According to crypto analyst Valdrin Tahiri, Nexo (NEXO) has emerged from a descending resistance line. Also, the analyst says UNUS SED LEO (LEO) is trading in a descending wedge. The analyst notes that 1inch Network (1INCH) is following an ascending support line. Valdrin Tahiri takes a look at the five altcoin projects that dropped the most in the past week.
Top losing altcoin Nexo (NEXO): -12.21%
NEXO has been rising since June 18. The price broke out of a descending resistance line on August 10. After confirming as support two days later, the price resumed its bullish action. Then, on August 31, it reached $1.25.
NEXO is falling after being rejected by the $1.20 resistance area (red icon). Therefore, despite the breakout, the trend cannot be considered bullish until NEXO manages to break out of this resistance area.
In second place is Chiliz (CHZ): -10.46%
CHZ has been falling since hitting $0.26 on August 24. The downside move took it as low as $0.182 on Sept. 7. Next, the price bounced off the $0.185 horizontal support area.
It is possible that the previous increase was a five-wave upward move and the current drop is an ABC retracement structure. In this probability, CHZ will continue its upward move to new highs. A break from the resistance line will confirm that this is the correct number.
UNUS SED LEO (LEO) third loser of the week: -7.90%
LEO has been falling in a descending wedge since hitting $8.14 on Feb. More recently, the altcoin was rejected by the wedge’s resistance line on September 1.
While the technical indicators are neutral, the RSI is at the 50 line. Therefore, considering the descending wedge as a bullish pattern makes it more likely to break.
Fourth altcoin 1inch Network (1INCH): -5.79%
1INCH has been rising since June 18 with an ascending support line. The line has been verified multiple times, most recently on September 7.
Over the past two weeks, the RSI has produced a significant bullish divergence (green line). Therefore, this divergence is likely to be the catalyst for an upside move to the nearest resistance between $0.71 and $0.75.
Last altcoin to lose Decred (DCR): -4.47%
The DCR has been falling below a descending resistance line since December 2021. The line has caused numerous rejections, most recently on August 5 (red icon).
Currently, DCR is holding above the horizontal support area of $28. A fault below that will likely take the DCR to new lows. For the most up-to-date and accurate cryptocurrency news and analysis cryptocoin.comDon’t forget to follow
