The last week from February 24 to March 3 saw Conflux (CFX), seen as China’s Polygon, shed 30%. In this article, let’s examine the 5 most depreciating altcoin projects of the past week, with technical analysis from analyst Valdrin Tahiri.
- Conflux (CFX): 30.56%
- Klaytn (KLAY): 19.92%
- Hedera (HBAR): 19.65%
- Filecoin (FIL): 19.40%
- Tezos (XTZ): 16.23%
Conflux (CFX), the most depreciating altcoin after weeks of rally
Conflux price has been rising since it broke out of a short-term descending wedge on Feb. The upside move extended as far as $0.367 on Feb. 21. However, the price has since dropped. Despite the drop, Conflux is still trading at the 0.5 Fib retracement support level.
CFX price failed to sustain its upward move as it broke out of a descending resistance line. If the 0.5 Fib retracement closes below the support level, it could drop to the next support at $0.145. On the other hand, a bounce could result in a retest of $0.350.
Klaytn (KLAY) price rejected from critical resistance
Since May 2022, KLAY price has been rejected three times (red icons) by the $0.34 resistance area, most recently on February 22. The price has since dropped. If the decline continues, it could decline to the $0.18 horizontal support area. On the other hand, if the price regains momentum, it could rise to the $0.34 resistance area.
Altcoin market moves sideways, Hedera (HBAR) mid-correction
The HBAR price has been falling from the moment it reached $0.098 on February 12. The dip reached $0.066 on March 2. The downside move comes after HBAR price completed a five-wave bullish move.
If HBAR price is in a correction, it could drop to the 0.618 Fib retracement level from the $0.060 low. A break from the short-term descending resistance line indicates the completion of the correction.
Filecoin (FIL) price shows a bearish trend within the channel
Filecoin price plummeted from the moment it reached $9.50 on February 19. The decline reached $5.92 on March 3. During the decline, the price fell back into the ascending parallel channel from which it previously exited. Therefore, a drop of the support line to $5.50 is the most likely scenario. However, if the price rises above the channel again, it could test $9.50 once again.
Tezos (XTZ) may be entering the correction phase
Tezos price action is very similar to that of HBAR. The price completed a five-wave bullish move and then fell sharply. The most likely price scenario shows that XTZ has completed the first part of the corrective build. If so, a relief rally will soon begin before it drops once again.
The optimal level for the correction to end is at the 0.618 Fib retracement support level at $1. Afterwards, the previous increase can continue. A rise in XTZ price above $1.50 indicates the correction is over and it could lead to an increase towards $2.
cryptocoin.comAs we reported, some analysts predict that the 5 high-volume altcoins listed on Binance will continue the above bearish momentum.
