Crypto analyst Valdrin Tahiri states that the Huobi Token (HNT) is trading within a symmetrical triangle. Also, the analyst notes that Kusama (KSM) is following a descending resistance line. He says ALGO is trading inside an ascending parallel channel. Valdrin Tahiri takes a look at the five most declining altcoin projects over the past week.
Huobi Token (HT) is in the first place, falling 6.96%
Since the beginning of July, Huobi Token (HT) has formed a triple bottom pattern (green icons). The triple bottom is considered a bullish pattern. That often leads to breakage.
Additionally, HT broke out of a descending resistance line. The main resistance area is currently at $4.90. A break above this will confirm the pattern. It will likely accelerate the rate of increase in altcoin price.
The second altcoin, Kusama (KSM), fell 5.49%
KSM price has been breaking below a descending resistance line since May 16. In doing so, it reached under $43 on June 13.
The price has been moving upwards since then. KSM once again reached the resistance line on 7 June. The line now coincides with the horizontal resistance area of $67. A breakout from this line and zone is possible to greatly accelerate the rate of increase and push the price up to $85.
The third altcoin is Algorand (ALGO), which fell 4.17%
ALGO has been rising inside an ascending parallel channel since June 13. Such channels often contain corrective actions. This means that a breakdown is to be expected from them.
Currently, ALGO is facing resistance from the middle of the channel (red circle). Its rejection or retracement will likely determine the direction of the future trend.
Fourth-ranked Helium (HNT) slides down 4.11%
HNT has been falling within a symmetrical triangle since June 10. So far, both the resistance and support lines have been confirmed three times. Therefore, the formation was given legitimacy.
The symmetrical triangle is considered a neutral pattern. So both breakage and deterioration are possible. However, since it occurs after an upward move, a breakout from it would be more likely. If this happens, the nearest area of resistance is at $10.60.
Last altcoin Compound (COMP) lost 4.07%
On July 13, COMP broke out of a descending resistance line that has existed for 20 days. Returned the next day to verify as support (green icon).
Currently, COMP is trying to break out of the $58 resistance area. If successful, it is likely to rise towards the next resistance at $75. Don’t forget to follow Kriptokoin.com for the hottest and most accurate cryptocurrency news and analysis.
6618
