Crypto analyst Valdrin Tahiri notes that WAVES fell below the long-term resistance at $4.80. According to the analyst, MANA has been shown a red card on a long-term descending resistance line. Also, the analyst says that HNT has completed an ABC corrective build. In summary, the analyst states that these 3 altcoin projects have a very scary technical outlook.
First altcoin Waves (WAVES) drops below horizontal support
The altcoin price has been falling ever since it hit an all-time high of $63.88 in March 2022. During this period, WAVES became one of the biggest losers in the crypto market, falling by 94.50%. In September 2022, the altcoin price broke out of the $4.60 horizontal zone, which has been a support since the beginning of 2021. Then confirmed the area as resistance (red icon).
Failures from such long-term structures often lead to sustained downward movements. If the decline continues, the nearest support area will be $2.30. The weekly RSI is also falling and is still below 50. This is another sign of a bearish trend. Invalid bearish hypothesis, there will be a weekly close above the $4.60 area. However, this is not possible at the moment.
Decentraland (MANA) rejected by the resistance
cryptocoin.comLike WAVES, MANA was one of the biggest losers in the crypto market last year. The Metaverse coin has lost 89% of its value since its all-time high of $5.90 in November 2021. During this period, it followed a long-term descending resistance line.
The line has been confirmed several times, most recently on October 26 (red icon). The rejection also coincided with the $0.73 horizontal resistance area, increasing its importance. At the beginning of September, MANA also broke out of the $0.75 area. Until there is a weekly close above both the line and the $0.73 area, the trend cannot be considered bullish. If the downside continues, a drop to $0.45 is possible for MANA.
Helium (HNT) completes its upward correction
The altcoin price has been moving upwards since it dropped to $3.19 on September 5. However, the up move looks like a completed ABC (black) short-term correction. If so, we will see HNT start another downward move now.
The downward movement has stopped in the last 24 hours. However, there are no bullish signs in place. All in all, the most likely scenario is 1.61 external Fib at $1.65. a decline towards retracement. Conversely, the bearish hypothesis would be invalidated if wave C (red line) spikes above $5.76. This indicates that new highs are expected.
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