The BeInCrypto editorial staff compiled the top list of altcoins that suffered the most losses during the week of April 14-21
The week of April 14-21 did not favor altcoins due to the overall crypto market drawdown.
The BeInCrypto editorial staff has compiled a top list of altcoins that suffered the most losses during this period:
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- Altcoin and altcoin
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- Stacks (STX) -18.97%
- Conflux (CFX) -17.89%
- Loopring (LRC) -17.62%
- ImmutableX (IMX) -17.32%
- Algorand (ALGO) -16.89%
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Stacks (STX) topped the list of altcoins losers
Stacks is a blockchain solution tier one, it adapts smart contracts and decentralized applications (dApps) for the bitcoin (BTC) network, importing them with full functionality.
Notably, in July 2019, the U.S. SEC approved Blockstack’s Blockstack Tokensale application under the established “A+” provision for the first time in crypto history, setting the first such precedent.
As the results of technical analysis of the daily chart show, the STX price hit a new yearly high of $1.31 on March 20.
It was formed above the horizontal area of $1.05. However, immediately after that the price fell and confirmed this area as resistance.
Such deviations are considered bearish signs because buyers were unable to support a bullish breakout. Instead, the sellers won and we saw a downward movement.
Source: TradingView
If the decline continues, the token could find support near the upside support line at $0.60.
However, if the price moves above the $1.05 area again, it could trigger a rise towards $1.50.
Conflux (CFX) at risk of support breakout
Conflux is a Tier 1 blockchain created as a competitor to Ethereum with active Chinese government support..
In February, the project entered into a partnership with state-owned telecom heavyweight China Telecom to develop and produce sim cards that support blockchain.
The CFX exchange rate has been declining since March 19, moving under a line of downward resistance. Such lines indicate a bearish trend and measure the angle of decline.
The CFX is currently trading inside the $0.32 horizontal support area.
If the token makes a bearish breakout, it could gain support at $0.27. However, if the price manages to rebound, the CFX could reach the downside resistance line at $0.38.
Loopring (LRC) falls after wick formation
The LRC price fell after forming a long upper wick (red icon) on April 14. Such wicks are considered signs of pressure from sellers.
They indicate that the buyers could not support the price and the sellers took over, which eventually led to the closing of this time period well below the maximum.
If the LRC price continues to decline, it could reach the upside support line at $0.34. However, if it regains momentum, there could be a retest of the $0.45 area.
ImmutableX (IMX) rate peeked behind the resistance line
Immutable X is a Level 2 (L2) solution for scaling NFT on the Ethereum blockchain. The price of IMX, the project’s native token, has been dropping since March 19.
On March 29 it sank below the $1.20 price level, and on April 15 it confirmed it as resistance (red icon). This is considered a sign of weakness, which often leads to a decline.
If the downtrend continues, the next closest support will come into play at $0.75. However, if the IMX rate regains momentum, it could reach the $1.20 area again.
Algorand (ALGO) price has fallen to the support level
That rounds out the list of altcoins that were the week’s top losers, ALGO, the native token blockchain Algorand.
As earlier BeInCrypto’s editorial office told, a month ago the cryptocurrency exchange Coinbase unilaterally and without prior notice shut down the service of Algorand Stacking (ALGO) amid claims of the U.S. exchange regulator (SEC).
The ALGO price dipped below a downward resistance line after earlier hitting a one-year high on Feb. 9. The last time the market rebounded from this line was on April 17 (red icon).
The Algorand exchange rate is currently trading inside the horizontal support area of $0.19.
In case of a rebound, the price may rise to the resistance line at $0.22. However, a bearish breakout might take ALGO down to $0.16.