The ZEN and CAKE tokens both broke an ascending and parabolic support line.
The ICX was rejected by the long term resistance zone at $ 2.
DASH and ZEC are traded within long-term support areas
The majority of crypto markets have declined significantly since February 21, with some having been significantly more affected than others.
In this article, we’ll take a look at the eight cryptocurrencies that declined the most during the week (February 19-26).
After a period of constant rally that started on November 20, ZEN cryptocurrency hit a record high of $ 86 on February 18. Since then, it has continued to decline.
So far, ZEN has fallen 45%, currently trading near $ 46. Price first rebounded to the fibonacci retracement support 0.5 to $ 47.1, but has since fallen below.
Technical indicators are bearish, and price has moved below the ascending parabolic support line it has been following throughout its rise. It is therefore possible that the uptrend has ended and ZEN has now started to correct.
If so, and although a short-term rebound may occur from this sizable decline, ZEN will likely continue to decline at least to the 0.618 fibonacci retracement level, at $ 38.
The XVS has been declining since it hit a record high of $ 102.94 on February 19
This record high was reached at the 1.61 Fib fibonacci extension of waves 1-3. Thus, the entire uptrend (in orange) that started on January 21 may have ended.
This theory is supported by the bearish cross of the Stochastic Oscillator, although the RSI and MACD are still bullish. Nonetheless, the XVS bounced back to the $ 47 support area, creating two long lower strands.
Thus, a rebound towards the area of 72 dollars is likely, but the price must regain this level for the trend to be bullish.
The ICX has been in decline from its high of $ 2.69 on February 19. The decline left a long upper wick in its wake, and the ICX failed to close above the long-term resistance zone of $ 2.
Despite the decline, technical indicators are still bullish.
Additionally, the ICX is trading between the 0.5-0.618 fibonacci retracement levels of the last upward movement. It could therefore find support near the current price area.
The most likely scenario would be that the ICX creates some form of structure before breaking through the resistance zone at $ 2.
The ZEC has been down from its high of $ 203 on February 19. Despite the drop of nearly 50%, the price falling to $ 120, the ZEC validated its previous level of advance, located at $ 110.
Technical indicators are still bullish. As long as the ZEC does not close below this level, the trend remains bullish.
If the ZEC rebounds, the next resistance zone would be at $ 345. This is the 0.382 fibonacci retracement level measured from the historical high of price.
The DASH is down since reaching a peak of $ 335 on 19 February. This drop led the price to the $ 210 area, which previously acted as resistance.
Despite the retest of its support, DASH has yet to rebound, currently trading around $ 215. The weekly close is extremely important as the DASH could either create a bearish Japanese overlap candlestick or a long lower wick.
Technical indicators are still bullish, as evidenced by the bullish cross of the Stochastic Oscillator and the rise of the MACD.
If the DASH price rebounds and validates the $ 210 area as support, the next resistance area would be at $ 500.
The movement of the cryptomonnaie CAKE was parabolic since early January 2021. On 19 February, the CAKE peaked over 21.45 dollars. Since then, it has continued to decline.
The decline took the price below its ascending parabolic support. It also caused the Stochastic Oscillator to cross bearish.
While the CAKE has started a small rebound at the 0.5 to $ 11.12 fibonacci retracement level, it is more likely to decline to the 0.618 to $ 8.68 fibonacci level. A horizontal support is also present at this level.
Despite this decline, CAKE was listed on the Kucoin and VCC exchanges last week (February 15-19).
The rise of AVAX has been almost parabolic since its inception. However, the price has declined since it hit a record high of $ 60.30 on February 10.
The technical indicators are decidedly bearish, as evidenced by the bearish cross of the Stochastic Oscillator, the RSI crossing below 50, and the negative MACD.
Despite the possibility that the trend has turned bearish, the AVAX is trading between the 0.5-0.618 fibonacci retracement support levels. Some kind of rebound is therefore likely, even if AVAX were to eventually decline.
Additionally, the AVAX is approaching a long-term ascending support line, which coincides with the 0.618 fibonacci retracement level.
On February 25, Avalanche also announced a partnership with CTSI, an initiative that could have a positive effect on its price.
The cryptomonnaie BCH is down from its peak at $ 775 February 15. This drop took the BCH to the area at $ 470, which it had previously passed.
Due to a deviation below this level, the support area and its recovery is not as sharp as that of DASH and ZEC. It is still likely that this is a retest of the area. Additionally, both MACD and Stochastic Oscillator are bullish.
While the weekly RSI previously generated a bearish divergence (in blue), a decline has already occurred as a result. Likewise, the RSI is potentially generating a hidden bullish divergence (in green).