cryptocoin.com As we have reported, these 5 altcoin projects saw bottom levels, with the cryptocurrency market showing fluctuating movements this week. However, leading crypto analysts have revealed their expectations for these altcoin projects! Here are the details…
Experts made statements for 5 altcoin projects that saw the bottoms!
Cryptocurrency analysts examined the top 5 losing altcoin projects in the crypto money market between April 21-28. The lowest performing altcoin projects of the week are as follows:
- PancakeSwap (CAKE) price dropped 21.00 percent.
- Optimism (OP) price is down 10.56 percent.
- OCD (OCD) price fell 9.77 percent.
- The price of Zilliqa (ZIL) fell 9.06 percent.
- Synthetix (SNX) price fell 9.06 percent.
PancakeSwap (CAKE)
PancakeSwap (CAKE) is at the top of the list among the altcoin projects that lost the most value and saw bottom levels this week. CAKE price has fallen since breaking out of an ascending support line on April 19. Previously, this line has been in place since June 2022. Therefore, a break of this line signifies the end of the upward move. Moreover, CAKE Price settled below the $3.20 horizontal support area and dropped to a new year low in the process. Currently, the digital asset is trading inside the $2.60 price level support.
If the price drops for CAKE, there could be a sharp drop to $0.70. However, if a bounce occurs, the CAKE token price could revisit the $3.20 area gain.
Optimism (OP)
The price of the popular altcoin Optimism (OP) has fallen below a descending resistance line since early February. More recently, this line caused a rejection on April 15 (red icon). Price action coupled with the $2 horizontal support area forms a descending triangle, which is considered a bearish divergence. According to experts, this means that a breakout is the most likely scenario.
If the OP breaks down, the next closest support will reach the $1.40 levels formed by an ascending support line and horizontal support area. However, if the OP bounces, it could reach the $2.40 resistance line.
OCD (OCD)
On the other hand, the price of the popular altcoin OKB has been trading inside a symmetrical triangle since February 17. The symmetrical triangle is considered a neutral pattern, meaning both breakout and breakout are possible. Currently the price is trading in the middle of the formation.
If the underperforming crypto loses its level, it could drop to $34, the nearest support area. However, if a breakout occurs, OCD could reach its all-time high of $72.
Zilliqa (ZIL)
Among the most depreciating projects of the week is Zilliqa (ZIL). ZIL price has been bearish since the $0.035 resistance area was rejected on April 27. The field has been in place since September 2022. Therefore, according to experts, it is a very important level of resistance.
If the decline continues, Zilliqa (ZIL) could slide as low as $0.024, the nearest support area. However, if the price regains momentum, it could retest the $0.035 zone.
Synthetix (SNX)
Another altcoin on the list is Synthetix (SNX). SNX price has dropped below 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.
However, according to experts, if the SNX price breaks down, a drop to $ 1.40 can be experienced. However, if SNX bounces, it could reach the $2.90 resistance line.
