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This week, most cryptocurrencies suffered significant price losses. We look at the biggest losers in the crypto market this week.
FLOW (FLOW)
The price of FLOW experienced a significant decline of approximately 45% last week, placing it at the top of our list of biggest price losers.
FLOW has been in a prolonged and significant downtrend for several months, with no signs of finding any support levels. As a result, the potential for a further decline toward zero is nearly unlimited.
Furthermore, the histogram of the MACDs has been consistently declining in a bearish manner for several weeks, indicating a downward trend.
Additionally, the MACD lines are on the verge of crossing over in a bearish manner. The only glimmer of hope comes from the RSI, as it could potentially demonstrate a bullish divergence, suggesting the possibility of an upward movement.
Solana (SOL)
Solana, the second biggest loser, experienced a substantial decline of approximately 42% in its price last week. As a result, Solana has retraced back to the golden ratio support level at approximately $15.
If this support level fails to hold, the next significant support for Solana would only be found within the range of approximately $8 to $11.
Moreover, the MACD histogram has been consistently declining in a bearish manner over the past few weeks, indicating a downward trend. Additionally, the MACD lines are on the verge of crossing over in a bearish manner.
The RSI, on the other hand, is not providing any clear bullish or bearish signals. On the upside, notable Fibonacci resistance is already present at around $16.4.
Linear (LINA)
Linear (LINA) experienced the third-largest price decline, with a drop of approximately 42%. However, there has been a subsequent recovery in the LINA price, which has now reached the 50-week Exponential Moving Average (EMA), acting as a resistance level.
Furthermore, the MACD lines on the weekly chart remain crossed in a bullish manner, although the MACD histogram has been declining bearishly since last week.
LINA is approaching the next significant Fibonacci resistance level at around $0.024, which it could reach if the price breaks above the 50-week EMA at approximately $0.0133.
Conflux (CFX)
The final participant in this ranking is Conflux (CFX), as its price experienced a decline of approximately 38% last week. Currently, the price is resting on the golden ratio support level of around $0.19.
If this support level fails to hold, there is a risk of a significant price plunge.
On a different note, the MACD lines on the weekly chart have crossed bearishly, and the histogram of the MACDs has been declining in a bearish manner for several weeks. These indicators suggest a prevailing bearish sentiment in the market for CFX.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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