After listing the 7 altcoin projects that increased the most from January 28 to February 4, let’s take a look at the coin/tokens sliding to the bottom of the week. Analyst Valdrin Tahiri identifies critical support levels that could cool the decline.
- Loopring (LRC) : -8.67%
- Waves (WAVES): -6.87%
- Secret (SCRT): -5.24%
- Phantom (FTM) : -3.22%
- Helium (HNT): -3.18%
- Theta Fuel (TFUEL): -2.81%
- Polygon (MATIC) : -1.64%
Here are the 7 altcoins that made the most losses compared to last week
Loopring (LRC) has been falling with a descending wedge since November 25. The downward move continued until $0.64 was reached on January 22. Currently, the LRC is attempting to break out of the wedge’s resistance line. If a breakout occurs, the nearest resistance is $1.65. This is the previous horizontal support area that is now expected to act as resistance.
SCRT has been falling with a descending resistance line since Jan 26. It managed to break through on February 4 and confirmed the line as support the next day. If both parts of the up move have the same rate of increase, SCRT could reach $6.85.
WAVES has been falling with a descending resistance line since Oct 14. On January 20, it broke out of the $12.20 horizontal zone, which has been acting as support since May. Although it bounced on Jan. 24, it is still trading below both the descending resistance line and the $12.2 horizontal resistance area. Until we manage to clear both resistance levels, the trend cannot be considered bullish.
On Jan. 17, Phantom (FTM) broke out of the $3.10 horizontal resistance area (red circle) and nearly reached the ATH price in the process. However, it soon turned bearish, citing the so-called breakout only as a divergence. The downside continued until the price bounced off $1.98. As long as this support area continues, the possibility of upward movement remains valid.
Helium (HNT) has been falling since reaching ATH price on Nov. However, HNT soon regained $26 and is currently in the process of verifying as support (green icon).
Theta Fuel (TFUEL) has been falling since June 9th. It broke out of the $0.235 area on Dec. 13, which has been providing support (green icons) for 276 days. Later, on December 27, the line confirmed as resistance (red icon). Although it jumped significantly on January 24, the trend cannot be considered bullish until this area is regained.
MATIC, which we have included in our analysis as Cryptokoin.com, has been declining since it deviated above the $2.40 horizontal resistance area and reached the price of ATH on December 27. On January 21, it broke from an ascending support line that had been in effect for six months. While it has bounced back significantly since then, the trend cannot be considered bullish until it retraces the previous ascending support line.
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