support level at around $15. If this support level fails, the next major support for Solana would be found within the range of $8 to $11.
Similarly, the MACD histogram has been consistently declining in a bearish manner over the past few weeks. The MACD lines are also close to crossing over in a bearish manner. The RSI is not providing clear bullish or bearish signals. On the upside, Fibonacci resistance is present around $16.4.
Linear (LINA)
Linear (LINA) experienced the third-largest price decline, dropping approximately 42%. However, there has been a subsequent recovery in the LINA price, reaching the 50-week Exponential Moving Average (EMA) as a resistance level.
Similarly, the MACD lines on the weekly chart are crossed in a bullish manner, despite the bearish decline in the MACD histogram since last week. LINA is approaching the next significant Fibonacci resistance level at around $0.024, which it could reach if the price breaks above the 50-week EMA at approximately $0.0133.
Conflux (CFX)
Conflux (CFX) experienced a decline of approximately 38% last week, making it the final participant in this ranking. It is currently resting on the golden ratio support level around $0.19. If this support level fails, there is a risk of a significant price plunge.
On a different note, the MACD lines on the weekly chart have crossed in a bearish manner, and the MACD histogram has been declining bearishly for weeks. These indicators suggest a prevailing bearish sentiment in the market for CFX.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Bitrabo is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.