Happen[In]crypto Take a look at the five cryptocurrencies that have lost the most in the past week, specifically from July 15 to July 22.
These cryptocurrencies are:
- Quantity (QNT): -4.93%
- Serum (SRM): -4.08%
- Elrond (EGLD): -3.35%
- Sushi Swap (Sushi): -0.73%
- Internet Computer (ICP): -0.59%
QNT
On June 20, the QNT broke through a descending resistance line that had previously existed since the September 2021 all-time high. It reached a high of $115 on July 19.
While the price corrected slightly, it bounced off the $100 horizontal area, validating it as support in the process. If QNT continues to rise, the next nearest resistance area will be at $155.
s r m
Similar to QNT, SRM broke above a descending resistance line on June 1. However, hovering at the breakout level, it is yet to initiate any significant upward movement.
Nevertheless, the daily RSI has generated a bullish divergence and has now moved above 50. This is usually a sign associated with a bullish trend.
If there is an upward move as a result, the next nearest resistance area will be at $1.90.
EGLD
The EGLD has been moving upwards since June 13 inside a symmetrical triangle. Most recently, it was rejected by the resistance line of the triangle on July 19 and it is back near its support line.
The symmetrical triangle is considered a neutral pattern, meaning that both a breakout and a breakdown are equally likely to occur.
The nearest resistance and support levels are at $67 and $47, respectively.
sushi
On June 13, Sushi broke the $1.10 horizontal zone. Despite the breakout, it initiated an upward movement shortly afterwards and reclaimed the area, rendering the previous breakout only as a divergence (red circle).
Since then, Sushi has made several higher lows and may follow an ascending support line, which has yet to be sufficiently validated.
If the upward move continues, the next nearest resistance area is at $1.87.
ICP
The ICP has been moving inside an ascending parallel channel since June 19. This upward movement led to the July 18 high at $7.84. Parallel channels are considered corrective movement, meaning a breakdown would be the most likely scenario.
Therefore, the ICP needs to exit the channel for the trend to be considered bullish. If it manages to do so, it could rise to $9.45.
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