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BeInCrypto looks at the five biggest altcoin losers in the entire crypto market this week, specifically from May 19 to 26.
The underperforming cryptos that saw prices falling the most in the entire cryptocurrency market this week are:
- GMX (GMX) price decreased by 16.42%
- Sui (SUI) price decreased by 15.51%
- Fantom (FTM) price decreased by 12.45%
- Optimism (OP) price decreased by 11.90%
- Algorand (ALGO) price has decreased by 11.00%
GMX Price Leads Underperforming Cryptos
The GMX price has decreased since April 18. On May 8, the price broke down from an ascending support line that had been in place since November 2022. Breakouts from such long-term structures usually lead to pronounced downward movements.
GMX fell to a low of $52.38 on May 25. The price is now very close to the 0.618 Fib retracement support level of $50.50.
GMX can move to the previous ascending support line at $75 if it bounces. However, a drop to $40 will likely transpire if it breaks down.
SUI Price Trades in Corrective Pattern
The SUI price has decreased inside a descending parallel channel since May 4. Currently, it is trading just above the channel’s midline.
Whether it bounces or breaks down from it could determine the future trend. In the case of a bounce, the price can move to the channel’s resistance line at $1.05 or even break out toward $1.30.
However, SUI can fall to the channel’s support line at $0.80 if a breakdown transpires.
Fantom (FTM) Price Risks Sell-Off
The FTM price has fallen since Feb. 3, when it reached a new yearly high of $0.65. The drop took it to the $0.33 horizontal support area.
While FTM bounced, it created a lower high on April 17 (red icon) before resuming its descent again. Now, FTM is at risk of breaking down from the $0.33 horizontal support area.
If the decrease continues and FTM breaks down, the next closest support will be at $0.25. However, if the price bounces, it can initiate a rally toward the $0.53 resistance area.
Optimism (OP) Price Trades Inside Range
The OP price has decreased since a descending resistance line rejected it on April 15. The downward movement led to a low of $1.48 on May 12. Even though the price bounced, it has not yet reached the main support area at $1.35.
The $1.35 area is created by both an ascending support line and a horizontal support area. So, it is likely to initiate a sharp bounce if the price gets there.
In case the price bounces without reaching it, it can move to the $2 horizontal area, which is now likely to act as resistance.
Algorand (ALGO) Concludes Underperforming Cryptos
The ALGO price has fallen at an accelerated rate since creating a higher low on April 17 (red icon). At the beginning of May, the price bounced at the $0.160 horizontal support area.
However, it broke down from it on May 23. This led to a new yearly low of $0.147 three days later.
If the decrease continues, the next closest support will be at $0.122. However, if the price rallies, it could reach the $0.160 area again, validating it as resistance.
For BeInCrypto’s latest crypto market analysis, click here