Let’s take a look at the 5 altcoin projects that filled the pockets of investors in the week from January 14 to January 21, and analyst Valdrin Tahiri’s technical analysis. In the list, we cover trend analysis and breaking points of altcoins.
- BitTorrent (BTT): 6.56%
- Theta Fuel (TFUEL): 4.78%
- Decred (DCR): 1.99%
- FTX Token (FTT): 4.15%
- Klaytn (KLAY): 0.65%
Here are the biggest gains of the week
BTT has been trading inside a symmetrical triangle since June 22. Also, it is nearing the end of the pattern and may indicate decisive price movements. On the technical side, it is showing some bullish signs as both the RSI and MACD form significant bullish divergences (green lines). According to the analyst, a break with the model seems to be the most likely scenario.
TFUEL was trading above the $0.23 horizontal area for a period of 276 days starting on March 8. On December 4, he broke up with it and confirmed on December 27 as resistance (red triangle). The token has been moving downwards since then. Since the support area has been in effect for about a year, the trend cannot be considered bullish unless it is recovered.
The DCR has been falling ever since it hit the ATH price of $250 on April 14. Bounced four times above the $100 horizontal support area, it broke down on December 5 and confirmed the area as support ten days later (red icon). The next strong support area is $46. A decisive break below this area could trigger a drop towards the ATL levels around $10.
Altcoin FTT reaches decisive support level
cryptocoin.com The FTT price, which we have included in our analysis, has been following a descending resistance line since September 9th. It fell to $33.8 on January 8th. However, the token subsequently reversed the trend and has been moving upwards ever since. It broke out of the descending resistance line on January 14th. While the upside move is not significant, FTT is struggling to hold above the $43.5 area, which previously acted as resistance. If successful, the area is validated as support. FTT needs to hold above this area for the bullish pattern to remain intact.
KLAY has been rising within an ascending parallel channel since December 4th. Such channels often contain corrective actions. Therefore, reverse movement can be expected. Also, the token is trading at the bottom of this channel, supporting the possibility of a breakout. Should it happen, the closest support area is $1.05.
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