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Bitcoin Took a Hit Last Week But These Cryptos Fared Worse

Bitcoin hogged the limelight in the cryptocurrency markets last week as it fell to one-month lows below $8,000.

Yet, while the world’s largest cryptocurrency by market capitalization suffered a 3.6 percent week-on-week drop in prices, it still outclassed other major names like bitcoin cash (BCH) and EOS, which both reported double-digit losses.

Meanwhile, the previous week’s winner zilliqa (ZIL) fell almost 20 percent to become the biggest loser among the top 25 cryptocurrencies by market capitalization.

Bitcoin Took a Hit Last Week But These Cryptos Fared Worse
Bitcoin Took a Hit Last Week But These Cryptos Fared Worse

On the plus side, privacy-focused zcash rallied 50 percent and topped the list of winners as investors cheered a new exchange listing.

Top 3 losers (May 11-18)

Zilliqa (ZIL)

Weekly performance: -19.82 percent

All-time high: $0.2306

Closing price on May 11: $0.1677

Current market price: $0.1455

Rank as per market capitalization: 25

Zilliqa dropped close to 20 percent in the week ended May 18, having rallied 13.8 percent in the previous week. However, the cryptocurrency was overdue for a healthy correction after a solid rally to record high of $0.2306 on May 10.

While the investor community is keenly eyeing a Singapore meetup at which the zilliqa developers will give a preview of its new smart contract language Scilla, the pre-event excitement has not put a bid under the token.

ZIL/BTC daily chart

A break below the May 18 low of 0.00001608 BTC would establish a lower highs and lower lows (bearish setup) pattern and allow a deeper drop to 0.00001430 BTC (50 percent Fibonacci retracement). The 10-day moving average is trending south in favor of the bears.

EOS

Weekly performance: -15.77 percent

All-time high: $22.89

Closing price on May 11: $14.90

Current market price: $13.60

Rank as per market capitalization: 5

EOS fell to three-week lows below $12 last week, according to Bitfinex, indicating the excitement surrounding the coming mainnet launch is no longer boosting its price. However, the cryptocurrency did defend the 50-day moving average (MA) and moved back above $13.00 as seen in the chart below.

Daily chart

Notably, the ascending trendline (in red) is still intact, and EOS is trading well above the 50-day, 100-day and 200-day moving averages, suggesting the long-run technical outlook remains bullish.

A high volume break above the descending trendline resistance, currently at $15.62, would allow a re-test of record highs around $23.00. On the downside, acceptance below the rising trendline would signal a bearish trend reversal – i.e. the rally from the March 18 low of $3.87 has ended.

Bitcoin cash

Weekly performance: -14.36 percent

All-time high: $4,330

Closing price on May 11: $1,372

Current market price: $1,250

Rank as per market capitalization: 4

Bitcoin cash (BCH) ran into offers around $1,500 on May 13/14 and fell to a low of $1,128 on Bitfinex on Friday – the lowest level since April 22.

A planned software upgrade (or hard fork) to introduce new features came into effect on May 15 as expected, but around 20 percent of nodes have still not upgraded – perhaps negating any potential price boost from the news.

Subsequently, the weekend’s rally in bitcoin prices seems to have had a positive impact and BCH did regain bid tone, but it failed to cut through the key moving average, as seen in the chart below.

4-hour chart

BCH is now back below the head-and-shoulders neckline, having faced rejection at the descending (bearish) 50-candle moving average hurdle. As a result, the recent low of $1,128 could again be put to test.

A daily close below that level would mean the rally from the April low of $600 has ended and could yield a drop to levels below the $1,000 mark.

However, a move above $1,500 (last week’s high) would put the bulls back in the driver’s seat.

Roller coaster image via Shutterstock

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