BeInCrypto editorial staff analyzed five outsiders of the week among altcoins. These coins suffered the biggest losses between April 28 and May 5.
The altcoins that have suffered the biggest losses in the past seven days amid an overall bear market include:
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- Sui (SUI) -71.72%
- Immutable (IMX) -16.12%
- Injective (INJ) -15.44%
- Render Token (RNDR) -15.30%
- MultiversX (EGLD) -12.92%
- Sui (SUI) topped the list of altcoin losers
Sui Network is a high-performance Layer1 blockchain designed to serve high-performance, decentralized applications.
The operation and security of the network is ensured by the Proof-of-Stake consensus algorithm.
This week the project got a working main network as well as its own cross-chain bridge for liquidity flow.
This week the project got a working main network, as well as its own cross-chain bridge for liquidity inflow..
In addition, the largest cryptocurrency exchange Binance listed SUI and also announced the launch of pharming SUI on Binance Launchpad.
The optimistic news, however, was offset by the negative. As the BeInCrypto editorial said earlier today, SUI found itself in the center of the cryptocommunity discussion.
Holders of the asset were unhappy with the presented schedule of SUI token issuance and distribution, fearing that it would lead to a price erosion.
As indicated by the results of technical analysis, SUI was down along a line of short-term resistance on May 4.
As indicated by technical analysis, SUI has been declining since May 4 along a short-term descending resistance line.
Now the token is trading near the horizontal support area of $1.25.
Given the young age of the project and the lack of historical statistics for comparison, it is difficult to make confident predictions about the further behavior of the price.
Even so, a break above the resistance line could trigger the growth towards the resistance area of $1.34.
On the other hand, a break-down of the $1.25 area can trigger a sharp drop to the nearest support at $0.96.
ImmutableX (IMX): bearish breakout after the rebound
Immutable X is a Level 2 (L2) scaling NFT solution on the Ethereum blockchain.
On April 15, IMX, the project’s native token, rebounded from the $1.25 horizontal resistance area (red icon) and has been declining ever since.
The market soon broke the upside support line, suggesting that the upside phase is over.
A continuation of the decline would put into play the nearest support at $0.85 (Fibo level of 0.618 correction).
In the meantime, if the price manages to find ground beneath its feet, it can take a course to the resistance area of $1.25.
Injective (INJ) trades in a neutral pattern
The INJ token has been trading inside a symmetrical triangle since Feb. 17. At the moment the market is pressing on the support line of this pattern.
The market is now pressed against the support line of this pattern.
A break of this line can cause the fall to the area of horizontal support of $6.50. Meanwhile, a bullish breakout from the triangle could trigger a rise towards $9.20.
Render Token (RNDR) rebounded from resistance
The Render Token first appeared on the media radar this January amid AI hype and the growing popularity of ChatGPT.
While many other projects returned to relative obscurity after the first hype faded, Render continued to strengthen its position in the second quarter of 2023.
The RNDR rate broke through a horizontal resistance area of $2.10 on April 26 and then tested it as support on May 3.
The RNDR rate broke through the $2.10 horizontal resistance area on April 26 and then tested it as support (green icon) on May 3.
If the market launches a new bullish move, the price could reach the next resistance at $3.10. In case of a bearish breakout, a drop to $1.60 is likely.
MultiversX (EGLD) could make a bearish breakout
At the bottom of the list of altcoin losers EGLD, the token platform Elrond.
Previously it specialized in scaling solutions, but last November it announced its conversion to MultiversX and focused on the meta-universe.
The EGLD exchange rate has been declining since February along a downward resistance line.
On April 27, the price rebounded again and is now trading near the horizontal support area of $38. Together these two lines form a descending triangle, which is considered a bearish pattern.
In case of a bearish breakout, the market could sag to the low of the year of $32. Neutralization of the bearish pattern and a rise above the resistance line will target the bulls at $48.