There are three cryptocurrencies that could hit a low this month: Apecoin (APE), Chiliz (CHZ) and EOS. The price of APE rebounded after falling to a record lowwhile EOS reversed trend before hitting all-time low. For its part, CHZ experienced a slight recovery since its crash.
Although October began with a significant increase, these three cryptocurrencies still have a negative outlook, indicating that the worst is yet to come.
APE price broke the descending resistance since April 12. The trend line was validated numerous times, most recently on August 14.
The rejection accelerated the pace of decline and led to a new all-time low of $1.06 on September 17. The price has increased since then.
“Despite the rise, APE has not yet reached the descending resistance trend line. Furthermore, it is trading below the $1.40 horizontal area, which is likely to provide resistance. The fact that the line coincides with the zone increases its importance” , said Beincrypto.com.
Like APE, CHZ price fell below a descending resistance trend line since the beginning of the year. The decline culminated with a low of $0.055 on September 11. The price rebounded afterwards and has increased since then.
Chiliz almost reached the main horizontal resistance at $0.065. The area has intermittently acted as support and resistance since June. Therefore, it is crucial for the price to clear this up for the trend to be considered bullish.
The daily RSI supports the possibility of a breakout as it moved above 50 and is rising. Although the RSI is bullish, the proximity to the long-term descending trend line reduces the scope for possible increases.
A break above the $0.065 area will likely lead to an increase of only 23%reaching the descending resistance trend line at $0.077.
On the other hand, a rejection from the $0.065 area will likely trigger a 10% drop to the nearest support at $0.057.
EOS price broke the descending resistance line since June 2021. Most recently, it was rejected by the line in April 2023 and accelerated its rate of decline.
Then, the price fell from the $0.90 horizontal support area in June. The breakout led to a low of $0.50 in August, only slightly above the all-time low price of $0.47.
The price has rebounded since then, but is still below the descending resistance line.
If EOS price crashes from the $0.50 area, it may drop by 80% and reach the next Fib support at $0.12. However, if the price rebounds, it may rise 50% to the $0.90 area.
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.