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Top 3 Weakest Performers of the Day- 0x, VeChain, and ICON

4y ago
bullish:

5

bearish:

3

Bitcoin dropped by a steep 3.4% over the past 24 hours of trading which brings the price for the coin down to $9,100. This price fall has caused a number of other top 50 ranked cryptocurrencies to drop by a significant amount today.

Today, we will look at the top 3 worse-performing coins over the past 24 hours and analyze where they might be heading. The coins are ZRX (-11.5%), VET (-9.4%), and ICX (-9.3%).

1. 0x

ZRX Daily Chart

ZRX suffered a steep 11.50% price decline today as the cryptocurrency drops from $0.36 to reach the current $0.33 trading level. The cryptocurrency had actually dropped lower into the support at $0.318 which is provided by a .5 Fibonacci Retracement level. 

0x had actually seen a stellar performance last month when it managed to surge by a total of around 170% as it increased from $0.2 to reach as high as $0.5. Unfortunately, the coin was unable to continue further higher above this level which caused it to drop lower throughout the rest of May 2020 as it ended the month at around the $0.30 level.

During June 2020, we can see that ZRX had started the month by trading at the support provided by the .5 Fib Retracemebet at $0.318. It bounced higher from here to reach as high as $0.43, however, it was unable to close above the resistance at $0.38 (1.272 Fib Extension), which caused the coin to fall again.

ZRX can still be considered as neutral in the short term but a break beneath the $0.30 level would put it in danger of turning bearish. ZRX would have to rise and break above $0.44 to turn bullish again.

Looking ahead, if the sellers push lower, the first level of strong support lies at $0.318 (.5 Fib Retracement). Beneath this, support lies at $0.31, $0.30, and $0.288 (.618 Fib Retracement). Added support lies at $0.28 (100-day EMA), $0.26 (200-day EMA), and $0.24.

Alternatively, if the buyers regroup and push higher resistance is expected at $0.35, $0.37, $0.386 (1.272 Fib Extension), $0.40, $0.412 (1.414 Fib Extension), and $0.435.

2. VeChain

VET Daily Chart

VeChain Thor fell by a total of around 9.4% over the past 24 hours of trading which caused the coin to drop as low as $0.0075 today. VET has since pushed higher slightly as it trades at $0.00789 which is the support provided by a .382 Fib Retracement.

VET has been surging since late-May 2020 when it bounced from $0.005 and continued to surge by a total of around 116% to reach as high as $0.0106 a few days ago. Unfortunately, VET was unable to actually close above the resistance at $0.0097 which is provided by a 1.414 Fib Extension. This resistance caused VET to roll over and fall over the past few days.

VET still remains bullish at this moment in time, however, a drop beneath $0.0075 would put VET in danger of turning neutral. It would need to fall further beneath $0.006 to be in danger of turning bearish in the short term.

Looking ahead, if the sellers close beneath the support at the $0.0078 level, added support lies at $0.0071 (.5 Fib Retracement), $0.007, $0.0064 (.618 Fib Retracement), $0.006, and $0.0055 (100-day EMA).

On the other side, if the buyers hold the $0.007 support and push higher, resistance is then located at $0.0085, $0.0088, $0.009, $0.0097 (1.414 Fib Extension), $0.01, $0.0106 (1.618 Fib Extension), and $0.011.

The RSI is trading at the 50 line to indicate indecision within the market. If the RSI drops beneath 50, the sellers will be gaining control of the market momentum and we can expect VET to head lower.

3. ICON

ICX Daily Chart

ICON dropped by a total of around 9.3% today as the cryptocurrency drops as low as $0.29. The coin has since bounced from the support here at the 100-day EMA and is trading at $0.3. ICX had been performing well during May 2020 when it bounced from $0.25 and went on to climb as high as $0.36. 

The coin struggled with the resistance here during June 2020 which caused ICX to roll over and fall. The price drop today caused ICX to fall into the 100-day EMA. A break of this 100-day EMA could result in ICX continuing much further lower. 

ICX can be considered as neutral at this moment in time, however, a drop beneath $0.25 would put ICX in danger of turning bearish in the short term. It would need to continue higher above $0.36 to be able to turn bullish in the short term.

Looking ahead, if the sellers break pas the support at the 100-day EMA, the first level of support lies at $0.27 (.382 Fib Retracement). Beneath this, support lies at $0.25 (.5 Fib Retracement), $0.216 (.618 Fib Retracement), $0.20, and $0.175 (.786 Fib Retracement).

On the other side, if the buyers regroup and rebound from the 100-day EMA, the first level of resistance lies at $0.31 (bearish .382 Fib Retracement). Above this, resistance lies at $0.35, $0.386, $0.40 (bearish .618 Fib Retracement), and $0.42.

The RSI has dropped well beneath the 50 line which shows that the sellers totally control the market momentum right now. For any sort of recovery, we must see the RSI rising back above the 50 line to indicate increasing bullish momentum within the market moving forward.

Previous Top/Worst Performers analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here are our most recent articles about the top/worst performers:

4y ago
bullish:

5

bearish:

3

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