5 cryptos that fell the most in the crypto market
BeInCrypto looks at five biggest altcoin losers in the entire crypto market this week, specifically from 24 February – 3 March.
The altcoins that have fallen the most in the entire crypto market are:
- Conflux (CFX) price fell by 30.56%
- Klaytn (KLAY) price fell by 19.92%
- The price of Hedera (HBAR) fell by 19.65%
- Filecoin (FIL) price fell by 19.40%
- Tezos (XTZ) price fell by 16.23%
Conflux (CFX) price leads crypto losers
Conflux price has rallied since breaking out of a short-term descending wedge on February 15. This led to a high of $0.367 on February 21.
However, the price has since fallen. Despite the drop, the digital asset is still trading at the 0.5 Fib retracement support level.
While the CFX price broke out from a descending resistance line, it was unable to sustain its upward movement. If it closes below the 0.5 Fib retracement support level, it could fall to the next support at $0.145.
On the other hand, a bounce could lead to a retest of the $0.350 highs.
Klaytn (KLAY) Price is rejected by resistance
Since May 2022, the KLAY price was rejected by the $0.34 resistance area three times (red icons), most recently on February 22. The price has since dropped.
If the decline continues, KLAY may fall to $0.18 horizontal support area of $0.18. On the other hand, if the price regains momentum, it could rise to the $0.34 resistance area.
Hedera (HBAR) is in the middle of the correction
The HBAR price has fallen since hitting a high of $0.098 on February 12. The decline led to a low of $0.066 on March 2.
The decline came after the HBAR price completed a five-wave uptrend. As a result, the HBAR price is now likely to correct.
If so, the price could fall to the 0.618 Fib retracement support level at $0.060. A breakout from the short-term descending resistance line will indicate that the correction is complete.
Filecoin (FIL) Crypto price falls in the channel
The Filecoin price has been falling since hitting a high of $9.50 on February 19th. The decline led to a low of $5.92 on March 3.
During the fall, the price fell back inside the ascending parallel channel from which it previously broke out. Therefore, a decline to the $5.50 support line is the most likely scenario.
However, if the price moves above the channel again, it could retest the $9.50 high again.
Tezos (XTZ) may correct
The Tezos price movement is very similar to that of HBAR. The price completed a five-wave upward movement and fell sharply afterwards.
The most likely price scenario suggests that XTZ completed the first part of a corrective structure. If so, a relief rally will soon begin before it falls again.
The most appropriate level for the correction to end is at the 0.618 Fib retracement support level of $1. Afterwards, the previous increase could be resumed.
A rise above $1.50 would indicate that the correction is over and could lead to a rise towards $2.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
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