KLAY, CHZ, XEC, ICP and RVN fall as fear reigns over the crypto market
These are the worst performing cryptocurrencies in the crypto market over the past week:
- Klaytn (KLAY) price is down -19.48%
- Chiliz (CHZ) price is down -14.51%
- eCash (XEC) price is down -13.68%
- The price of Internet Computers (ICP) is down -13.53%
- Ravencoin (RVN) price is down -12.22%
Klaytn KLAY price drops further
KLAY price has been falling since reaching a high of $0.335 on July 29. Initially, Klaytn price bounced above the $0.225 horizontal support area, which served as all-time low support. Nevertheless, KLAY price broke out of the area on September 14 and has been falling at an accelerated rate since with the rest of the crypto market. So far, the KLAY price has reached a new all-time low of $0.142 on October 13. The next closest support area is at $0.135, created by the 1.61 external Fib retracement of the last up move.
Chiliz CHZ price may bounce before lower bottoms
The CHZ price started a five-wave upward movement on June 18. The move led to a new high of $0.282 on September 23. Due to the severity of the subsequent fall that was also seen across the crypto market, it is likely that this was the peak of the move. The subsequent decline in Chiliz price has followed a descending resistance line and led to a low of $0.160 on October 13. The low was made very close to the 0.618 Fib retracement (white) support level at $0.158. The CHZ price created a long lower wick, which is considered a sign of buying pressure. If the CHZ price breaks out from the descending resistance line, it will confirm that the first part of the correction is complete and the B wave (black) has begun.
The eCash XEC price seems to be going back
XEC had been trading within a symmetrical triangle since hitting a low of $0.000025 on May 12 (green icon). While symmetrical triangles are considered neutral patterns, they often provide continuation. Therefore, since the triangle occurs after a downward eCash price movement, an eventual breakdown from it is expected. On October 12, the XEC price finally reached a close below the support line of the channel, thus confirming the breakdown. So a downward XEC price movement towards the low of $0.000025 is expected.
Internet Computer ICP price spelling problems
The ICP price has dipped below a descending resistance line since reaching a high of $9.80 on July 31. The downward movement in the Internet computer price has so far led to a low of $4.67 on October 13. Despite this sharp drop that was also seen across the crypto market, the ICP price has yet to break below the all-time low of $4.60. However, unless the ICP price succeeds in breaking out from the resistance line, the continuation of the downward movement seems likely. In this case, the next closest support levels would be $3.21 and $1.45. Since they would both constitute new all-time lows, they are found by using an external Fib retracement on the last upward move.
Ravencoin RVN price is consolidating
The RVN price has been falling since it peaked at $0.075 on September 14th (red icon) like the rest of the crypto market. The high was made at the resistance line of a long-term descending parallel channel. So far, it has led to a low of $0.028 on October 13. The downward movement caused the Ravencoin price to fall within the horizontal range of $0.048-$0.028. Whether the RVN price breaks out above the $0.040 area or falls below the $0.028 area will determine whether another breakout attempt or a drop towards the support line of the channel is expected.
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