This week, the five biggest altcoins that lost in the entire crypto market, especially between April 7-14, attracted attention. Here are the underperforming altcoins where prices fell the most in the entire crypto market this week, and analyst Valdrin Tahiri’s analysis of these coins…
The most declining altcoin this week: SXP
The SXP price witnessed a massive increase in a six-day period that started on March 27. This led to a new year high at $0.94 six days later. However, cryptocoin.com As we reported, the price has since dropped and hit as low as $0.57 on April 12. The bounce over the next 24 hours confirmed the 0.5 Fib retracement support level. If the bounce continues, SXP could move back to the $0.93 resistance area. However, if it closes below $0.58, there could be another sharp decline towards $0.35.
Enjin price returns below trading range
The ENJ price has increased since March 10. It broke above the horizontal support area of $0.41 on April 5 and confirmed it as support on April 12. If the bounce continues, ENJ price could rise to $0.55. However, a loss of momentum could lead to a retest of the $0.41 support area.
What’s next for IOTA?
IOTA price broke out of a descending resistance line on March 29. This breakout hit a high of $0.24 on April 6. However, the price was rejected by the 0.618 Fib retracement resistance and later dropped. The cryptocurrency later dropped to an ascending support line. If the support is broken, there could be a drop to $0.20. However, if IOTA rises above the 0.618 Fib level, it could rise to $0.27.
Quant in corrective formation
Quant price has been trading inside an ascending parallel channel since November 2022. Such channels often contain corrective models. This means that an eventual collapse is likely. If this happens, the QNT price could drop to $97. However, if the crypto asset breaks out of the short-term resistance line, it could rise to the middle line of the channel, at $140.
Altcoin Frax Share near critical resistance
Similar to QNT, FXS price has been trading in an ascending parallel channel since forming a long lower wick on March 11. The price reached the $10 resistance area on April 5. According to the analyst, FXS breaking above this area or breaking down the channel will likely determine the future trend. A break could lead to an increase towards the $12 resistance line of the channel, while a hurdle could lead to a retest of the $7.50 area.
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