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Following the mixed cues received from the market throughout March and April, some cryptos shot up while some came closer to making new bearish records.
As we move into May, the market has not changed considerably, meaning some of these altcoins could see massive declines.
Bitcoin SV Could Fall Lower
Bitcoin SV (BSV), a namesake and the hard fork of Bitcoin/ has been trickling on the chart since the beginning of April. Consequently, the altcoin is now trading at $64 at the time of writing, already noting its lowest in 2024.
However, this is not the only record it would break as BSV is expected to fall to $50 in the coming days, to hit the lowest since December 2023.
The Moving Average Convergence Divergence (MACD) is also not exhibiting any clear signs of which direction BSV could move it. MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price.
Although some green can be seen on the indicator, it does not suggest bullishness.
As a result, owing to broader market cues, the spending trend could change BSV’s price action, likely leading to new record lows.
Tezos Struggles Continue
Tezos (XTZ) price is floating above the crucial support at $0.945, which would result in the drawdown to $0.87, the lowest point for XTZ since the beginning of the year.
If this support floor is lost, too, there is a good chance that the altcoin could drop to $0.76, effectively noting the lowest XTZ has been since the beginning of the year.
Consequently, the price would mark a new low for the altcoin this year.
Synthetix Is in the Weeds
Trading at $2.89 at the time of writing, Synthetix (SNX) is just above the $2.78 support line. The altcoin is holding above this support line despite the massive drawdown observed in the last few days.
Losing this support line would mark a new year-to-date low for SNX and the lowest price point witnessed by Synthetix since mid-November 2023, registering a potential six-month lowest.
If this decline continues, SNX could fall further, potentially sending SNX to $2, making it difficult to recover.
Alrgorand (ALGO) Needs to Watch This Support Floor
Algorand’s price has maintained $0.158 as a successful support level since 2024 started, testing it twice now. Earlier last week, the altcoin bounced off the same support to trade at $0.185 but will likely fall through it this time.
Amid bearish market cues and a lack of incentives for investors at the moment, ALGO could potentially witness a fall to $0.158. Losing this line as a support floor would mean that ALGO is close to falling to $0.1000.
This would bring the altcoin down to a multi-month low, making recovery much more difficult. Thus, Algorand price could soon see a considerable decline on the charts.