Here are 5 Altcoins Crashing This Week and Prospects
The crypto market continues to bleed. Some altcoins in the market received more serious injuries. NEXO has broken out of a long-term horizontal support area. Also, GNO and FLOW hit new all-time lows in June. Valdrin Tahiri examines the 5 altcoin projects that lost the most value last week. We have prepared it for our readers with the narration of the analyst.
The first altcoin to crash is Nexo (NEXO) with 44.42%
As featured on Kriptokoin.com , NEXO has been falling since reaching $3.55 on April 29. The bearish action has been swift and has so far dropped as low as $0.61 on June 15. More importantly, the decline resulted in a break below the $1.10 horizontal area that had previously acted as support since May 2021. The next closest support area is at $0.615, formed by the 1.61 external Fibonacci retracement resistance level.
In the second place is Flow (FLOW), which fell by 40.38%.
As you can see, FLOW has been gradually decreasing since July 30. The downside so far has reached an all-time low of $1.37 on June 16. Also, the daily RSI is oversold. However, there are no bullish signs on the daily timeframe, such as a possible bullish reversal.
Meanwhile, FLOW is likely to be falling within a descending parallel channel since April 2nd. More recently, the channel rejected the price on June 10 (red icon). In this case, the nearest support area would be in the middle of the channel at $0.70.
Third altcoin Curve DAO Token (CRV) down 39.01%
Similar to FLOW, CRV is trading in a descending parallel channel. It’s been like this since the beginning of February. Additionally, the daily RSI is oversold. However, CRV is currently on the support line of the channel (green icon). This increases the likelihood of a jump. If one occurs, the nearest area of resistance would be at $1.15, which is the middle of the aforementioned channel.
The fourth loser was Waves (WAVES) with 38.77%.
WAVES has been falling ever since it hit an all-time high of $69.88 on March 31. In this respect, the decline has been rapid and the price is holding down 93% so far. There is something that will further increase the rate of decline of the altcoin project. So WAVES risks breaking from its June lows.
The latest altcoin Gnosis (GNO) lost 38.29%
In the period from November 2021 to March 2022, GNO created a triple top model (red icon). You might know this as a bearish reversal pattern. After the third peak, the GPA dropped 80% in just 82 days. The altcoin hit an all-time low of $109.4 on June 15. There is no support below the current price as the GNO is at an all-time low.
