348
135 shares, 348 points

December 31 – January 7 was a week in which corrective price movements were concentrated on the crypto money side, as in the global markets. In this article, let’s list the 7 altcoin projects of the week and take a look at the technical analysis of analyst Valdrin Tahiri.

  1. SushiSwap (SUSHI) : -31.71%
  2. Kadena (KDA) : -25.27%
  3. Gala (GALA) : -24.70%
  4. Axie Infinity (AXS) : -23.62%
  5. Aave (AAVE) : -21.51%
  6. IOTA (MIOTA) : -20.61%
  7. Gnosis (GNO) : – 20.57%

What happened on the red board this week?

SUSHI has been moving down since the ATH level of $23.4 on March 13. The downside move could be a completed corrective structure lasting twice the previous up move (dashed lines). However, SUSHI needs to retake the $7 area, which has been acting intermittently as resistance or support since September 2020.

KDA has been falling since November 11 when the ATH price reached $28.3 (red icon). Since then, it has lost 66% of its value. The analyst identifies the main support area at $6.20, created by the October-November 2021 lows.

GALA also dropped since the ATH on November 26 at $0.84. It confirmed the $0.61 horizontal resistance area on Dec. 13 and continued its decline. The main support area is $0.235, which means a 71.68% drop.

AXS has been falling since breaking out of an ascending parallel channel (red circle) on Dec. The downside move has so far reached $70.27 reached on Jan. 7. The closest support area is at $64.4. The analyst thinks the region could initiate a bounce.

DeFi altcoin AAVE with 21% in fifth place

AAVE has been falling near a descending resistance line since May 18. On October 27, it attempted to padollara but was rejected by the $410 horizontal resistance area and formed a long upper wick (red icon). Until the AAVE decisively rises above this line, a trend change will not be confirmed.

IOTA has been falling with a descending resistance line since Sept 4th. Similar to AAVE, IOTA appeared to be out of that line on December 31st. However, it fell below it again and it now risks falling below the $1.05 support area. According to the analyst, he thinks these levels can greatly accelerate the rate of decline.

On November 8, GNO reached its ATH level of $65. After a decline, it rose throughout December and reached $598 on December 31. The GNO is currently in the process of falling below the $470 horizontal area. If it continues in this direction, it could greatly accelerate the rate of decline.


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