It is not enough just to follow the rising in the market in order to seize the opportunities and protect from the dangers. That’s why crypto analyst Valdrin Tahiri X-rays the seven top-losing altcoin projects for the week of October 15-22. we too cryptocoin.com We have compiled Valdrin Tahiri’s analysis for you.
Flow (FLOW) was the top losing altcoin with 19.06% weekly
The analyst states that FLOW has been falling with a descending resistance line since August 30, and the resistance line is a sign that the token is recovering. Until FLOW explodes, the trend cannot be considered bullish. The analyst continues as follows:
Currently, the altcoin is holding just above the $12.50 horizontal support area. The zone is crucial as a break below it could take it to new lows below $8. Currently, there are no signs of an upward turn in place.
dYdX (DYDX) is in 2nd place, down 13.45%
The analyst states that DYDX has fallen within a descending parallel channel since September 30, when it reached its ATH of $27.85, and such channels often contain corrective movements. According to the analyst, this means that a breakout from the channel would be the most likely scenario, as this drop is considered a correction. The analyst makes the following assessment:
The most likely level for a bounce and eventual breakout would be $17. This is the all-time high resistance level that is currently expected to act as support. It also coincides with the support line of the channel.
Celsius (CEL) down 10.02% weekly, trend uncertain
The analyst states that the CEL has been trading within a large symmetrical triangle since January 22, and such triangles are considered neutral patterns meaning that a breakout and a breakdown in confidence could occur.
The altcoin is rapidly approaching the convergence point between resistance and support. At this point, a decisive move outside the model is expected. Until the CEL breaks or falls, the direction of the trend cannot be determined due to the neutrality of the pattern.
eCash (XEC) drops 8.99% and sees ATL
The analyst states that XEC has been falling with a descending resistance line since September 28, and while following the line, it fell to $0.0017 with its ATL on October 20. He adds:
It then attempted to bounce back while it was rejected by both the $0.0002 area and the descending resistance line (red icon). Therefore, the trend is likely to the downside and XEC could drop to an all-time low.
The analyst thinks that the altcoin project, which fell 7.04%, is approaching the bounce area
The analyst states that Perpetual Protocol (PERP) broke out of a descending resistance line on October 11, ending the downward movement that has continued since August 30. “The up move continued until October 15, when PERP was rejected by the 0.5 Fib retracement resistance level at $18.50. The same domain previously rejected the token on September 14 and 26,” he comments after sharing the information:
The altcoin has been moving down since then, approaching the $13 support area that could start a bounce.
Telcoin (TEL) weekly loss 5.60%
The analyst notes that TEL has been rising with an ascending support line since Sept. 21, and in doing so, it broke above the initial $0.021 area to reach a high of $0.0234. However, the upward move could not be sustained and then TEL dropped below the $0.021 area. The analyst states that this is a bearish sign as the region is expected to provide support and points to the following level:
There are support levels at $0.018 formed by the ascending support line and a horizontal support area. TEL is likely to bounce when it gets there.
Altcoin project Waves (WAVES) pulls back 5.22%
The analyst states that WAVES has been rising with an ascending support line since Sept. 21, and while doing so, it nearly reached its ATH on Oct. 14 but failed to do so and was rejected by the $33.50 resistance area. According to the analyst, the altcoin has been moving down since then and has now once again reached the ascending support line. The analyst continues as follows:
If the support line holds, it will form an ascending triangle, which is considered a bullish pattern. In this case, an eventual break and ATH will be the most likely scenario. If a breakdown occurs, the nearest support is found at $25.80.
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