Crypto analyst Valdrin Tahiri takes a look at the five altcoin projects that dropped the most in the past week. According to the analyst, STRAX, AMP and NMR are following the descending resistance lines. KCS, on the other hand, is trading inside a descending parallel channel. Also, the analyst notes that HT has emerged from a descending resistance line. We have prepared Valdrin Tahiri’s analysis and predictions for our readers.
Initial altcoin Numeraire (NMR) drops 37.97%
NMR recorded a huge rise from June 28 to June 29, gaining 350% in the process. However, it could not sustain its upward movement. Later, it formed a long upper wick and has been falling ever since.
NMR price chart / Source: TradingViewAdditionally, NMR has failed to break out of a descending resistance line that has been present since September 2021. Until that happens, the trend cannot be considered bullish.
Stratis (STRAX) is the second-ranked altcoin, down 26.47%
Similar to NMR, STRAX has been following a descending resistance line since September 2021. The price started a significant bullish move on June 27 and it seems to have broken out of the mold.
STRAX price chart / Source: TradingViewHowever, the break turned out to be just a divergence (red circle). But STRAX is now trading below the line again. The trend cannot be considered bullish until a confirmed breakout occurs.
Third altcoin Amp (AMP) slides 9.61% down
AMP is also falling below a descending resistance line since Feb. This hit an all-time low of $0.007 on June 18.
AMP price chart / Source: TradingViewAfterwards, the price rallied and appeared to start an upward move on June 30. However, he could not get out of the resistance line. It also created a long top wick (red icon) instead. Until you manage to break out, the trend cannot be considered bullish.
Kucoin Token (KCS) is fourth, down 7.27%
KCS has been trading inside a descending parallel channel since December 2021. Such channels often contain corrective models. This means that an eventual breakout will be likely.
KCS price chart / Source: TradingViewOn May 12, KCS price bounced off the support line (green icon) of the channel and formed a long lower wick. While it has been falling since then, the daily RSI has created a crucial bullish divergence. This is a sign that usually precedes a bullish trend reversal. A retracement of the middle of the channel would be a strong sign for a potential breakout.
Finally, Huobi Token (HT) dropped 4.50%
HT had been falling below a descending resistance line since June 6th. The altcoin fell as low as $4.30 on July 1.
HT price chart / Source: TradingViewLater, the price went up and broke out of the resistance line. Before the breakout, there was a bullish divergence on the RSI. However, it has yet to form any bullish structures. If the price manages to create a higher bottom, the nearest resistance will be at $5.60.
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