According to crypto analyst Valdrin Tahiri, Quant (QNT) and Serum (SRM) have broken out of descending resistance lines. The analyst says that Elrond (EGLD) is trading inside a symmetrical triangle. Also, according to the analyst, Internet Computer (ICP) is trading in an ascending parallel channel. Valdrin Tahiri takes a look at the five altcoin projects that dropped the most in the past week. We have prepared the analyst’s evaluations for our readers.
First altcoin project Quant (QNT) drops 4.93%
QNT broke out of a descending resistance line that has been present since its all-time high in September 2021. It went up to $115 on July 19.
The price has since fallen a bit since then, but bounced off the $100 horizontal area. This was also confirmed as support in the process. If QNT continues to rise, the next closest resistance area will be at $155.
Second-ranked Serum (SRM) down 4.08%
Similar to QNT, SRM broke out of a descending resistance line on June 1. However, it has yet to initiate any significant upward movement, rather than navigating the breakout level.
However, the daily RSI has created a bullish bias. Now it’s over 50. This is a sign that is often associated with an uptrend. If an upside move occurs as a result, the next closest resistance area will be at $1.90.
Elrond (EGLD) is the third-ranked altcoin, down 3.35%
EGLD has been moving upwards in a symmetrical triangle since June 13. More recently, on July 19, it was rejected by the resistance line of the triangle and returned to the support line.
The symmetrical triangle is considered a neutral pattern. This means that both a breakout and a breakdown are equally likely. The closest resistance and support levels are at $67 and $47, respectively.
The fourth altcoin is SushiSwap (SUSHI), down 0.73%
On June 13, SUSHI broke out of the $1.10 horizontal zone. Despite the breakout, it soon started an upward move and reclaimed the field. It also made the previous fault just a deviation (red circle).
Since then, SUSHI has created several high lows. It could also be following an ascending support line that has not been sufficiently confirmed yet. If the upside continues, the next closest resistance area is at $1.87.
Internet Computer (ICP) slides slightly down 0.59%
ICP has been rising within an ascending parallel channel since June 19th. This upward move hit $7.84 on July 18. Parallel channels are considered corrective actions. So a failure would be the most likely scenario.
Therefore, ICP needs to break out of the channel for the trend to be considered bullish. If it manages to do so, it could rally as high as $9.45.
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