Crypto analyst Valdrin Tahiri takes a look at the five altcoin projects that fell the most from June 24 to July 1. According to the analyst, if WAVES bursts, the nearest area of resistance will be at $7. Meanwhile, the analyst says MATIC is in the process of leaving the descending parallel channel. ZEC, on the other hand, has yet to retake the $54 horizontal area, which has now turned into resistance. We have prepared Valdrin Tahiri’s analysis of the most depreciating altcoins for our readers.
The top altcoin is Waves (WAVES), which dropped 21.33%
WAVES has been falling below a descending resistance line since May 19. The line has so far rejected the price (red icon) four times, most recently on June 23.
The closest support area for the altcoin stands at $4.60. If WAVES manages to break out of the line, the nearest resistance area will be at $7.
Ethereum rival Polygon (MATIC) lost 18.63%
MATIC has been falling within a descending parallel channel since June 26. The down move was as low as $0.418 on June 30. Also, the low confirmed the support line of the channel.
Then, the ensuing bounce confirmed the $0.45 horizontal area as support. Currently, MATIC is in the process of leaving the descending parallel channel. If successful, the next closest resistance area is 0.5 Fib. The pullback will be $0.525 created by the resistance level.
Ziliqa (ZIL) is third, down 18.41%
ZIL has been falling below a descending resistance line since June 26. This downward move was as low as $0.035 on June 30.
ZIL price then bounced back, confirming the descending resistance line once again (red icon). If the exit is successful, the next closest resistance area is 0.5 Fib. The pullback will be $0.43 formed by the resistance level.
The fourth altcoin project Zcash (ZEC) drops 16.95%
ZEC has been falling below a descending resistance line since June 26. On the downside, it dropped to $51.8 on June 30. This was a new year low.
Although the price bounced off later, it has yet to retake the $54 horizontal area, which has now turned into resistance. The area also coincides with the descending resistance line mentioned above. A potential break above this is likely to take ZEC as low as $61.5. On the other hand, there are currently no signs of a reversal suggesting that this is likely.
The last-ranked altcoin The Graph (GRT) lost 16.88%
GRT has been falling below a descending resistance line since May 15. The bearish action led to an all-time low of $0.089 on June 30.
Despite this drop, GRT price formed a double bottom pattern between June 13 and June 30. The double bottom is considered a bullish pattern. That often leads to breakage. If GRT manages to break out of the descending resistance line, the next resistance will be $0.15.
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