Watch Out For These 5 Altcoin Projects: Hard Drops Of The Week Are Out!

The week from 29 July to 5 August witnessed the rally of Optimism (OP) and Flow (FLOW). On the red side is Ethereum Classic (ETC), which has retreated after a sharp rally. In this article, let’s take a look at the 5 altcoin projects that have fallen the hardest since last week. Analyst Valdrin Tahiri identifies critical supports that will cool the decline.

  1. Qtum (QTUM): -19.40%
  2. Bitcoin Gold (BTG): -17.56%
  3. Ethereum Classic (ETC): -15.16%
  4. Bitcoin Cash (BCH): -12.63%
  5. Convex Finance (CVX): -8.98%

Top 5 altcoins this week

Qtum (QTUM)

QTUM has been rising within an ascending parallel channel since June 18. It jumped on the support line of this channel on July 13. It then broke through the area clear on July 27. After this move, it rose to $5.25 two days later. However, the price has since been falling and it broke below the $4.30 horizontal area at the beginning of August. The area is now expected to show resistance. Meanwhile, the price is completing the fourth wave decline. According to the analyst, another upward move will follow the test in the region.

Bitcoin Gold (BTG)

BTG started an upward move on July 13. It broke out of a descending resistance line on July 22. It hit as high as $38.50 on July 29. However, it was rejected by the 0.618 Fib retracement resistance level (red icon). BTG price has been dropping since then. So far, it has reached the lowest level of $26.45. Since the $26.50 area previously acted as resistance, it is now expected to provide support.

Ethereum Classic (ETC)

Similar to BTG, ETC broke out of a descending resistance line on June 24. Then it rose rapidly and reached $45.36 on July 29. The whole increase looks like a completed five waves up move. Since then, ETC has been falling within an ABC corrective structure. In this scenario, the analyst expects $25-29 to act as support.

Bitcoin Cash (BCH)

BCH has been rising since July 13 and broke out of a descending resistance line on July 28. He returned five days later to confirm the line as support (green icon). The bounce also coincided with the confirmation of the $133 horizontal support area. A price breakout or bounce at this level will likely determine the direction of the future trend.

Convex Finance (CVX)

CVX has been rising inside an ascending parallel channel since June 20. Such channels often contain corrective actions. It also means that an eventual collapse is likely. Currently, CVX is trading on the support line of this channel. If it breaks down, the main support area will be at $5.30 formed by a horizontal support area.

cryptocoin.comAs you follow, this week’s record holder was Optimism (OP). In this article, we have presented the top 5 altcoin projects in the week from 29 July to 5 August.

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