Terra’s legacy token, Terra Classic (LUNC), has dropped 70% since Sept. Crypto analyst Valdrin Tahiri says that Helium (HNT) is trading at a long-term support level at $4. According to the analyst, Gnosis (GNO) is trading within a descending parallel channel. Valdrin Tahiri takes a look at the top five losing altcoin projects from last week.
The top altcoin is Terra Classic (LUNC), which dropped 47.56%
LUNC has been falling since hitting $0.00059 on September 8. The high was at the confluence of the key Fib levels creating three waves (white) with the 4.2 – 4.618 extension of the original up move (red) and the length of 1.61.
The ensuing downward move fell as low as $0.0024 on September 15. It seems like it started a decline from the $0.0028 support area (red icon). Unless LUNC reclaims the $0.0028 area, it will likely continue to drop to $0.000165. The bearish probability is also supported by the daily RSI that drops below 50 (red icon).
Helium (HNT) in second place fell 16.58%
cryptocoin.comAs you follow, HNT hit an all-time high at $51.47 in November 2021. The altcoin has been falling ever since. The downside move has hit $3.18, the lowest this month so far. The bounce that followed confirmed the $4 area as support (green icon). It also created a bullish candle in the process. However, it failed to sustain the upward move and the price fell back to the $4 area.
The weekly RSI is well below 50. This indicates that the long-term trend is bearish. As a result, an eventual breakdown from the $4 zone is likely. If one does, the next closest support area will be $1.80.
Gnosis (GNO) is the next altcoin, down 16.21%
The GNO has been falling ever since it reached $205 on August 18. The price formed a lower top on September 11 (red icon), confirming the resistance line of a descending parallel channel.
If the downside continues, the nearest support area will be at $125. The support is formed by the support line of the channel and a horizontal support area.
Kusama (KSM) is in fourth place with a loss of 15.66%.
KSM has been falling since hitting $69.91 on July 23. It created a slightly lower high in early August before accelerating the rate of decline. On Thursday, KSM broke out of the horizontal support area of $45, which has been in effect since June. On Friday, KSM dropped to a new year low of $42.85.
If the downside continues, the next closest support levels will be $36 and then $27, formed by the 1.27 and 1.61 Fib retracement levels of the latest upward move.
Eos (EOS), the last-ranked altcoin, slides down 15.46%
EOS has been falling ever since it reached $1.90 on August 23. The price formed a lower high on September 19. After that, it accelerated the rate of decline.
Currently, EOS is trading at a confluence of a horizontal support area and the $1.40 support level formed by the resistance line of the previous ascending parallel channel. Whether or not EOS drops below this support area will likely determine the direction of the future trend.
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