Crypto analyst Valdrin Tahiri says that Convex Finance (CVX) has broken down from an ascending parallel channel. Also, Theta Network (THETA) and The Graph (GRT) are following the ascending support lines. The Curve DAO Token (CRV) completes an ABC corrective build. The analyst takes a look at the five altcoin projects that fell the most in the past week.
First altcoin Convex Finance (CVX) drops 28.57%
On August 13, CVX malfunctioned from an ascending parallel channel that had been in effect since June 18. Failures from such long-term structures often lead to significant bearish movements.
Currently, the price is retesting the $5.30 area as support. This is the 0.618 Fib retracement support level and previous resistance area. If the area fails to hold, CVX is likely to slide to new lows.
Oasis Network (ROSE) is in second place with 27.14% loss.
ROSE broke out of an ascending parallel channel on July 28. It continued to hit a high at $0.116 before falling.
The downside move led to the lowest level of $0.073 so far. This is the 0.618 Fib retracement support level. Also, it overlaps with the resistance line of the previous channel. It is therefore possible for the altcoin to initiate a bounce of the line.
Third altcoin The Graph (GRT) slides 25.67% down
As of 12 July, the GRT has completed five waves of upward movement. This led to a high of $0.155 on August 8.
GRT has been falling since then and dropped to $0.10 on August 19. The low confirms an ascending support line for the third time (green icon). If the line fails to hold, the next support will be at the yearly lows around $0.092.
Theta Network (THETA) is fourth, down 25.20%.
Similar to GRT, THETA has been following an ascending support line since June 13. The line was confirmed for the third time on August 19 (green icons).
If the altcoin fails to initiate a bounce from the line on the chart, the next closest support area will be $1.09.
Recent altcoin Curve DAO Token (CRV) down 25.05%
As of June 18, the CRV has completed a five-wave upward move to $1.58 on July 28.
Since then, an ABC corrector has been completing its build. If so, it is currently nearing the end of wave C, which is expected to end between the 0.5-0.618 Fib retracement support levels at $0.93 to $1.05. For the most up-to-date and accurate cryptocurrency analysis and news cryptocoin.comDon’t forget to follow.
