The cost of buying a Bitcoin (BTC) has fallen almost 10% in the past seven days and faces prolonged declines as it falls below $ 40,000, its tentative psychological support, on January 10 .
Nonetheless, Bitcoin’s losses still appear lower than those of some of its main crypto rivals. For example, Cardano (ADA), the seventh largest cryptocurrency by market valuation, has fallen almost 11% to around $ 1.15 in the past seven days.
Likewise, Ripple (XRP), the eighth in terms of market cap, fell around 10% to almost $ 0.75 during the same time frame.
Meanwhile, some cryptocurrencies listed in the top 50 digital assets suffered larger losses between 15% and 30% over the past week. They include Ethereum’s native Ether (ETH) token, which has plunged more than 16%, and its blockchain rival Terra, whose LUNA token has fallen almost 20.50%.
That said, below are three tokens from the top 50 cryptocurrencies that performed worse than Bitcoin over an adjusted seven-day period.
Infinite Axis (-27.50%)
Sitting atop over 12,000% year-over-year profit, Axie Infinity (AXS) has proven to be one of the best places for traders to secure their profits.
The price of the AXS has plunged nearly 27.5% to around $ 70 in the past seven days, becoming the worst performing among large cap coins. Meanwhile, against Bitcoin, the token fell almost 17% to 0.0017 BTC during the same time frame.
Nonetheless, the AXS price could rebound in the coming days as one of the main indicators of market dynamics, the Relative Strength Index (RSI), alerts on the token’s “oversold” status. In detail, the AXS daily RSI fell below 30, which traditional chartists interpret as a buy signal.
Other bullish clues for the Axie Infinity Token come from its target area down between $ 64.50 and $ 50, as seen in the chart below. Notably, the $ 64.50 level served as support for the AXS price during the August to September trading session in 2021.
Likewise, levels around $ 50 have prompted traders to accumulate AXS en masse on four occasions since the September 7 sell-off.
Conversely, falling below the target range on the downside could end up falling below $ 40, another level of support from August 2021.
AAVE (-25%)
Unlike Axie Infinity, the native Aave Token (AAVE) of the same name sat on dwarf year-over-year profits – nearly 60% since January 10, 2021. Nonetheless, it has still become one of the Worst performing cryptocurrencies entering 2022.
The price of AAVE has fallen just over 24% to $ 200 in the past seven days. Meanwhile, the token’s performance against Bitcoin climbed to nearly -15%, reflecting traders still weren’t convinced of a bullish rebound in the Aave market.
For example, the AAVE’s daily RSI has been trending down since December 27 and is now near 39. It is now considering a prolonged correction to its oversold levels below 30, which means it It is still possible that the price of AAVE will fall more than its current level. rates.
The sell signal is also appearing as the AAVE re-tests its two month old ascending trendline support as seen in the chart below. The AAVE has rebounded at least four times from this bullish level since December 4. Therefore, if the coin falls below, its probability of correcting towards $ 165, another level of support, would be higher.
Conversely, a rebound from the ascending trendline support may cause the AAVE to rally towards the $ 250- $ 275 trading range, which has a recent history of acting as both resistance and support. . Since December 2021, the area has successfully completed attempts to increase the AAVE
IOTA (-24%)
Based on their adjusted seven-day performance, IOTA’s losses are slightly lower than AAVE’s. But given that the token has hit nearly 150% year-over-year profits, it looks like a good sell for traders looking to make up for their losses elsewhere during the crypto market’s recent dip.
Notably, the price of IOTA has fallen just over 24% to $ 1.00 in the past seven days. Against Bitcoin, IOTA is down around 14% over the same time frame.
Related: Top 5 Cryptocurrencies To Watch In 2022: BTC, ETH, BNB, AVAX, MATIC
A rebound is now likely, however, as the token’s daily RSI approached oversold levels, as it fell to a trading range of $ 0.93 to $ 1.00, which has some history. recent to attract buyers.
As a result, if IOTA falls below the $ 0.93 to $ 1.00 range, its probability of extending its price drop to $ 0.71 – a support level from the May trading session. to June 2021 – seems high. Conversely, a rebounding zone action could have the IOTA price of $ 1.21 as an intermediate bullish target.
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