Crypto analyst Valdrin Tahiri notes that Helium (HNT) has fallen to new year lows. According to the analyst, Arweave (AR) is trading inside a descending parallel channel. The analyst also notes that STEPN (GMT) and Ankr (ANKR) fell below critical support levels. The analyst takes a look at the five altcoin projects that lost the most in the past week.
The most falling altcoin was Helium (HNT) with 24.24%
HNT has been falling since hitting $12.50 on June 10. It created a lower peak on June 25 before accelerating the rate of decline. On August 22, HNT broke out of the horizontal support area of $6.80. Also confirmed this level as resistance (red icon).
Since then, HNT has fallen at an even faster rate. So far, it has slumped to $4.60 on September 1st. Using an external pullback on the previous bounce, the nearest support area appears at $2.85.
The second-ranked altcoin Ankr (ANKR) lost 15.30%
ANKR broke out of the $0.054 resistance area on May 12. Previously, the domain has been acting as support since July 2021.
Then, ANKR price started an upward move and reached the region once again. However, on August 11, it saw a rejection (red icon). Until ANKR manages to regain this level, the trend cannot be considered bullish.
Avalanche (AVAX) is third, down 14.74%
AVAX has been falling ever since it hit $30.88 on August 8. On August 27, the downside move resulted in a break from an ascending support line that had previously been in place since May lows. This is a sign that the previous upward move is now over.
If the downside continues, AVAX’s closest support area will be at $16 created by the same May lows.
Arweave (AR) is the fourth loser, down 14.70%
AR has been falling within a descending parallel channel since July 31. Such channels often contain corrective actions. This means that a break from him is expected.
On August 31, AR bounced off the support line of the channel and the horizontal support area of $10. Due to the confluence of these support levels, it is possible for AR to initiate a significant jump at this level.
Latest altcoin STEPN (GMT) slides down 11.84%
GMT reached a lower peak on August 16. It has been falling at an accelerating rate since then. The down move resulted in a breakout from the support area on August 26.
Similar to ANKR, the trend cannot be considered bullish until GMT retraces this level. Failure to do so will take GMT to new year lows. For the most up-to-date and accurate cryptocurrency news and analysis cryptocoin.comDon’t forget to follow
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