This week, altcoin projects where prices fell the most in the entire crypto money market attracted attention. Here are the coins that fell the most and analyst Valdrin Tahiri’s expectations for these coins…
APE price leads declines
The APE price is down 93 percent since its all-time high of $24.45 on April 28. The decline culminated on July 7 with an all-time low of $1.83. That’s a 93 percent drop from its all-time high. The daily RSI supports the continuation of the decline. Market traders use the RSI as a momentum indicator to identify overbought or oversold conditions and decide whether to accumulate or sell an asset.
Data above 50 and an uptrend indicate that the bulls are still at an advantage, while data below 50 indicates the opposite. The indicator is below 50 and falling. According to the analyst, this is also a sign of a bearish trend. If the APE continues to drop, the next closest support will be $1.59. However, if the price starts a rally, it could move to the short-term descending resistance line currently at $2.50.
Phantom (FTM) price was rejected
FTM price started an upward move on June 10. During the rise, it made two attempts to exit the $0.32 resistance area. However, both failed and formed successively lower peaks (red icons). After the second high, the FTM price fell sharply. FTM is trading just above the 0.618 Fib retracement support level at $0.26.
According to the Fibonacci theory of retracement levels, after a significant price change in one direction, the price is expected to partially return to a previous price level before continuing in the same direction. If it is a bearish corrector, the 0.618 Fib level usually acts as a bottom. Therefore, if FTM manages to bounce off $0.26, it could make another attempt to climb above $0.32. However, if it fails to do so, the price could drop to the next long-term support at $0.20.
Conflux (CFX) failed to break through resistance
CFX price has declined inside a descending parallel channel since March 13. Such channels often contain corrective patterns, meaning a final breakout from the channel is the most likely future price scenario. On June 10, CFX price bounced off the support line of the channel and started an upward move towards the resistance. However, it was rejected by the middle line (red circle) of the channel and has since dropped. This is considered a bearish sign. If the decline continues, CFX could drop to the $0.14 support level formed by the support line of the channel and the horizontal support area of $0.14. On the other hand, if CFX rises above the middle line of the channel, an increase towards the resistance line would be the most likely future price scenario.
Altcoin Synthetix (SNX) is flat
The SNX price has increased since June 10. The upward move was crucial as it caused a recovery of the $2 horizontal area. Previously, the price had apparently fallen off the level. However, due to the increase, the previous failure is considered only a deviation. If the increase continues, SNX could move towards the long-term descending resistance line at $2.50. However, if the price closes below the $2 area, a drop from $1.30 to the lowest level of the year is likely.
Stellar (XLM) price fails to break above resistance area
cryptocoin.com As we have also reported, Stellar price reached the highest level of the year at $0.12 on June 30. However, despite the increase, it failed to rise above the $0.11 resistance area and failed to close. Instead, it formed a long upper wick that was considered a sign of selling pressure. Later, the price declined at an accelerating rate and is currently approaching the $0.09 support area. If XLM bounces, it could try to climb above $0.11. However, if it breaks down, the next support is expected to drop to $0.08.
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