The cost of buying a Bitcoin (BTC) has dropped nearly 10% in the past seven days and has been seeing prolonged declines as it dips below $ 40,000, its interim psychological support, on January 10.
Nonetheless, the losses suffered by Bitcoin still appear less than those of some of its major crypto rivals. For example, Cardano (ADA), the seventh largest cryptocurrency by market valuation, has dropped almost 11% to around $ 1.15 in the past seven days.
Similarly, Ripple (XRP), the eighth largest crypto by market capitalization, has fallen by around 10% to almost $ 0.75 in the same period.
Meanwhile, some cryptocurrencies that are in the top 50 digital assets have seen bigger losses of between 15% and 30% in the last week. They include Ethereum’s native Ether (ETH) token, which has plunged more than 16%, and its blockchain rival Terra, whose LUNA token is down nearly 20.50%.
With that said, listed below are three tokens in the top 50 cryptocurrencies that have performed worse than Bitcoin within a tight seven-day timeframe.
Axie Infinity (-27.50%)
With more than 12,000% year-on-year profit, Axie Infinity (AXS) turned out to be one of the best places for traders to lock in their profits.
The price of AXS plummeted almost 27.5% to around $ 70 in the past seven days, thus becoming the worst performer among large-cap currencies. Meanwhile, against Bitcoin, the token fell almost 17% to 0.0017 BTC in the same period.
However, AXS price may rebound in the coming days as one of the market’s key momentum indicators, the Relative Strength Index (RSI), alerts on the status of “oversold” of the token. In detail, the AXS daily RSI has fallen below 30, which traditional chartists interpret as a buy signal.
More bullish signals for the Axie Infinity token are coming from its downside target area between $ 64.50 and $ 50, as shown in the chart below. In particular, The $ 64.50 level served as support for the AXS price during the trading session from August to September in 2021.
Similarly, levels around $ 50 led traders to rack up AXS en masse four times since the September 7 sell-off.
Conversely, Breaking below the downside target range may end up pushing below $ 40, another support level since August 2021.
AAVE (-25%)
Unlike Axie Infinity, the native Aave (AAVE) token of the same name had been on top of dwarfed year-over-year earnings, nearly 60% since January 10, 2021. Nonetheless, it has still become one of worst performing cryptocurrencies entering 2022.
The price of AAVE fell just over 24% to $ 200 in the last seven days. Meanwhile, the token’s return against Bitcoin turned out to be almost -15%, reflecting that traders were not convinced of a bullish rally in the Aave market.
For example, AAVE’s daily RSI has been trending down since December 27 and is now near 39. It now anticipates an extended correction to reach its oversold levels below 30, which means there is still room for AAVE’s price to drop more than its current rates.
The sell signal also appears when AAVE retests its two-month ascending trendline support, as shown in the chart below. AAVE has rallied at least four times from that rising level since December 4. Therefore, if the currency breaks below it, its probability of correcting towards $ 165, another support level, would be higher.
Conversely, a bounce off the rising trend line support can cause AAVE to rally towards the $ 250 to $ 275 trading range, which has a recent history of acting as resistance and support. Since December 2021, the area has been able to limit successful AAVE recovery attempts.
IOTA (-24%)
Based on the performance of its adjusted seven-day time frame, IOTA’s losses are marginally less than AAVE’s. But given that the token has held above 150% year-on-year gains, it seems like a good sell for traders looking to make up for their losses elsewhere during the recent cryptocurrency market crash.
In particular, the price of IOTA is down just over 24% to $ 1.00 in the last seven days. Against Bitcoin, IOTA is down roughly 14% in the same period.
However, a rebound is likely now, as the token’s daily RSI approached oversold levels, while it fell to a trading range of $ 0.93 to $ 1.00, which has a recent track record of attracting buyers. .
As a result, if IOTA falls below the $ 0.93 to $ 1.00 range, its probability of extending its price decline to $ 0.71, a support level from the May-June 2021 trading session, appears high. Conversely, a rebound action from the area could have IOTA price at $ 1.21 as its interim bullish target.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement involves a risk, you must do your own research when making a decision.