The BeInCrypto editorial board analyzed five outsiders of the week among altcoins. These coins suffered the biggest losses between May 5 and May 12
The altcoins that have suffered the biggest losses in the past seven days include:
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- Pepe (PEPE) -39.58%
- PancakeSwap (CAKE) -28.51%
- Conflux (CFX) – 22.68%
- Optimism (OP) -21.61%
- Injective (INJ) -21,50%
Pepe (PEPE) topped the list of altcoin losers
A short while ago, a new star rose in the crypto market: the meme token PEPE, based on memes about the frog Pepe.
It broke into the top 100 most capitalized cryptocurrencies and at the time of writing, it ranked 79th in that ranking.
PEPE was urgently listed on multiple centralized and decentralized trading platforms, including market heavyweights Binance.
The price renewed its all-time high of $0.0000046 on May 5. However, this was followed by a sharp pullback, and on May 12 token fell to a low of $0.0000011. The drawdown from the maximum was 72%.
If the price manages to make a bounce, the nearest resistance area will come into play at $0.0000017.
If the decline continues, PEPE could reach the next support at $0.0000009.
PancakeSwap (CAKE) made a new historic low
As indicated in the technical analysis, on April 19, CAKE made a bearish break-down of the upside support..
The pace of decline soon accelerated, and on May 1 the market absorbed support from the all-time low of $2.60.
A new record low was set at $1.79.
If the decline continues, support at $0.70 will come into play next. Meanwhile, a price recovery could once again target the bulls in the $2.60 area.
Conflux (CFX) trades in a corrective pattern
Conflux is a Tier 1 blockchain created as a competitor to Ethereum with active government support from China.
In February, the project entered into a partnership with state-owned telecom heavyweight China Telecom to develop and produce sim cards that support blockchain.
From March 19, the CFX rate has been declining inside a downward parallel channel.
Such patterns are corrective structures, so its southward direction suggests that the broader trend for the currency is bullish, and eventually the price is likely to make a break north out of this channel.
The price is now trading at the bottom of this channel and inside the $0.24 horizontal support area.
If the market makes a bearish breakout, the next nearest support is expected around the channel support line at $0.18.
In the event of a rebound, the token could reach the channel resistance line at $0.32.
Optimism (OP) sank under important support
Optimism – is a Level 2 (L2) open-source solution for the Ethereum blockchain.
It is intended to solve the scalability problems of ETH, which cause users of the network to face high fees and transaction delays.
It is designed to solve the problems of scalability of ETH, which cause users of the network to face high fees and transaction delays.
The coin has been declining along a downward resistance line since February. On April 15, the price rebounded from that line (red icon) and accelerated its pace of decline.
On May 5, the OP broke through the $2 horizontal support area.
The next area of support is around $1.40. It is represented by the area of horizontal support and the line of upward support. Meanwhile, if the token finds ground beneath its feet, it could target the $2 area.
Injective (INJ)
Injective (INJ) tries to find support
At the bottom of the list of unlucky altcoins is INJ. On April 17 the coin updated its high of the year at $9.97, but since then it has noticeably dropped its positions.. As a result, it hit a low of $5.58 on May 12.
The INJ is now trading directly above the Fibo 0.5 retracement level at $5.58. A break-up of this area could accelerate the pace of the drawdown towards $3.80.
If the bulls manage to make a bounce, the price could advance to the nearest resistance area of $7.78.
If the bulls manage to make a rebound, the price can grow to the nearest resistance area at $7.78.
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