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Bullish Crypto Market Is Not Enough to Lift These 5 Altcoins


beincrypto.com 03 February 2023 14:27, UTC
Reading time: ~3 m

BeInCrypto looks at five altcoins that decreased the most from the entire crypto market this week, specifically from Jan. 27 to Feb. 3.

The popular altcoins that have fallen the most are:

  1. ApeCoin (APE) price has fallen by 7.76%
  2. Aptos (APT) price has fallen by 5.47%
  3. eCash (XEC) price has fallen by 4.56%
  4. Lido DAO (LDO) price has fallen by 4.49%
  5. Quant (QNT) price has fallen by 3.47%

ApeCoin Leads Crypto Market Loser List

The APE price has increased since Nov. 14, 2022, when it deviated below the $3.40 horizontal area (red circle). Afterward, it reclaimed the area and validated it as support on Dec. 17 (green icon).

Next, the APE price broke out from a descending resistance line and reclaimed both the $4.45 and $5.75 resistance levels. Currently, the altcoin is attempting to hold above the $5.75 horizontal support area. If it is successful in doing so, the next resistance would be at $7.60.

On the other hand, a breakdown could lead to a fall toward the $4.45 area, which is now expected to provide support.

APE/USDT Daily Chart. Source: TradingView

Aptos Price Cools off After 495% Increase

The APT price has been on a tear since the beginning of the year, reaching a high of $20.40 on Jan. 26. This amounted to an increase of 495% since Jan. 1.

However, the price has fallen since, creating a double top pattern in the process. The double top is considered a bearish pattern and was combined with long upper wicks (red icons), supporting its validity.

As a result, the most likely outlook for the future movement is a decrease toward the $13.75 horizontal support area, which is also the 0.382 Fib retracement support level.

On the other hand, a movement above the $20.40 high could send the APT price toward the next resistance at $28.80.

APT/USDT Daily Chart. Source: TradingView

eCash Continues Trading in a Range

On Jan. 22, the XEC price broke out from a descending resistance line, reaching a high of $0.000045 four days later. It was rejected from the $0.000045 resistance area the same day and created a long lower wick. If the downward movement continues, the closest support area would be at $0.000032.

On the other hand, if the altcoin regains momentum, it could retest the $0.000045 area once more.

XEC/USDT Daily Chart. Source: TradingView

Lido DAO Approaches All-Time High

The LDO price has increased since Nov. 9, when it validated a resistance line from which it broke out (green icon). Afterward, it completed a double bottom pattern on Dec. 18 and accelerated its rate of increase.

So far, it reached a high of $2.83 on Jan. 24. However, the price created a long lower wick and has fallen since. It is now at risk of decreasing below the 0.618 Fib retracement resistance level at $2.26.

If so, the LDO price could fall to the $1.68 support area. On the other hand, reclaiming the 0.618 Fib level could lead to a retest of the all-time highs near $2.90.

LDO/USDT Daily Chart. Source: TradingView

Quant Breaks out From Corrective Channel

The QNT price has increased since Nov. 15. On Dec. 28, it bounced at the support line of an ascending parallel channel (green icon). Then, it broke out from the channel on Jan. 20. Currently, the price is attempting to validate the channel’s resistance line as support (green circle).

If it is successful in doing so, the digital currency could break out from the $161 resistance area and move toward $220. On the other hand, a decrease inside the channel could send the QNT price to the channel’s support line at $110.

QNT/USDT Daily Chart. Source: TradingView

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