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Be[in]Crypto takes a look at the five cryptocurrencies that decreased the most last week, more specifically, from Sept. 16 to Sept. 23.

These cryptocurrencies are:

RVN has been falling since it was rejected by the resistance line of a long-term descending parallel channel on Sept. 14 (red icon). The downward movement has so far led to a low of $0.036, which was reached on Sept. 21. 

The low was made inside the $0.04 horizontal support area. Additionally, the daily RSI has just fallen below 50. 

If RVN fails to hold on above this area, it could decrease towards the next support at $0.027.

ETC has been falling inside a descending parallel channel since July 19, when it reached a high of $45.36. Currently, ETC is trading very close to the support line of the channel. 

The price bounced twice at the support line of the channel on Sept. 19 and 21, creating a possible double bottom pattern. 

The pattern was combined with bullish divergence in the RSI and was made at a confluence of support levels between $27-$28. The support is created by the 0.5 Fib retracement support level and a horizontal support area. 

So, a bounce at this level and a reclaim of the middle of the channel seems likely. If this occurs, it would suggest that an eventual breakout is likely.  

TON has been moving upwards since reaching a low of $0.74 on June 18. The increase led to a high of $2.15 on Sept. 7. 

However, the price has been decreasing since. Therefore, the entire preceding increase now looks like an A-B-C corrective structure, in which waves A:C had a 1:1.61 ratio (white)

If correct, it would mean that the price will now fall to new lows. Nevertheless, a bounce at the $1.33 horizontal support area could occur. 

An increase above the wave C high of $2.15 would invalidate this particular wave count.

The movement of EOS is very similar to that of ETC. The price has been decreasing inside a descending parallel channel since reaching a high of $1.95 on Aug. 22.

Currently, EOS is trading very close to the support line of the channel and inside the $1.20 horizontal support area. Additionally, the six-hour RSI has generated bullish divergence. 

Therefore, it is possible that a significant bounce will follow.

CRV has been decreasing since reaching a high of $1.58 on July 28. The downward movement has so far led to a low of $0.83. The low was made slightly above the $0.76 support area.

While there are no decisive bullish signs in place, the six-hour RSI has begun to generate bullish divergence, so it is possible that a substantial bounce will follow once CRC reaches the $0.76 support area.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here

The post RVN, ETC, TON, EOS and CRV Are Tanking: Here’s Why appeared first on BeInCrypto.

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