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5 Underperforming Cryptos That Took the Brunt of the Market Drop This Week

The underperforming altcoins with the greatest price drops in the entire crypto market this week are: 

The price of Stacks (STX) has dropped by 18.97%.

The price of Conflux (CFX) has dropped by 17.89%.

The price of Loopring (LRC) has dropped by 17.62%.

The price of ImmutableX (IMX) has dropped by 17.32%.

The price of Algorand (ALGO) has dropped by 16.89%.

On March 20, the STX price reached a new yearly high of $1.31. The all-time high was set above the $1.05 horizontal area. However, the price fell immediately after, validating the area as resistance. These deviations are considered bearish because the buyers could not sustain the breakout. Rather, a downward trend ensued as sellers took control.

If the decline continues, the cryptocurrency asset may find support at an ascending support line at $0.60. However, if the price rises above $1.05 once more, it could reach $1.50.

Since March 19, the CFX price has been trading below a descending resistance line. Such lines indicate a bearish trend and measure the slope of the decline. The CFX price is currently trading within the $0.32 horizontal support zone. 

If the digital asset falls, it may find support at $0.27. If it bounces, CFX may test the descending resistance line at $0.38. Since creating a long upper wick (red icon) on April 14, the LRC price has fallen. Such wicks are regarded as indicators of selling pressure. They indicate that buyers were unable to sustain the price and that sellers took over, resulting in a period close that was significantly lower than the high. 

If the LRC price falls further, it may reach the ascending support line at $0.34. If it regains momentum, a retest of the $0.45 area is possible. Since March 19, the IMX price has fallen. It fell below the $1.20 price level resistance on March 29 and validated it as resistance on April 15 (red icon). This is regarded as a sign of weakness, which frequently leads to decreases. 

If the downward trend continues, the next nearest support level will be $0.75. If IMX regains momentum, it could return to the $1.20 range. Since reaching a yearly high on Feb. 9, the ALGO price has fallen below a descending resistance line. On April 17, the line resulted in a rejection (red icon). 

The price of Algorand is currently trading within the $0.19 horizontal support zone.  If the price rises, it may reach the resistance line at $0.22. If it fails, however, ALGO could fall to $0.16.

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.