Crypto analyst Valdrin Tahiri takes a look at the five altcoin projects that surged the most from June 24 to July 1. The analyst says COMP is trading inside a descending parallel channel. On the other hand, DOGE fell below a descending resistance line. The analyst states that the APE has emerged from a descending resistance line. We have prepared Valdrin Tahiri’s analysis for our readers.
First altcoin Compound (COMP) gains 8.61%
COMP has been falling since completing five waves of upward movement on June 26. The decline is contained within a descending parallel channel. This generally indicates that the decline is corrective. Therefore, a breakout from the channel is likely.
If one occurs, the next closest resistance will be at $68, a level that has not been reached since early June. COMP is trading at $46.60 at press time.
The Sandbox (SAND) is the second altcoin, up 3.76%
On June 28, SAND broke out of an ascending support line that has been in effect since June 19. The downside move also extends the price at 0.618 Fib. It carried the retracement level to the horizontal support area of $0.97.
Then the SAND price jumped (green icon) and started a sharp upward move. It is currently facing resistance at $1.15. A break above this level is likely to accelerate the rate of increase.
Justin Sun’s Tron (TRX) up 2.13%
On June 30, TRX price fell from an ascending parallel channel where it had been trading since June 17. Currently, it is in the process of validation as a resistor (red icon).
The previous support line of the channel also coincides with the horizontal resistance area of $0.066. If the price is rejected, a drop towards the nearest support at $0.0585 is likely.
Popular meme coin Dogecoin (DOGE) jumps 1.12%
cryptocoin.com As you follow, DOGE has been increasing since June 18th. The upward move was as high as $0.078 on June 27. DOGE later fell as it was rejected for the fourth time by a descending resistance line since May 10. The horizontal resistance area at $0.072 for the altcoin.
Therefore, until the DOGE price manages to break out of both, the trend cannot be considered bullish.
Latest altcoin Apecoin (APE) up 0.45%
The popular metaverse coin APE has been on the rise since June 15. It broke out of a descending resistance line on June 27. On the other hand, it returned three days later to confirm it as support (green icon).
If this leads to a continuation of the upward move, the nearest area of resistance will be $5.40. A break above this is likely to accelerate the rate of increase.
