These 3 Altcoins Collapsed!

According to crypto analyst Yashu Gola, Bitcoin (BTC)’s loss in the first ten days of 2022 is less disappointing than some of its leading crypto competitors, which have fallen much harder. The analyst analyzes the charts of the three tokens listed below among the top 50 cryptocurrencies to outperform Bitcoin (BTC) in the seven-day time frame. we too cryptocoin.com We have prepared Yashu Gola’s analysis for our readers.

“Bitcoin is relatively better off”

One Bitcoin (BTC) price has dropped by almost 10% over the past seven days, and sustained declines are observed as it slumped below its temporary psychological support of $40,000 on January 10.

However, the losses suffered by Bitcoin (BTC) appear to be less than the performances of some of its top crypto competitors. For example, Cardano (ADA), the seventh-largest cryptocurrency by market cap, has slid around $1.15, down about 11% in the past seven days. Similarly, Ripple (XRP), the eighth-largest by market capitalization, fell by about 10% to around $0.75 over the same period.

Meanwhile, some cryptocurrencies listed among the top 50 digital assets have suffered even greater losses of between 15% and 30% over the past week. These include Ethereum’s native token ETH, which has lost over 16%, and blockchain rival Terra, whose token LUNA has fallen by around 20.50%.

Analysis of collapsed altcoin projects

Axie Infinity (AXS)

Axie Infinity has grown over 12,000% profit year over year, making it one of the best projects for traders to secure their profits. AXS price has dropped nearly 27.5% over the past seven days to $70, making it the worst performer among the big coins. Meanwhile, the AXS/BTC pair settled at 0.0017 BTC, down almost 17% over the same period.

However, according to the analyst, AXS price may rally in the coming days as warnings of the ‘oversold’ state of the relative strength index (RSI) token, one of the market’s key momentum indicators. The analyst notes that AXS’s daily RSI has dropped below 30, which traditional charters interpret as a buy signal:

More bullish clues for AXS are coming from the downside target area between $64.50 and $50, as seen in the chart below. Specifically, the $64.50 level acted as support for AXS price during the August-September trading session in 2021.

His analyst similarly reminds that levels around $50 have caused traders to accumulate AXS collectively four times since Sept. Conversely, a break below the downside target range could be pushed below $40, another support level from August 2021.

AAVE (AAVE)

Aave has been sitting above an annual profit of almost 60% since Jan 10, 2021. Still, it has become one of the worst performing cryptocurrencies to enter 2022. AAVE price has dropped just over 24% in the past seven days to $200. Meanwhile, the token’s performance against Bitcoin was around -15%, suggesting that traders are not convinced of the Aave rise.

The analyst notes that AAVE’s daily RSI has been bearish since Dec. 27 and is now close to 39. According to the analyst, it is now seeing an extended correction to reach oversold levels below 30, which means there is still room for AAVE price to slide lower than its current price:

A sell signal is also appearing as AAVE retests the bi-monthly ascending trendline support, as shown in the chart below. AAVE has rebounded from that rising level at least four times since Dec. Therefore, if the coin breaks below this, a correction to $165, which is another support level, will be more likely.

Conversely, a rebound from the uptrendline support could have an AAVE rally towards the $250-275 trading range, which has a recent history of acting as both resistance and support.

IOTA (MIOTA)

Based on seven-day adjusted timeframe performance, IOTA’s losses are marginally less than AAVEs. However, given that the token is sitting at around 150% profit year over year, the analyst says it looks like a good sell for traders looking to offset their losses elsewhere during the recent dip in the crypto market. Notably, the price of IOTA has dropped just over 24% to $1.00 in the past seven days. Against Bitcoin, IOTA is down about 14% over the same period.

However, a bounce is now likely as the token’s daily RSI approaches oversold levels, while it recently fell into the $0.93-1.00 trading range, which has a history of attracting buyers.

As a result, he sees high chances of extending the price drop to $0.71 if IOTA breaks below the $0.93-1.00 range. Otherwise, a rebound from the region could set IOTA price to a temporary bullish target of $1.21.

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