Cryptocurrency experts have announced the 5 worst performing altcoin projects this week! So, what are these altcoins? Here are the details…
Experts announced 5 altcoin projects that saw bottom levels this week!
cryptocoin.com As we mentioned, the cryptocurrency market has been trading mostly sideways this week due to many macroeconomic reasons. However, between April 28 and May 5, these altcoin projects appear as the altcoins that lost the most.
- Sui (SUI) price fell 71.72 percent
- Immutable (IMX) price dropped 16.12 percent
- Injective (INJ) price fell 15.44 percent
- Render Token (RNDR) price dropped 15.30 percent
- MultiversX (EGLD) price dropped 12.92 percent
Sui (SUI)
The most declining altcoin project of the week is SUI. SUI price has dropped below the short term descending resistance line since May 4 and is trading very close to the $1.25 horizontal support area. According to experts, it is difficult to predict where the price will go next, as the project is only open for trading this week and there is no price history.
If SUI manages to rise above the resistance line, it could rise to the $1.34 resistance area. However, a break from the $1.25 area could cause SUI price to bounce back towards the nearest $0.96 support.
ImmutableX (IMX)
IMX is second on the list of the week’s top losers. IMX price has fallen since being rejected by the $1.25 horizontal resistance area (red icon) on April 15. Shortly after, it broke down from an ascending support line, indicating that the previous rise is now complete. If the downside continues, IMX price is likely to settle at $0.85, where the nearest support is at the 0.618 Fib retracement level. However, if IMX turns bullish, there could be an upside move towards the $1.25 resistance area.
Injective (INJ)
The price of INJ, one of the most depreciating altcoin projects of the week, has been trading within a symmetrical triangle since February 17. The symmetrical triangle is considered a neutral pattern, meaning both breakouts and distortions are possible. Currently, the price is trading close to the formation support line. If the price breaks down, a drop to the $6.50 horizontal support area could occur. However, an upside move to $9.20 is expected if a breakout occurs.
Render Token (RNDR)
On the other hand, RNDR, one of the most popular altcoins of the past weeks, is among the altcoin projects that have lost value. RNDR price broke out of the $2.10 horizontal resistance area on April 26. It then returned to confirm as support on May 3 (green icon). If the price starts another upside move, it could rally to the next resistance at $3.10. However, a reverse move could lead to a drop to $1.60.
MultiversX (EGLD)
The last member of the list is MultiversX (EGLD). EGLD price has dropped below a descending resistance line since February. More recently, this line caused a rejection on April 27. Now, the price is trading close to the horizontal support area of $38. Combined with the line, they form a descending triangle, which is considered a bearish pattern. If the price breaks down, it could hit the yearly low of $32. However, if EGLD invalidates the bearish pattern and rises above the resistance line, it could rise as high as $48.
