Over the past week, most altcoins have moved sideways with Bitcoin. So the process did not go well for many cryptos. However, some altcoin projects have gone beyond this and exhibited sharp declines. During the week, Axie Infinity (AXS) fell 22.12 percent, EthereumPoW (ETHW) 20.48 percent, and Terra Classic (LUNC) 17.19 percent. Ethereum Name Service (ENS) fell 17.84 percent and Aptos (APT) fell 15.76 percent. So, what’s next for these coins? Here are the expectations of analyst Valdrin Tahiri…
Axie Infinity seeing record lows?
The AXS price has been falling ever since it hit an all-time high of $166.09 in November 2021. The decline is so deep that the coin dropped as low as $8.80 in October 2022. This low represents a record year-on-year decline. Additionally, the analyst points to the horizontal support area of $8.70, which we have not seen before since June 2021. The weekly RSI is still bearish, according to the analyst. This raises some doubts as to whether the jump will occur. According to the analyst, if there is a close below this area, AXS risks falling to $3.70.
What’s next in ETHW, the fork of the biggest altcoin project ETH?
ETHW hit $13.89 on September 24. It has since been falling within a descending parallel channel. According to the analyst, descending parallel channels often contain corrective movements. According to the expert, the price is trading at the bottom of the channel. This reduces the probability of a successful breakout. The analyst says that the closest support area is $5.50.
As we have also reported as Kriptokoin.com, ETHW emerged after Ethereum’s Merge on September 15. With Merge, the Ethereum network has moved from a proof-of-work (PoW) consensus algorithm to a proof-of-stake (PoS). ETHPoW emerged as a result of a hard fork, as those who did not want to switch to PoS took action.
What are the prospects for LUNC?
According to the analyst, LUNC completed an ABC correction build between September 25 and October 2. LUNC hit a high of $0.00037 before being rejected. According to Tahiri, the corrective structure points to upward movement. This indicates that the underlying trend is down. Since the October 2 high, the LUNC has been falling below a descending resistance line. As a result, a drop below $0.0020 seems like the most likely scenario. But if it exceeds $0.0037, things may change.
What do the Ethereum Name Service (ENS) charts show?
On October 14, ENS apparently broke out of the horizontal resistance area of $17.90 to reach $20.37. However, ENS could not sustain its high prices. Therefore, the break turned out to be just a “deviation”. On October 21, ENS fell below $17.90. The region is now expected to show resistance. The ENS is currently at risk of breaking from an ascending support line that has been present since Aug 29. According to the analyst, if such a move occurs, it could quickly drop to $12.
Last altcoin on the list: Popular coin of the week Aptos
Since its launch on October 18, APT price has been trading inside a symmetrical triangle. According to the analyst, this is a sign that lower prices are expected in this crypto market. If APT price breaks below $6.60, the rate of decline could accelerate drastically. As it is known, Aptos was listed on many exchanges at the same time. Therefore, the expectations of the investors were quite high. The coin even went up to $100 on Binance on the day it was listed. It’s around $7 right now.
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