BeInCrypto looks at the five biggest altcoin losers in the entire crypto market this week, exclusively 19 to 26 May.
The underperforming cryptos that saw the biggest declines in price across the entire cryptocurrency market this week are:
- GMX (GMX) price decreased by 16.42%
- 15.51% reduction in the price of Sui (SUI)
- Phantom (FTM) price reduced by 12.45%
- Optimism (OP) value decreased by 11.90%
- Algorand (ALGO) price decreased by 11.00%
GMX price leads the underperforming crypto
The GMX price has declined since April 18. On May 8, the price broke an ascending support line that it had held since November 2022. Breakouts from such long-term structures usually lead to a clear downside.
GMX fell to a low of $52.38 on 25 May. The price is now very close to the 0.618 Fib retracement support at $50.50.
GMX could move to the previous ascending support line at $75 if it bounces. However, if it breaks down it could drop to $40.
SUI trades in a price corrective pattern
Since May 4, the SUI price has been trading lower inside a descending parallel channel. Currently, it is trading just above the median line of the channel.
Whether it bounces or breaks from it can determine the future trend. In case of an uptrend, the price could move up to the resistance line of the channel at $1.05 or break towards $1.30.
However, if a breakdown transpires, SUI could decline to the support line of the channel at $0.80.
Phantom (FTM) Price Risk Selling
FTM price has declined since February 3, when it reached a new yearly high of $0.65. The drop took it to the $0.33 horizontal support area.
While FTM rallied, it made a lower high before retesting on April 17 (red icon). Now, FTM is in danger of breaking above the $0.33 horizontal support area.
If the decline continues and the FTM breaks, the next closest support will be at $0.25. However, if the price bounces higher, it could start a rally towards the $0.53 resistance area.
Optimism (OP) trades within a price range
The OP price has declined since it was rejected by the descending resistance line on 15th April. The downward movement reached a low of $1.48 on 12 May. Although the price rallied, it is yet to reach the main support area at $1.35.
The $1.35 area is formed by both an ascending support line and a horizontal support area. So, if the price reaches there, there is a possibility of a sharp jump.
If the price bounces without reaching it, it could move to the $2 horizontal zone, which is now likely to act as resistance.
Algorand (ALGO) Eliminates Underperforming Crypto
ALGO price has declined sharply since making a higher low on April 17 (red icon). In early May, the price bounced higher towards the $0.160 horizontal support area.
However, it broke from it on 23 May. This led to a new yearly low of $0.147 three days later.
If the decline continues, the next nearest support is at $0.122. However, if the price corrects higher, it could again reach the $0.160 area, validating it as a resistance.
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disclaimer
In line with 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 do your research and seek professional advice before making any financial decisions.