Theta (THETA) Nears Yearly Lows – Losers of the Week

Brief

  • GRT and THETA follow ascending support levels.
  • CVX broke down from an ascending channel.
  • CRV completes A-B-C corrective setup.

This analysis evaluates digital assets that saw the most decline over the previous week. Precisely, between 12 August and 19.

  • Convex Finance – 28.57% down
  • Oasis Network – 27.14% down
  • The Graph – 25.67% drop
  • Theta Network – 25.20% loss.
  • Curve DAO Token – 25.05%

Convex Finance (CVX)

13 August sessions saw CVX breaking down from an ascending channel that prevailed since 18 June. Breakdowns from these long-term patterns generally trigger substantial downside actions.

CVX has its price retesting the $5.30 mark as support. The foothold represents the 61.8% Fibonacci retracement foothold and the previous resistance. Failure to sustain this level might see CVX plummeting to new lows.

Oasis Network (ROSE)

ROSE overpowered an ascending channel on 28 July. The altcoin extended to tap the $0.116 high before slumping. The downward actions have seen the alternative token hitting the $0.073 low. That represents the 61.8% FIB retracement support that matches the resistance level of the last channel. Thus, the line will likely trigger a bounce.

The Graph (GRT)

Starting on 12 July, GRT completed a 5-wave upside move. That saw the alternative coin climbing towards the $0.155 high on 8 August. The crypto resorted to an extended downside, hitting the lows of $0.10 on 19 August. The low authorized ascending support for the 3rd time. Failure to keep the line will open the path towards the support at yearly lows at around $0.092.

Theta Network (THETA)

Like GRT, THETA has followed an ascending support level since 13 June. The altcoin validated this line for the 3rd time on 19 August. Failure to ensure a bounce from this line would mean exploring the nearest support level at $1.09.

Curve DAO (CRV)

Price actions since 18 June saw CRV completing a 5-wave upside move that saw the alt touching the $1.58 high on 28 July. Since then, the token has been concluding an ABC corrective setup. If so, CRV nears the wave C end, anticipated to end at 50% – 61.8% Fibonacci retracement support zones at $0.93 – $1.05.

By Edward Richardson
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