These 4 Cryptos Could Reach New Lows in May
Following the mixed signals from the market in March and April, some cryptocurrencies experienced significant gains while others approached bearish territory.
As we enter May, the market conditions have not changed significantly, which means that some altcoins may see substantial declines in their prices.
Bitcoin SV (BSV) is one such cryptocurrency that could fall even lower. Since the beginning of April, BSV has been gradually declining and is currently trading at $64, its lowest point in 2024. Analysts predict that BSV could drop to $50 in the coming days, reaching its lowest price since December 2023. The Moving Average Convergence Divergence (MACD) indicator does not provide any clear indications of BSV’s future direction. Therefore, market trends and spending habits could contribute to further price drops.
Tezos (XTZ) is another cryptocurrency struggling to maintain its position. Currently hovering above the crucial support level at $0.945, a breakdown could result in a drop to $0.87, the lowest point for XTZ this year. If this support is breached, XTZ could fall even further to $0.76, marking a new yearly low.
Synthetix (SNX) is currently trading at $2.89, slightly above the $2.78 support line. Despite recent declines, SNX has managed to hold above this level. However, breaking this support could lead to a new year-to-date low for SNX, reaching the lowest price observed since mid-November 2023. If the decline persists, SNX could experience further drops, potentially falling to $2 and making recovery challenging.
Algorand (ALGO) is another cryptocurrency that needs to watch its support floor at $0.158. Although ALGO has successfully maintained this level since the beginning of 2024, market conditions and a lack of positive incentives for investors could contribute to a fall to $0.158. Breaking this support would indicate that ALGO is approaching a price point close to $0.1000, marking a new multi-month low and making recovery more difficult. Consequently, Algorand’s price could experience a significant decline in the near future.