The new year has started positively for most altcoins, but last week’s losers are predominantly trend projects. In this article, let’s examine the 5 altcoins that suffered the most in the week of January 27 – February 3, with technical analysis by analyst Valdrin Tahiri.
- ApeCoin (APE): -7.76%
- Aptos (APT): -5.47%
- eCash (XEC): -4.56%
- Lido DAO (LDO): -4.49%
- Quant (QNT): -3.47%
ApeCoin (APE), last week’s redboard leader
APE price has been rising since November 14, 2022, when it diverged below the $3.40 horizontal area (red circle). Retraced the area after short breakout and confirmed as support (green icon) on 17 Dec. It then broke out of a descending resistance line and retraced both the $4.45 and $5.75 resistance levels. It is currently struggling to hold above the $5.75 horizontal support area.
If it succeeds, the next resistance is at $7.60. On the other hand, a breakout could lead to a decline towards the $4.45 zone, which is currently expected to provide support. Analyst Valdrin Tahiri states that Apecoin, which is currently trading just under $6, will support critical supports in the $5.75 and $4.45 regions.
Aptos (APT) moves sideways after recent altcoin bull
APT price has been on the decline since the beginning of the year, reaching as high as $20.40 on January 26. The price action coincided with a 495% increase since Jan 1st. However, the price has since dropped and formed a double top formation in the process. The double top is considered bearish and is combined with long upper wicks (red icons) to support its validity.
As a result, the most likely look for a future move is a drop towards the $13.75 horizontal support area, which is also the 0.382 Fib retracement support level. On the other hand, a move above $20.40 could send APT price to the next resistance at $28.80.
eCash (XEC) continues to trade in a narrow range
On January 22, XEC price broke out of a descending resistance line and reached $0.000045 four days later. On the same day, it was rejected from the $0.000045 resistance area and formed a long lower wick. If the downside continues, the nearest support area is at $0.000032. On the other hand, if the altcoin regains momentum, it could test the $0.000045 area once again.
Lido DAO (LDO) reaches ATH in altcoin bull, now seeing correction
LDO price has been rising since November 9, when it confirmed a resistance line (green icon) from which it emerged. Then, on December 18, it completed the double bottom formation and accelerated its rise. So far, it has reached $2.83 on Jan. 24. However, the price created a long bearish wick and has since fallen. It is currently at risk of falling below the 0.618 Fib retracement resistance level at $2.26.
If so, LDO price could decline to the $1.68 support area. On the other hand, a recovery of the 0.618 Fib level could lead to a retest of the ATH levels near $2.90.
Quant (QNT) exited the corrective channel
The QNT price has been rising since November 15. It bounced on the support line of an ascending parallel channel (green icon) on Dec. He then debuted on the channel on January 20. Currently, the price is trying to confirm the resistance line of the channel as support (green circle).
If it succeeds, it could exit the $161 resistance area and move towards $220. On the other hand, a drop in the channel could send the QNT price to the support line of the channel at $110.
Meanwhile, the trending projects of recent months dropped around 5% in the week of January 27 – February 3, while the leading crypto Bitcoin continues its momentum. At the time of writing, it was managing to maintain its position in the 23,500 region. As Kriptokoin.com, we have included Bitcoin price predictions in this article.
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