BeInCrypto looks at the five biggest altcoin losers in the entire crypto market this week, specifically from April 14 to 21.
The underperforming altcoins that saw prices falling the most in the entire crypto market this week are:
- Stacks (STX) price fell by 18.97%
- Conflux (CFX) price fell by 17.89%
- Loopring (LRC) price fell by 17.62%
- ImmutableX (IMX) price fell by 17.32%
- Algorand (ALGO) price fell by 16.89%
Stacks (STX) Price Leads Underperforming Altcoins
The STX price reached a new yearly high of $1.31 on March 20. The high was made above the $1.05 horizontal area. However, the price fell immediately afterward, and the price validated the area as resistance. These deviations are considered bearish signs, since the buyers could not sustain the breakout. Rather, a downward movement followed as sellers took over.
If the decrease continues, the crypto asset could find support at an ascending support line at $0.60. However, if the price moves above the $1.05 area again, it could increase toward $1.50.
Conflux (CFX) at Risk of Breaking Down From Support
The CFX price has fallen under a descending resistance line since March 19. Such lines indicate that the trend is bearish and measure the slope of the decrease. Currently, the CFX price is trading inside the $0.32 horizontal support area.
If the digital asset breaks down, it could find support at $0.27. However, if it bounces, CFX could reach the descending resistance line at $0.38.
Loopring (LRC) Price Falls After Wick
The LRC price has fallen since creating a long upper wick (red icon) on April 14. Such wicks are considered signs of selling pressure. They indicate that buyers could not sustain the price and sellers took over, leading to a period close significantly lower than the high.
If the LRC price continues its descent, it could reach the ascending support line at $0.34. However, if it regains momentum, a retest of the $0.45 area could occur.
ImmutableX (IMX) Price Deviates Above Resistance
The IMX price has fallen since March 19. On March 29, it fell below the $1.20 price level resistance and validated it as resistance on April 15 (red icon). This is considered a sign of weakness that often leads to decreases.
If the downward movement continues, the next closest support will be at $0.75. However, if IMX regains momentum, it could reach the $1.20 area again.
Algorand (ALGO) Price Plummets Near Support
The ALGO price has fallen under a descending resistance line since reaching its yearly high on Feb. 9. More recently, the line caused a rejection on April 17 (red icon).
The Algorand price currently trades inside the $0.19 horizontal support area.
If the price bounces, it could increase to the resistance line at $0.22. However, if it breaks down, ALGO could fall to $0.16.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
Source: https://beincrypto.com/the-5-underperforming-cryptos-this-week/