BeInCrypto looks at the 5 largest crypto altcoin losers in the entire cryptocurrency market this coming week, in particular from May 19 to 26.
cryptocurrencies that saw prices sliding the most in the entire digital currency market this coming week are: GMX (GMX) price decreased by 16.42%
Sui (SUI) price decreased by 15.51%
Fantom (FTM) price decreased by 12.45%
Optimism (OP) price decreased by 11.90%
Algorand (ALGO) price has dropped by 11.00% GMX Price Leads Underperforming Cryptos
The GMX price has dropped since April 18. On May 8, the price broke down from an ascending support line that had been in place since November 2022. Breakouts from such longstanding structures usually lead to pronounced downward movements.
GMX dropped to a low of $52.38 on May 25. The price is now very next to the 0.618 Fib retracement level of support of $50.50.
GMX can move to the previous ascending support line at $75 if it bounces. Nonetheless, a fall to $40 will likely transpire if it breaks down.
SUI Price Trades in Corrective Pattern
The SUI price has dropped inside a descending parallel channel since May 4. As of now, it is trading just over the channel’s midline.
Whether it bounces or breaks down from it can potentially determine the future tendency. When it comes to a bounce, the price can move to the channel’s resistance line at $1.05 or even break out toward $1.30.
SUI/USDT Four-Hour Chart. Source: TradingView
Nonetheless, SUI can fall to the channel’s support line at $0.80 if a breakdown transpires.
Fantom (FTM) Price Risks Sell-Off
The FTM price has dropped since Feb. 3, when it reached a new yearly high of $0.65. The fall took it to the $0.33 horizontal support area.
Although while FTM bounced, it created a lower high on April 17 (red icon) before resuming its descent once more. Now, FTM is at danger of breaking down from the $0.33 horizontal support area.
FTM/USDT Daily Chart. Source: TradingView
If the decrease continues and FTM breaks down, the following closest support will be at $0.25. Nonetheless, if the price bounces, it can initiate a rally toward the $0.53 resistance area.
Optimism (OP) Price Trades Inside Range
The OP price has dropped since a descending resistance line rejected it on April 15. The downward movement led to a low of $1.48 on May 12. Despite the fact that the price bounced, it has not is still reached the main support area at $1.35.
The $1.35 area is created by both an ascending support line and a horizontal support area. And, it is very likely initiate a sharp bounce if the price gets there.
OP/USDT Daily Chart. Source: TradingView
In case the price bounces without reaching it, it can move to the $2 horizontal area, which is now likely to act as resistance.
Algorand (ALGO) Concludes Underperforming Cryptos
The ALGO price has dropped at an accelerated price since creating a higher low on April 17 (red icon). At the beginning of May, the price bounced at the $0.160 horizontal support area.
Nonetheless, it broke down from it on May 23. This led to a new yearly low of $0.147 3 days later.
ALGO/USDT Daily Chart. Source: TradingView
If the decrease continues, the following closest support will be at $0.122. Nonetheless, if the price rallies, it could accomplish the $0.160 area once more, validating it as resistance.
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