Brokers did look at five altcoins that decreased the most from the entire crypto market last week, specifically from Dec. 23 – 30.
Last week (Dec. 23 – 30), five altcoins saw significant decreases in the crypto market:
- Chain (XCN) – down 33.83%
- Solana (SOL) – down 22.87%
- Aptos (APT) – down 15.36%
- Axie Infinity (AXS) – down 15.00%
- The Sandbox (SAND) – down 14.68%
“Chain (XCN) – The Worst Performing Altcoin”
Since September 27, the XCN price has fallen below a descending resistance line. On November 1, this line caused a rejection (indicated by the red icon) and led to a rapid decline in the price. As of December 30, XCN reached a new all-time low of $0.011.
Currently, there are no signs of a reversal in this downward trend. If the XCN price were to reclaim the $0.035 resistance area, it would indicate a potential bullish reversal.
“Solana (SOL) – Breaking Below Crucial Support”
In the first week of November, the SOL price broke down from the $30 horizontal support area. This led to a rapid decline, reaching a low of $8 on December 30.
If the downward trend continues, the next closest support area is at $4.20, a 55% drop from the current price. The weekly relative strength index (RSI) has fallen below 25 and has not shown any signs of bullish divergence, suggesting that the trend remains bearish. For the trend to be considered bullish, the SOL price must reclaim the $30 area.
“Aptos (APT) – Resuming Downward Movement”
Since October 23, the APT price has fallen below a descending resistance line. More recently, on December 16, this line caused a rejection (indicated by the red icon) and led to a breakdown from the $3.95 support area the following day. This support area had been in place since November 8.
Like SOL, the RSI for APT has fallen below 30 and has not shown any signs of bullish divergence. If the downward trend continues, the closest support area would be at $2.22, as determined by the 1.61 external Fibonacci retracements of the most recent bounce.
“Axie Infinity (AXS) – Breaking Down From Ascending Support”
Since November 9, the AXS price has increased alongside an ascending support line. This upward trend reached a high of $10.40 on December 5. However, the price has since declined and broke down from the ascending support line on December 16.
After validating the line as resistance on December 22 (indicated by the red icon), the AXS price resumed its downward trend and is close to a new yearly low. If the decline continues, the closest support area would be at $4.50, as determined by the 1.61 external Fibonacci retracements of the most recent bounce. If the AXS price were to reclaim the ascending support line, it would indicate a potential bullish trend.
“The Sandbox (SAND) – Altcoin Could Fall by 45%”
Since reaching an all-time high of $7.94 in November 2021, the SAND price has fallen below a descending resistance line. On the first week of November, this line caused a rejection (indicated by the red icon) and led to a breakdown from the $0.80 horizontal support area. This resulted in a low of $0.38 on December 29.
If the downward trend continues, the closest support area would be at $0.21, a drop of 46% from the current price. On the other hand, if the SAND price were to reclaim the $0.80 resistance area, it would indicate a potential bullish trend instead.
