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

The value to buy one Bitcoin (BTC) has dropped nearly 10% within the final seven days and has been eyeing prolonged declines because it drops under $40,000, its interim psychological assist, on Jan. 10.

BTC/USD weekly price chart. Source: TradingView

Nonetheless, the losses suffered by Bitcoin nonetheless seem lesser than a few of its prime crypto rivals’ performances. For occasion, Cardano (ADA), the seventh-largest cryptocurrency by market valuation, has dropped by practically 11% to round $1.15 within the final seven days.

Similarly, XRP, the eighth-largest by market capitalization, has dipped by round 10% to almost $0.75 in the identical interval.

Meanwhile, some cryptocurrencies listed among the many prime 50 digital belongings have skilled bigger losses between 15% and 30% within the final week. They embrace Ethereum‘s native token Ether (ETH), which has plunged over 16%, and its blockchain rival Terra, whose token LUNA has declined by practically 20.50%.

That mentioned, listed under are three tokens among the many top-50 cryptocurrencies which have carried out worse than Bitcoin on a seven-day adjusted timeframe.

Axie Infinity (-27.50%)

Sitting atop greater than 12,000% year-over-year income, Axie Infinity (AXS) turned out to be probably the greatest locations for merchants to safe their income.

AXS price plunged practically 27.5% to round $70 within the final seven days, thus turning into the worst performer among the many large-cap cash. Meanwhile, in opposition to Bitcoin, the token slipped by nearly 17% to 0.0017 BTC in the identical interval.

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

Nevertheless, AXS price could rebound within the coming days as one of many market’s key momentum indicators, the relative energy index (RSI), alerts in regards to the token’s “oversold” standing. In element, the AXS’s every day RSI has slipped under 30, which conventional chartists interpret as a purchase sign.

More bullish cues for the Axie Infinity token have been coming from its draw back goal space between $64.50 and $50, as proven within the chart under. Notably, the $64.50-level served as a assist to the AXS price during the August-September buying and selling session in 2021.

AXS/USD every day price chart that includes its potential draw back targets. Source: TradingView

Similarly, the degrees round $50 prompted merchants to build up AXS en masse on 4 events since Sept. 7 selloff.

Conversely, breaking under the draw back goal vary could find yourself pushing under $40, one other assist degree from August 2021.

AAVE (-25%)

Unlike Axie Infinity, Aave (AAVE) native token of the identical title had been sitting atop dwarfed year-over-year income — practically 60% since Jan. 10, 2021. Nonetheless, it has nonetheless develop into one of many worst-performing cryptocurrencies coming into 2022.

AAVE price dropped by somewhat over 24% to $200 within the final seven days. Meanwhile, the token’s efficiency in opposition to Bitcoin got here out to be practically -15%, reflecting that merchants remained unconvinced a couple of bullish rebound within the Aave market.

AAVE/USD vs. AAVE/BTC every day price chart. Source: TradingView

For occasion, AAVE’s every day RSI has been trending decrease since Dec. 27 and now sits close to 39. It now eyes an prolonged correction to achieve its oversold ranges under 30, that means there’s nonetheless room for the AAVE price to go additional down than its present charges.

The promote sign seems additionally as AAVE retests its two-month-old ascending trendline assist, as proven within the chart under. AAVE has rebounded a minimum of 4 occasions from the mentioned rising degree since Dec. 4. Therefore, if the coin breaks under it, its probability of correcting towards $165, one other assist degree, can be increased.

AAVE/USD every day price chart that includes its interim assist and resistance targets. Source: TradingView

Conversely, a rebound from the ascending trendline assist could have AAVE rally towards the $250-275 buying and selling vary, which has a current historical past of performing as each resistance and assist. Since December 2021, the world has been capable of cap AAVE’s upside makes an attempt efficiently

IOTA (-24%)

Based on their seven-day adjusted timeframe efficiency, IOTA’s losses are marginally lesser than AAVE’s. But given the token has been sitting atop practically 150% year-over-year income, it seems like promote for merchants seeking to offset their losses elsewhere during the current crypto market decline.

Notably, IOTA’s price dipped somewhat over 24% to $1.00 previously seven days. Against Bitcoin, IOTA is down about 14% in the identical interval.

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

Related: Top 5 cryptocurrencies to observe in 2022: BTC, ETH, BNB, AVAX, MATIC

A bounce is now seemingly, nonetheless, because the token’s every day RSI neared oversold ranges, whereas it dropped to a buying and selling vary of $0.93-$1.00, which has a current historical past of attracting consumers.

IOTA/USD every day price chart that includes its interim assist and resistance targets. Source: TradingView

As a outcome, if IOTA drops under the $0.93-$1.00 vary, its probability of extending its price decline in the direction of $0.71 — a assist degree from the May-June 2021 buying and selling session — appears to be like excessive. Conversely, a rebound motion from the world might have the IOTA price eye $1.21 as its interim bull goal.

The views and opinions expressed right here are solely these of the creator and don’t essentially mirror the views of Every funding and buying and selling transfer entails danger, you must conduct your individual analysis when making a call.