December 31 – January 7 was a week in which corrective price movements were concentrated on the crypto money side, as in the global markets. In this article, let’s list the 7 altcoin projects of the week and take a look at the technical analysis of analyst Valdrin Tahiri.
- SushiSwap (SUSHI): -31.71%
- Kadena (KDA): -25.27%
- Gala (GALA): -24.70%
- Axie Infinity (AXS): -23.62%
- Aave (AAVE): -21.51%
- IOTA (MIOTA): -20.61%
- Gnosis (GNO): -20.57%
What happened on the red board this week?
SUSHI has been moving down since the ATH level of $23.4 on March 13. A downside move could be a completed corrective structure lasting twice (dashed lines) from the previous upside move. However, SUSHI needs to retake the $7 area, which has been acting intermittently as resistance or support since September 2020.
KDA has been falling since it reached the ATH price of $28.3 on Nov. 11 (red icon). Since then, it has lost 66% of its value. The analyst identifies the main support area at $6.20, formed by the October-November 2021 lows.
GALA also has been falling since the ATH level on Nov. 26 at $0.84. It confirmed the $0.61 horizontal resistance area on Dec. 13 and continued its decline. The main support area is $0.235, which means a 71.68% drop from ATH.
AXS has been falling since breaking out of an ascending parallel channel (red circle) on Dec. The downside move has so far reached $70.27, reached on January 7. The closest support area is at $64.4. The analyst thinks the region could initiate a bounce.
cryptocoin.com You can take a look at the most profitable altcoin projects of the week of December 31 – January 7, which we have compiled as follows.
DeFi altcoin AAVE is fifth with 21%
AAVE has been falling near a descending resistance line since May 18. It attempted to breakout on October 27, but was rejected by the $410 horizontal resistance area and formed a long upper wick (red icon). A trend change will not be confirmed until the AAVE decisively rises above this line.
IOTA has been falling with a descending resistance line since Sept. Similar to AAVE, IOTA appeared to be out of that line on December 31st. However, it fell below it again and it now risks falling below the $1.05 support area. The analyst thinks that the decline from these levels may deepen to a large extent.
On November 8, the GNO reached its ATH level of $65. After a decline, it rose throughout December and reached $598 on December 31. The GNO is currently in the process of falling below the $470 horizontal area. If it continues in this direction, it could greatly accelerate the rate of decline.
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