beincrypto.com
BeInCrypto looks at five biggest altcoins losers in the entire crypto market this week, specifically from Feb. 24 – March 3.
The altcoins that have fallen the most in the entire crypto market are:
- Conflux ($CFX) price fell by 30.56%
- Klaytn (KLAY) price fell by 19.92%
- Hedera ($HBAR) price fell by 19.65%
- Filecoin ($FIL) price fell by 19.40%
- Tezos ($XTZ) price fell by 16.23%
Conflux ($CFX) Price Leads Crypto Losers
The Conflux price has increased since breaking out from a short-term descending wedge on Feb. 15. This led to a high of $0.367 on Feb. 21.
However, the price has fallen since. Despite the drop, the digital asset still trades at the 0.5 Fib retracement support level.
While the $CFX price broke out from a descending resistance line, it failed to sustain its upward movement. If it closes below the 0.5 Fib retracement support level, it could fall to the next support at $0.145.
On the other hand, a bounce could cause a retest of the $0.350 highs.
Klaytn (KLAY) Price Gets Rejected by Resistance
Since May 2022, the KLAY price was rejected by the $0.34 resistance area three times (red icons), most recently on Feb. 22. The price has fallen since.
If the decrease continues, KLAY could fall to the $0.18 horizontal support area at $0.18. On the other hand, if the price regains momentum, it could increase to the $0.34 resistance area.
Hedera ($HBAR) Is in the Middle of Correction
The $HBAR price has fallen since reaching a high of $0.098 on Feb. 12. The decrease led to a low of $0.066 on March 2.
The decrease came after the $HBAR price completed a five-wave upward movement. As a result, it is likely that the $HBAR price is now correcting.
If so, the price could fall to the 0.618 Fib retracement support level at $0.060. A breakout from the short-term descending resistance line would indicate that the correction is complete.
Filecoin ($FIL) Crypto Price Falls Inside Channel
The Filecoin price has fallen since reaching a high of $9.50 on Feb. 19. The decrease led to a low of $5.92 on March 3.
During the drop, the price fell back inside the ascending parallel channel from which it previously broke out. Therefore, a decrease to its support line at $5.50 is the most likely scenario.
However, if the price moves above the channel again, it could retest the $9.50 high once more.
Tezos ($XTZ) Could Be Correcting
The Tezos price movement is very similar to that of $HBAR. The price completed a five-wave upward movement and fell sharply afterward.
The most likely price scenario suggests that $XTZ completed the first part of a corrective structure. If so, it will soon begin a relief rally before falling once more.
The most suitable level for the correction to end is at the 0.618 Fib retracement support level at $1. Afterward, the previous increase could resume.
An increase above $1.50 would indicate that the correction is over and could lead to an increase toward $2.
