Some altcoin projects faced depreciation this week. Among them is the popular altcoin Solana (SOL). So, what’s next for coins that are falling on a weekly basis? Here is analyst Valdrin Tahiri’s analysis…
CVX becomes the most depreciated altcoin
As we reported on Kriptokoin.com, CVX has dropped 8 percent this week. But CVX price has already been falling within a descending wedge since July 23. The descending wedge is considered a bullish pattern. That often leads to breakage. On November 21, CVX price bounced off the horizontal support area of $3.55, according to analyst Tahiri. This also confirmed the support line of the wedge. If CVX price breaks out of the wedge, the next closest resistance will be $6. On the other hand, a daily close below the $3.55 zone could lead to a new year low.
Some breaks were noted in the CRV.
CRV price, which fell 7 percent on a weekly basis, was rejected by a descending resistance line on Nov. It then fell to $0.40 on November 20. However, it later bounced and reclaimed $0.56 on the same day. A divergence on the downside followed by a gain of the $0.56 area is largely bullish. Still, whether CRV price breaks out of the resistance line or falls below the $0.56 zone will determine the direction of the future trend.
NEXO price continues to decline
On the other hand, the price of NEXO, which has fallen 6.88 percent this week, has fallen since reaching $0.74 on November 26. The decline resulted in the break of an ascending support line three days later. According to the analyst, NEXO price is now hovering above the $0.64 horizontal support area. If this level is broken, the next closest support area is $0.58. On the other hand, a retracement of the previous ascending support line indicates the completion of the correction.
Solana tries to get above $15
On the other hand, on November 22, Solana price broke out of a descending resistance line that has been operating for two weeks. It lost 4.72% of its value over the week. It had risen to $14.98 on November 26. While the price declined later, it bounced off the 0.5 Fib retracement support level at $12.95. As a result, another attempt to rise above $15 will be the most likely scenario. A break above the $15 resistance area could raise the Solana price prediction in the short term.
The coin that fell the most after Solana (SOL): Bitcoin Cash
The price of BCH, which has fallen 4.22 percent this week, has dropped below a descending resistance line since July 29. That line, according to the analyst, caused a rejection on Nov. It led to a new yearly low of $87 on Nov. Later, BCH price bounced back and retraced the $98 support area. On November 23, he made another attempt to break through the resistance line. Whether or not the descending resistance line of BCH price remains will determine the direction of the future trend.
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