This week, the five biggest losers in the entire altcoin market, especially between May 19-26, attracted attention. In this article, we will share the five most depreciated altcoins and Valdrin Tahiri’s analysis of these coins. Here are the details…
GMX tops the list of most depreciating altcoins
The price of GMX, which has been down 16.4 percent this week, has fallen since April 18. On May 8, the price fell from an ascending support line that has been in place since November 2022. Breakouts from such long-term structures often lead to significant bearish movements. The GMX dropped as low as $52.38 on May 25. The price is currently very close to the $50.50 0.618 Fib retracement support level. According to the analyst, if GMX bounces, it could move to the ascending support line before $75. However, if it breaks down, a drop to $40 is likely.
Corrective formation for SUI
SUI price has declined inside a descending parallel channel since May 4th. Currently, it is trading just above the middle line of the channel. Bounce or break through the channel can determine the future trend. In the event of a bounce, the price could move to the resistance line of the channel at $1.05 or even break towards $1.30. However, if a breakdown occurs, the SUI could drop to the support line of the channel at $0.80.
Is the sale coming for the Phantom (FTM)?
cryptocoin.com As we reported, the FTM price has fallen since February 3, when it reached a year high of $0.65. The decline took it to the horizontal support area of $0.33. As FTM bounced, it formed a lower high on April 17 before falling again. Now, FTM is at risk of breaking down from the horizontal support area of $0.33. If the decline continues and FTM breaks down, the next closest support will be $0.25. However, if the price bounces off, it will start a rally towards the $0.53 resistance area.
Certain ranges stand out for Optimism (OP)
OP price has been bearish since a descending resistance line rejected it on April 15. The downside move dropped as low as $1.48 on May 12. Although the price has bounced back, it has yet to reach the main $1.35 support area. The $1.35 area is formed by both an ascending support line and a horizontal support area. So, if the price gets there, it is likely to start a sharp bounce. If the price bounces off before it reaches that, it moves into the $2 horizontal area, which is currently likely to act as resistance.
ALGO is the last of the underperforming altcoin projects
ALGO price has fallen at an accelerating rate since forming a higher low on April 17. At the beginning of May, the price bounced off the horizontal support area of $0.160. However, he came out of this area on May 23. That led to a new year low of $0.147 three days later. If the decline continues, the next closest support will be at $0.122. However, if the price turns higher, it could reach the $0.160 area again and confirm as resistance.
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