Between September 16-23, 2022, some altcoin projects experienced a deep decline. In this article, we will talk about the cryptocurrencies that fell the most in this process and the expectations of analyst Valdrin Tahiri for them. Here are the details…
RVN price could drop to next support level
The first altcoin on the list is Ravencoin (RVN), which has dropped close to 25 percent on a weekly basis. The RVN has been falling ever since it was rejected by the resistance line of the long-term descending parallel channel on Sept. 14. On the downside, it hit $0.036, the lowest ever recorded on September 21. The low stayed within the horizontal support area of $0.04. Additionally, the daily RSI has dropped slightly below 50. If RVN fails to hold above this area, it could drop towards the next support at $0.027.
ETC price: Exit soon?
The second altcoin on the list is Ethereum Classic (ETC), down 17.12 percent weekly. ETC has been falling inside a descending parallel channel since reaching $45.36 since July 19. Currently, ETC is trading very close to the support line of the channel. According to the analyst, the price bounced twice at the support line of the channel on September 19 and 21, resulting in a possible double bottom formation.
The pattern is coupled with the bullish divergence on the RSI. It settled in the area where the $27-$28 support levels converge. Support is forming at the 0.5 Fib retracement level and a horizontal support area. So, a bounce at this level and a retracement of the mid-channel level is likely. “If this happens, it indicates that an eventual breakout is likely,” Tahirin says.
Altcoin TON price direction uncertain
TON, which is down 15 percent on the week, has been moving upwards since dropping to $0.74 on June 18. The increase reached $2.15 on Sept. However, the price has been dropping since then. Therefore, the entire previous increase now looks like a corrective one, according to the analyst. If this is true, it means the price will now drop to new lows. However, a bounce could occur at the $1.33 horizontal support area. A surge above wave C above $2.15 would invalidate this particular wave count.
EOS price may jump
According to the analyst, the movement of EOS is very similar to that of ETC. The price has been declining inside a descending parallel channel since reaching $1.95 on August 22. Currently, EOS is trading very close to the support line of the channel and inside the $1.20 horizontal support area. Additionally, the six-hour RSI has created a bullish divergence. Therefore, it is possible that a significant jump will follow. EOS lost 14 percent on a weekly basis.
Next up for CRV price: Altcoin will see big jump
Finally, the CRV has been falling since it reached $1.58 on July 28. The downside move has pointed to $0.83 so far. The decline brought the support area as low as $0.76. While not a decisive bullish sign, the six-hour RSI is starting to form bullish divergence, so a significant bounce is likely once the CRC reaches the $0.76 support area.
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