xrp cryptocurrency price

These 3 cryptocurrencies are taking an even bigger hit during Bitcoin’s price slump

These 3 cryptocurrencies are taking an even bigger hit during Bitcoin's price slump
Written by publisher team

The cost of buying one bitcoin (BTC) has fallen by nearly 10% in the past seven days and is eyeing extended declines as it fell below $40,000, the temporary psychological support, on January 10.

BTC/USD weekly price chart. Source: TradingView

However, the losses incurred by Bitcoin still show less than some of the best performing crypto competitors. For example, Cardano (ADA), the seventh largest cryptocurrency by market valuation, is down nearly 11% to around $1.15 in the past seven days.

Similarly, the price of Ripple (XRP), the eighth largest company by market capitalization, has fallen by about 10% to nearly $0.75 in the same period.

Meanwhile, some of the cryptocurrencies included in the top 50 digital assets have experienced even larger losses of between 15% and 30% in the past week. They include Ethereum’s native token Ether (ETH), which is down over 16%, and its rival blockchain, Terra, whose LUNA token is down nearly 20.50%.

However, below are three of the top 50 cryptocurrencies that have outperformed bitcoin in an adjusted seven-day time frame.

Axi Infinity (-27.50%)

With more than 12000% annual profits, Axie Infinity (AXS) turns out to be one of the best places where traders can secure their profits.

AXS has fallen by nearly 27.5% to around $70 in the past seven days, thus becoming the worst performer among the big cap coins. Meanwhile, against Bitcoin, the token fell by about 17% to 0.0017 BTC in the same period.

ASX/USD vs AXS/BTC daily price chart. Source: TradingView

However, AXS price may rebound in the coming days as one of the main momentum indicators in the market, the Relative Strength Index (RSI), alerts about the “oversold” state of the coin. In detail, the daily RSI for AXS fell below 30, which traditional chartists interpret as a buy signal.

Further bullish signals for the Axie Infinity coin are coming from the downside target zone between $64.50 and $50, as shown in the chart below. Notably, the $64.50 level acted as support for AXS price during the August-September trading session in 2021.

AXS/USD daily price chart shows its potential bearish targets. Source: TradingView

Likewise, levels around $50 have prompted traders to collectively accumulate AXS on four occasions since the Sept 7 sell-off.

Conversely, a break below the downside target range could push it below $40, another support level from August 2021.

AAVE (-25%)

In contrast to Axie Infinity, the original Aave (AAVE) token of the same name has been topping the table with dwindling annual earnings – nearly 60% since January 10, 2021. However, it remains one of the worst cryptocurrencies to enter 2022.

AAVE’s price has fallen just over 24% to $200 in the past seven days. Meanwhile, the token’s performance against Bitcoin is around -15%, reflecting that traders remain unconvinced of the bullish recovery in the Aave market.

VfL Bochum vs. 1. FC Union Berlin AAVE / BTC daily rate chart. Source: TradingView

For example, the daily AAVE RSI has been trending lower since December 27 and is now sitting near 39. It is now looking for an extended correction to reach oversold levels below 30, which means there is still room for AAVE price to fall further from its current rates. .

A sell signal is also emerging as AAVE retests the 2-month-old ascending trendline support, as shown in the chart below. AAVE has bounced at least four times from the mentioned high since Dec. 4. Therefore, if the coin breaks below it, the probability of a correction towards $165, another support level, will be higher.

AAVE/USD daily price chart showing temporary support and resistance targets. Source: TradingView

Conversely, a rebound from ascending trendline support could push AAVE higher towards the $250 and $275 trading range, which has a recent history of acting as resistance and support. Since December 2021, the region has successfully limited AAVE’s bullish attempts

IOTA (-24%)

Based on the performance of the adjusted seven-day time frame, IOTA losses are marginally lower than those of AAVE. But given that the token has remained above 150% of its annual earnings, it looks like a good sell for traders looking to recoup their losses elsewhere during the recent downturn in the cryptocurrency market.

Notably, the price of IOTA has fallen by just over 24% to $1.00 in the past seven days. Against Bitcoin, IOTA is down about 14% in the same period.

IOTA/USD vs IOTA/BTC weekly price chart. Source: TradingView

Related Topics: Top 5 Cryptocurrencies in 2022: BTC, ETH, BNB, AVAX, MATIC

A rebound is now likely, as the symbol’s daily RSI has approached oversold levels, while falling to a trading range of $0.93 to $1.00, which has a recent history of attracting buyers.

IOTA/USD daily price chart showing temporary support and resistance targets. Source: TradingView

As a result, if IOTA drops below the $0.93-$1.00 range, the potential for an extension of its price decline towards $0.71 – the support level from the May-June 2021 trading session – looks high. On the contrary, a bounce move from the area could make IOTA price eye $1.21 as a temporary bull target.

The opinions and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risks, you should do your own research when making a decision.