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BeInCrypto looks at the five biggest altcoin losers in the entire crypto market this week, specifically from April 21 to 28.
The underperforming altcoins that saw prices falling the most in the entire cryptocurrency market this week are:
- PancakeSwap (CAKE) price fell by 21.00%
- Optimism (OP) price fell by 10.56%
- OKB (OKB) price fell by 9.77%
- Zilliqa (ZIL) price fell by 9.06%
- Synthetix (SNX) price fell by 9.06%
PancakeSwap (CAKE) Price Leads Underperforming Cryptos
The CAKE price has decreased since it broke down from an ascending support line on April 19. Previously, the line had been in place since June 2022. Therefore, the breakdown from it means that the upward movement has ended.
Moreover, the CAKE Price fell below the $3.20 horizontal support area, falling to a new yearly low in the process. Currently, the digital asset trades inside the $2.60 price level support.
If the price breaks down, a sharp drop to $0.70 could follow. However, the CAKE token price could revisit the $3.20 area gain if a bounce transpires.
Optimism (OP) Price Trades in Bearish Pattern
The OP price has decreased under a descending resistance line since the beginning of February. More recently, the line caused a rejection on April 15 (red icon).
When combined with the $2.0 horizontal support area, the price action creates a descending triangle, which is considered a bearish pattern. This means that a breakdown from it is the most likely scenario.
If OP breaks down, the next closest support will be at $1.40, created by an ascending support line and horizontal support area. However, if OP bounces, it can reach the resistance line at $2.40.
OKB (OKB) Price Trades in Neutral Pattern
The OKB price has traded inside a symmetrical triangle since Feb. 17. The symmetrical triangle is considered a neutral pattern, meaning that both a breakout and breakdown are possible. Currently, the price trades in the middle of the pattern.
If the underperforming crypto breaks down, it could fall to the closest support area at $34. However, if a breakout ensues, OKB could reach a new all-time high at $72.
Zilliqa (ZIL) Price Falls From Range High
The ZIL price has decreased since the $0.035 resistance area rejected it on April 27. The area has been in place since September 2022. Therefore, it is a crucial resistance level.
If the decrease continues, the crypto asset could fall to the closest support area at $0.024. However, if the price regains momentum, it could retest the $0.035 area again.
Synthetix (SNX) Risks Breakdown
The SNX price has decreased under a descending resistance line since August 2022. More recently, the line caused a rejection on April 19. Now, the price is trading close to the $2.20 horizontal support area.
If it breaks down, a drop to $1.40 could follow. However, if SNX bounces, it can reach the resistance line at $2.90.