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BeInCrypto looks at the five biggest altcoin losers in the entire crypto market this week, specifically from May 12 to 19.
The underperforming cryptos that saw prices falling the most in the entire cryptocurrency market this week are:
- XDC Network (XDC) price decreased by 6.68%
- Bitcoin SV (BSV) price decreased by 5.02%
- Cosmos (ATOM) price decreased by 3.83%
- Klaytn (KLAY) price decreased by 2.38%
- Casper (CSPR) price decreased by 2.18%
XDC Network (XDC) Price Leads Underperforming Cryptos
The XDC price has decreased since its yearly high of $0.047 on March 21. The decrease caused a breakdown from an ascending support line on May 17.
Since the line had been in place since the beginning of the year, the breakdown indicates that the bullish structure is not intact anymore.
If the decrease continues, the next support will be at $0.026. However, if the XDC price reclaims the previous ascending support line, it can increase toward the $0.041 resistance area.
Bitcoin SV Price Fails to Break Out
The BSV price has decreased under a descending resistance line since December 2022. More recently, the line caused a rejection on May 9 (red icon).
This initiated the ongoing downward movement. Currently, the BSV price trades inside the $32 horizontal support area.
If the price breaks down, the rate of decrease could accelerate toward $23. However, if the price bounces, it can reach the descending resistance line at $38.
Cosmos (ATOM) Price Fails to Bounce Despite Bullish Pattern
The ATOM price has decreased inside a descending wedge since March. The descending wedge is considered a bullish pattern, meaning that it leads to breakouts the majority of the time.
However, despite a bounce on May 9, the price failed to initiate any sort of upward movement. Rather, the price is toiling very close to the wedge’s support line.
If the price manages to bounce, it can reach the wedge’s resistance line at $11.70. ATOM can fall to the next closest support at $8.80 if a breakdown occurs.
Klaytn (KLAY) Price Invalidates Bullish Structure
The KLAY price has decreased since reaching a yearly high of $0.37 on May 22 (red icon). The price broke down from an ascending support line on May 11.
Since the line had been in place since October, the breakdown from it is a sign that the previous upward movement is done, and a new bearish trend has begun.
If the decrease continues, KLAY can fall to the closest support at $0.12. In case of a reversal, the ascending support line at $0.21 will be expected to provide resistance.
Casper (CSPR) Price Concludes Bearish Altcoins
The Casper (CSPR) price has decreased since reaching its yearly high of $0.063 on April 30. The decrease took the price to a low of $0.046 on May 18.
Since there are no bullish reversal signs yet, it is possible that CSPR will fall to the previous descending resistance line at $0.042.
In case CSPR regains its footing, it can increase to the closest resistance area at $0.057.
For BeInCrypto’s latest crypto market analysis, click here