Five Cryptocurrencies Showing Significant Price Declines
The following cryptocurrencies have experienced significant price drops, reaching their lowest levels. Based on the chart below, it is unlikely that these cryptocurrencies will see further upside movement.
Mantle (MNT)
The price of Mantle (MNT) has dropped significantly and is currently in a downtrend. Although the bulls initially crossed the moving average lines on October 2, they were held back by the 50-day line SMA. The altcoin remained between the moving average lines for three days before the bears broke the 21-day line SMA, signaling a new downtrend. At its current price of $0.32, MNT is oversold and further decline is unlikely. Mantle is currently the worst performing coin based on its characteristics.
Current price: $0.3276
Market capitalization: $2,037,238,339
Trading volume: $28,993,717
7-day loss: 17.20%
Rocket Pool (RPL)
Rocket Pool (RPL) has also experienced a significant drop in price and has reached the bottom of the chart. It fell to a low of $16.85 on October 13 but saw an upward correction limited by resistance at $21 or the 21-day line SMA. If RPL breaks above this barrier, it will rise above the moving average lines and continue its uptrend. However, if it fails to break above the moving average lines, it may fall or trade in a range between $17 and $21.
Current price: $20.12
Market capitalization: $397,250,307
Trading volume: $20,217,773
7-day loss: 14.35%
Conflux (CFX)
Conflux (CFX) has been trading sideways since its decline on August 17. The altcoin found support above $0.11 on October 9 after the bears broke below the moving average lines. It is currently consolidating above this support level and has not crossed the price ranges between $0.11 and $0.14. The altcoin is currently trading at $0.1149 and is considered the third worst performing cryptocurrency.
Current price: $0.1149
Market capitalization: $609,074,327
Trading volume: $7,418,186
7-day loss: 11.49%
Avalanche (AVAX)
Avalanche (AVAX) has dropped below its moving average lines and is currently in a downtrend. After experiencing an upward correction on September 24 with a high of $12, AVAX reached a low of $9.15 and fell below the moving average. If it continues to decline and falls below the existing support at $8.70, the downtrend will continue. However, if the current support holds, it may trade sideways between $8.70 and $11.00.
Current price: $9.14
Market capitalization: $6,602,930,984
Trading volume: $53,307,250
7-day loss: 11.29%
Polygon (MATIC)
Polygon (MATIC) has been trading sideways since June 10 after stopping its downtrend above the $0.50 level. It initially rose to a high of $0.89 but couldn’t sustain the positive momentum due to overbought conditions. Currently, MATIC is trading above the support level of $0.50, which has been unsuccessfully tested by bears three times. If it loses this support, its value may decline further.
Current price: $0.5194
Market capitalization: $5,199,230,645
Trading volume: $160,133,136
7-day loss: 10.00%
Hot Take: Cryptocurrencies Facing Significant Price Declines
Five cryptocurrencies – Mantle, Rocket Pool, Conflux, Avalanche, and Polygon – have shown significant price declines this week. These altcoins are currently in downtrends and have reached their lowest levels. While further downside movement seems unlikely for some of these cryptocurrencies due to oversold conditions or established support levels, others may continue to face downward pressure if they fail to break above resistance or maintain their current support levels.
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