Crypto & Blockchain News

5 Underperforming Cryptos That Suffered A Market Drop This Week

The underperforming altcoins with the biggest price drops across the crypto market this week are:

Price Stacks (STX) fell 18.97%.

Price Conflux (CFX) has fallen by 17.89%.

Loopring prices (LRC) fell 17.62%.

ImmutableX (IMX) price fell 17.32%.

Algorand (ALGO) prices fell 16.89%.

On March 20, the price of STX hit a new annual high of $1.31. The all-time high was set above the $1.05 horizontal area. However, the price dropped soon after, validating that area as resistance. This deviation is considered bearish because the buyers were unable to sustain the breakout. Conversely, a downward trend occurs as sellers take control.

If the slide continues, the cryptocurrency asset could find support at the rising support line at $0.60. However, if the price goes above $1.05 one more time, it could reach $1.50.

Since March 19, the CFX price has been trading below the descending resistance line. Such a line indicates a bearish trend and measures the slope of the decline. 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 could test the downside resistance line at $0.38. Since creating the long upper wick (red icon) on April 14, the LRC price has been falling. Such a wick is considered an indicator of selling pressure. They show that buyers are unable to sustain price and sellers take over, resulting in a close of the period that is significantly lower than the high.

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

If the downtrend continues, the next closest support level will be $0.75. If IMX regains momentum, it could return to the $1.20 range. Since reaching its annual high on February 9, ALGO price has fallen below the descending resistance line. On April 17th, the queue resulted in a disapproval (red icon).

Algorand is currently trading within the $0.19 horizontal support zone. If the price goes up, it may reach the resistance line at $0.22. However, failing that, ALGO could fall to $0.16.

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