Crypto analyst Valdrin Tahiri says that Gnosis (GNO) has broken out of an ascending support line. Also, according to the analyst, OCD (OCD) has completed five waves of upward movement. Meanwhile, the analyst notes that Helium (HNT) has dropped to new year lows. Valdrin Tahiri takes a look at the five altcoin projects that dropped the most in the past week.
The top altcoin Gnosis (GNO) fell 10.65%
The GNO has been rising since July 14 with an ascending support line. This upward move hit as high as $205.50 on August 18. However, the price was rejected by the $195 horizontal area. The altcoin has been falling ever since. Meanwhile, GNO broke out of the rising support line on August 20.
If the downward move continues, the nearest support area will be $140 formed by a horizontal level and the resistance line of the previous ascending parallel channel.
Flow (FLOW) is in second place with a loss of 9.81%
FLOW has been increasing within an ascending parallel channel since June 18. It came out of the channel on August 4 and hit $3.25. However, it was rejected by the $3.20 horizontal resistance area (red icon). FLOW has been dropping ever since.
Currently, it is back in the middle of the previous channel. It’s possible that the drop is part of a fourth wave retracement. For this to be true, FLOW needs to continue trading above the middle of this channel. Conversely, there is a chance that a breakdown through this channel will result in lower prices.
The loss of the third-ranked altcoin OKB (OKB) is 9.65%
OCD has been moving upwards since June 18. The increase resembles a five-wave upward move and reached $23 on August 14. OCD has been moving downward ever since.
It is possible that OCD initiated an ABC corrective structure. If so, a bottom is possible for the 0.5-0.618 Fib retracement support area between $14.75 and $16.30.
Fourth in diving is Filecoin (FIL) with 7.87%
The FIL has been falling since August 1, when it was rejected by the $11.20 horizontal resistance area (red icon). The rejection and subsequent drop created a very long upper wick that was considered a sign of selling pressure.
FIL is now back to the horizontal support area of $6.05. A breakout from this zone is likely to take the price below June lows.
The last-ranked altcoin Helium (HNT) lost 7.04%
HNT has been falling since hitting $12.50 on June 10. On August 22, HNT dropped to a new year low of $6.30. Attempting to rise, it was rejected by the $6.80 resistance area (red icon). HNT has been declining ever since.
If the downside continues, the two closest support levels will be $4.92 and $2.88. These levels are formed by the 1.27 and 1.61 external Fib retracements of the latest bounce. Don’t forget to follow Kriptokoin.com for the most up-to-date and accurate cryptocurrency news and analysis.
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