Last week, from Dec. 30 to Jan. 6, some altcoin projects fell hard. In this article, we will share the projects that have fallen the most and convey the expectations of analyst Valdrin Tahiri for these coins. Here are the details…
The most falling altcoin this week was HT with 8 percent.
HT price has been falling from the moment it hit $9.57 on October 26. The bearish action caused it to slide as low as $3.70 on Nov. 13. Later, the price started an upside move near an ascending support line. However, this also failed as the HT price fell off the line on January 5th. If the downward move continues, the next closest support area will be $4.25 formed by the November lows. On the other hand, a retracement of the support line indicates that the trend is still up.
TRX is down 6 percent this week: Breaking out of support
Similar to HT, TRX broke from an ascending support line in the middle of a major bearish candle on Jan. The breakout occurred after the price failed to break above the 0.5 Fib retracement level at $0.056 (red circle). If the downside continues, the next closest support area will be at $0.045, the November low. TRX price must regain the $0.056 resistance area for the trend to be considered bullish.
ICP, which has dropped 5 percent this week, has broken out of the resistance line
Unlike TRX and HT prices, ICP price actually broke out from a descending resistance line that has been in effect since July. However, it has yet to start an upside move and is trading close to pre-exit levels. If an upside move follows this, the nearest area of resistance will be at $5. On the other hand, a drop below the December lows of $3.35 (red line) would likely take ICP towards its all-time low.
HBAR could fall below 2021 lows
The price of HBAR, which is down 3.37 percent this week, has been on the decline since hitting an all-time high of $0.57 on September 13. As a result of the bearish movement, the coin went down to $ 0.035 on December 13. A key development was the price’s breakout from the horizontal support area of $0.06. This area has been active since the beginning of 2021. Now, HBAR price is likely to decline towards the next horizontal support area at $0.03. On the other hand, the trend cannot be considered bullish unless HBAR regains the $0.06 horizontal support area.
Last altcoin on the list: XRP
As we reported as Kriptokoin.com, the altcoin that experienced the least decline this week was XRP with 0.7 percent. XRP price has rallied alongside an ascending support line over the past 202 days. The line has been verified many times so far. As XRP price apparently dropped below on January 3, it formed a long lower wick (black icon) and soon retraced the line. According to the analyst, XRP price breaking through the ascending support line or retracing the $0.38 resistance area instead will likely determine the direction of the future trend.