<Apecoin token topped the list of underdogs, making a new all-time low this week. In addition to APE, the list includes:
- Apecoin (APE) -22.64%
- Fantom (FTM) -13.89%
- Conflux (CFX) -12.21%
- Synthetic (SNX) -11.50%
- Stellar (XLM) -10.88%
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APE topped the ranking of altcoin losers
The native Ape ecosystem token by Yuga Labs, which includes one of the most popular NFT collections Bored Ape Yacht Club. The project will hold a major token unlock on July 17.
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As technical analysis shows, the price of APE has fallen 93% from its all-time high of $24.45 reached on April 28. The decline culminated in a new all-time low of $1.83 on July 7, marking a 93% drop from the all-time high.
The daily RSI supports continued drawdown. Traders use RSI as a momentum indicator to determine overbought or oversold levels and decide whether to accumulate or sell an asset.
Signals above 50 and an uptrend indicate that bulls retain an advantage, and vice versa. In this case, the value below 50 and the fall of the indicator is a sign of a bearish trend.
Source: TradingView
If APE continues to decline, the next closest support will come into play at $1.59. However, if the price starts rallying, it could move towards the short-term downside resistance line, now at $2.50.
Fantom (FTM) falls after rebound
The price , the Fantom project token, began an uptrend on June 10. In the process of growth it made two attempts to break through the resistance area of $0.32. However, both were unsuccessful, forming consecutive descending highs (red icons). After the second high, the price of FTM fell sharply.
FTM is trading just above the Fibo 0.618 retracement support at $0.26. Fibonacci levels are traditionally considered the most probable springboards for stopping and reversing the price after a significant advance in any one direction. As expected, at these levels, the market can win back some of the distance traveled and only then resume the movement in the original direction. In addition, they can determine the limits of a price move.
The very Fibo of 0.618 often plays the role of the bottom, if the decline in price was only a correction.
Source: TradingView
So if FTM manages to bounce from the $0.26 level, the token may make another attempt to break above $0.32. If the price does not succeed, it could fall to the next long term support at $0.20.
If the price does not succeed, it could fall to the next long term support at $0.20.
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Conflux (CFX) price failed to overcome resistance
is a Tier 1 blockchain created as a competitor to Ethereum with active government support from China.. Earlier this year, the project entered into a partnership with state-owned telecom heavyweight China Telecom to develop and produce blockchain-enabled sim cards.
CFX has been declining inside a downward parallel channel since March 13. This pattern is considered corrective, so its southward direction suggests that the broader trend of the currency is bullish and eventually the price will make a breakout to the north from this channel.
On June 10, the CFX price bounced from the channel support line and started an upward movement toward resistance. However, it bounced off the midline of the channel (red circle) and has been declining ever since. This is considered a bearish sign.
Source: TradingView
If the decline continues, CFX may fall to the support level of $0.14 formed by the channel support line and the horizontal support area of $0.14. On the other hand, if the CFX breaks above the midline of the channel, the most likely scenario is that the token will rise to the resistance line.
Synthetix (SNX) reclaims key horizontal level
The price has been rising since June 10 and eventually recovered above the important $2 horizontal area.. Earlier it seemed that the token made a bearish breakthrough of this level. However, the rise in price proved that the previous breakthrough was only an aberration.
The price increase proved that the previous breakthrough was only an aberration.
Source: TradingView
If the rise continues, the SNX could advance to the long-term downside resistance line at $2.50. However, if the price closes below the $2 area, a drop to a one-year low of $1.30 is likely.
Stellar (XLM) closes the list of altcoins-outsiders of the week
Closing the list of altcoin losers . On June 30, the price reached a new yearly high of $0.12. However, despite the rise, it failed to make a clean break and close above the $0.11 resistance area. Instead it formed a long upper wick (red sign), which is considered a sign of pressure from the sellers.
After that, the token has been declining at an accelerated pace and is now approaching the $0.09 support area.
Source: TradingView
If XLM makes a bounce, it may try to break above $0.11. However, in case of a bearish breakdown, we can expect a decline towards the next support at $0.08.
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