According to crypto analyst Valdrin Tahiri, Chiliz (CHZ) is in wave C of the ABC correction. The analyst also says that Algorand (ALGO) has broken out of the $0.29 support area. Meanwhile, ETHPoW (ETHW) fell to an all-time low. The analyst takes a look at the five altcoin projects that have experienced the most declines in the entire crypto market over the past week.
First altcoin CHZ leads market decline
Chiliz (CHZ) price has fallen since November 7. It formed a slightly lower top (red icon) on November 19 and continued its downward move. The November 9 – 19 movement (highlighted) looks like an ABC correction structure (black). Therefore, it’s possible that the November 7 drop was also an ABC correction (white). In this probability, altcoin price is in wave C of this correction.
Giving the A:C waves a 1:1 ratio (white) would cause $0.123 to drop. An upward movement is possible afterward.
ALGO dives below critical horizontal area
Algorand (ALGO) price has been trading above the $0.29 horizontal support area since the start of 2021. However, it finally broke down on 9 November. The breakdown and the ensuing downside move to as low as $0.22. The next closest support area is $0.20.
Although the weekly RSI is forming a bullish divergence (green line), the trend is considered bearish until altcoin price regains the $0.29 resistance area. Failing that, the most likely scenario is a drop towards $0.20.
LDO retests previous resistance
On October 17, the Lido DAO (LDO) price broke out of the descending resistance line that has been in effect since August 14. It then turned bearish, with the downside move confirming the resistance line as support (green circle).
Now, LDO price is trading in a short-term range between $0.93 and $1.29. Whether the price breaks above the second or below the first will likely determine the direction of the future trend.
Fourth altcoin ETHW forms bullish divergence
ETHPoW (ETHW) price had fallen below a descending resistance line since November 8. The bearish action led to a low of $3 on November 20. Then the price started a bounce which started with an uptrend (green line) on the RSI. Currently, ETHW is making another attempt to get off the line.
A break from it is possible, as the lines weaken each time they are touched. If one occurs, the next closest area of resistance will be at $4.50. Conversely, if it drops below $3, this bullish prediction is invalid.
Rally of the latest altcoin NEAR could start soon
Near Protocol (NEAR) had fallen below a descending resistance line since Nov. He extended this downward move to $1.43 on Nov. 21. Later, the RSI formed a bullish divergence (green line). Thus, it catalyzed an upward movement. On November 23, the price broke out of the descending resistance line. Currently in the validation process as support. If successful, this is likely to start a bullish move towards $2.20.
On the other hand, if it falls below the descending resistance line, this upside price prediction will be invalid. Don’t forget to follow Kriptokoin.com for the most up-to-date and most accurate cryptocurrency news and analysis.
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