Scary Warning For These 3 Altcoins: Never ATH!

With October green for the altcoin market, Luna Classic (LUNC) price is falling below a descending resistance line following failed attempts. The SLP price has also started to seek its local peaks after sales in recent months. However, it shows no signs of a return. Steem (STEEM), on the other hand, rejected a long-term descending resistance line and horizontal resistance area. According to analyst Valdrin Tahiri, these 3 altcoins may not see ATH levels again.

LUNC price drops again after a failed breakout

LUNC price has been falling below a descending resistance line (red icon) since Oct. On October 30, he made several attacks that were initially successful. However, the upward trend was short-lived. The price fell below the resistance line two days later. The nearest reinforcement area is now around $0.000013. Analyst Valdrin Tahiri says the price will never reach ATH levels again due to the 6.9 billion LUNC supply.

SLP price was in the hands of bears as altcoin market rallied

SLP price has been bearish since it reached $0.0057 on August 12. The downward move resulted in a breakout (red) from an ascending reinforcement line on August 19th. SLP started to decline again after that. It saw a record floor price of $0.0030 on October 13. Its price is currently still at risk of breaking this base. On the other hand, a rise above the 12 August highs will invalidate the bearish view.

Since the main reasons for the SLP price drop is its always increasing supply. In addition, despite the increasing supply, the token issuance rate remained stable compared to last month. Therefore, if the ATH price rises to $0.32, the market cap will rise to $13.6 billion and move up to the 10th place based on market cap.

STEEM price fails to break a critical resistance

STEEM price has been trading below a descending resistance line since April 2021. Additionally, it dropped below the $0.25 horizontal zone, which is currently acting as resistance. According to the analyst, it is unlikely that the STEEM price will increase due to the intersection of these two resistance levels. Therefore, the true price drop to the $0.14 horizontal reinforcement area looks like the most likely scenario.

Demand for STEEM appears to be declining as the top of the current bull run is significantly lower than the top of 2018. It would take a 545% increase to get there, and a 4300% increase to reach the record high of $10.17. As a result, it seems unlikely that the price of STEEM will reach one.

The cryptocurrency market grew by roughly $85 billion in October. Koindeks.comAs you follow, investors searched the most for Bitcoin and Dogecoin during the month.

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