Top 5 Crypto Losers of the Week

Top 5 Crypto Losers of the Week

Discover the top five altcoin losers of the week from May 19 to 26, including GMX, SUI, FTM, OP, and ALGO, and learn about their price movements and potential support and resistance levels.

BeInCrypto looks at the 5 largest crypto altcoin losers in the entire cryptocurrency market this coming week, in particular  from May 19 to 26.

The underperforming 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.

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    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 (SUI) Price Channel
    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.

    Fantom (FTM) Price Movement
    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.

    Optimism (OP) Price Resistance
    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.

    Algorand (ALGO) Price Movement
    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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