As , we have previously examined the 7 most profitable altcoin projects. Next up, we’ll take a look at the 8 worst performing altcoins between July 2 and 9, with analyst Valdrin Tahiri. We start with TEL…
Analyst: $0.01 can be seen on TEL
The first name of the list, TEL, has been falling since May 26 with a descending bearish line. This line has been rejected multiple times, most recently on 1 July. In the resulting pattern, it repeatedly bounced off the $0.018 horizontal support line. If the resistance line of the triangle is followed, a possible bearish trend can occur in each test. The analyst states that these regressions can bring TEL down to $0.01.
Technical indicators on altcoin CELO, negative
CELO, which is in the second place of the list, is falling with the resistance line it has been following since April 11 after reaching $ 7.52. This line was last rejected on June 26. It is currently struggling to hold above the $2.80 support area. A break below this level could most likely drag CELO down to $2.05. Also, on the technical side, the MACD is negative and the RSI is below 50.
This altcoin project has drastically declined after its ATH
HBAR, on the other hand, has been trading in a massive descending channel since March 15 after ATH of $0.455. In the process, it tested both support and resistance lines multiple times. It also bounced off the support line of the channel on June 22, coinciding with the horizontal support line at $1.155. However, HBAR failed to regain the midline of the channel and declined again to the $1,155 support. HBAR’s uptrend cannot be confirmed unless it reaches the upper half of the channel.
VET is testing an important support
The next altcoin, VET, is approaching the $0.07 support. The bottom zones formed on 19, 23 May and 22 June supported VET upwards. However, the excitement of the new investors was short-lived. VET declined to the horizontal support at $0.07 after surging a bit and is currently not showing any bullish signals. Also, as quoted by the analyst, a possible selling pressure could push VET back to 0.038 support.
Dogecoin is on the list
Dogecoin is among the altcoin projects that upset its investors. It bounced back sharply after dropping to $0.163 on June 22. This padollarama looked strong and bullish according to the analyst. DOGE, however, has been declining ever since. It dropped to the $0.191 support after a 0.786 Fib retracement on July 9. It bounced back after this bottom and is currently following the resistance line below. A breakout of this resistance could lead to an upside move towards the horizontal resistance area of $0.29.
Next altcoin, Internet Computer (ICP)
It is among the projects that lost the most in July in ICP. It started to rise after falling to $28.26 on June 26. This uptrend did not continue after ICP moved to $59.45 on June 29. It dropped as low as the 0.618 Fib retracement support level at $40 on July 8. The next level of support is located at $35. At this point, the analyst states that the descending wedge formation below can be followed.
Analyst: $5.30 support can be seen in QTUM
QTUM has been declining since June 30. There is a descending parallel channel for short-term analysis. Within this channel, the support line is trading at the support levels formed by the 0.5 Fib retracement and a horizontal support area. According to the analyst, the current level is quite ideal for a good start to the upside. However, technical indicators point to a bearish. He also adds that if the channel is broken, QTUM could likely slide back to the $5.30 horizontal support.
Stellar dominated by bears
Finally, XLM moved higher after dropping to a low of $0.20 on June 22. It reached the level of $0.293 on June 29. This upward movement then formed a descending channel. XLM continues to decline within this channel. It is currently trading at the 0.618 Fib retracement support level at $0.236. A break below this area could drag XLM to $0.20.