Crypto analyst Valdrin Tahiri notes that WAVES fell below the long-term resistance at $4.80. According to the analyst, MANA has been shown a red card at a long-term descending resistance line. Also, the analyst says that HNT has completed an ABC corrective build. In summary, the analyst states that these 3 altcoin projects have a very disastrous technical outlook.
First altcoin Waves (WAVES) drops below horizontal reinforcement
The altcoin price has been falling ever since it hit an all-time high of $63.88 in March 2022. During this era, WAVES has been one of the biggest losers in the crypto market, falling by 94.50%. In September 2022, the altcoin price broke out of the $4.60 horizontal zone, which has served as a foothold since the start of 2021. Subsequently, it confirmed the area as resistance (red icon).
Failures caused by such long-term structures often always lead to downward movements. If the decline continues, the nearest reinforcement area will be $2.30. The weekly RSI is also falling and is still below 50. This is another sign of a bearish trend. Invalid bearish hypothesis, there will be a weekly close above the $4.60 area. But for now this is not possible.
Decentraland (MANA) rejected by the resistance
Koindeks.com As you follow, MANA also became one of the biggest losers in the crypto market last year, preceded by WAVES. The Metaverse coin has lost 89% of its value since its all-time high of $5.90 in November 2021. During this period, it followed a long-term descending resistance line.
The line has been confirmed several times, most recently on October 26 (red icon). The rejection also coincided with the $0.73 horizontal resistance area and boosted its value. At the beginning of September, MANA also broke out of the $0.75 area. Until there is a weekly close above both the line and the $0.73 area, the trend cannot be considered bullish. If the downside continues, a drop to $0.45 is possible for MANA.
Helium (HNT) has completed the upper real fix
The upper real has been moving since the altcoin price dropped to $3.19 on September 5. However, the upper move looks like a completed ABC (black) short-term correction. If so, we will see HNT start another downside move now.
The downward movement has stopped in the last 24 hours. However, there is no random bullish sign in place. As a result, the most likely scenario is 1.61 external Fib at $1.65. The truth of withdrawal is a fall. On the contrary, the bearish hypothesis will be invalidated if wave C (red line) spikes above $5.76. This indicates that new peaks are expected.