This week has been quite chaotic in Crypto market with some altcoins achieving major success while some are having a difficult time with their price dropping. In this article, we will focus on 5 altcoins which have had the biggest losses since March 31 to April 7.
The cryptocurrency MASK experienced a breakout from a symmetrical triangle on March 28. MASK price then quickly reached its yearly high of $7.27 the next day. However, it declined after that and is currently almost reaching the $5.30 support area. Analysts believe that this is part of wave four in a five-wave pattern. If the price remains within the triangle, it could increase to the $8.50 high. On the other hand, a break below the triangle's low of $4.83 could put the entire bullish pattern at risk and lead to a further drop to $3.
CFX is another altcoin which has been trading within a symmetrical triangle since March 13. The triangle is considered a neutral pattern since both a breakout or breakdown is possible. It also has strong support around the $0.32 which is why there is a greater likelihood of breakout leading to CFX price reaching up to $0.65. In case of breakdown, the price could fall to $0.24.
STX has been decreasing since it hit the yearly high of $1.31 on March 20. The price broke below the $1 horizontal support area, casting doubts on the previous breakout and if this downward momentum sustains then STX could fall to $0.60. On the other hand, if there is a comeback leading to a break of $1, the price could increase to the $1.31 area.
HBAR faced rejection at the 0.5 Fibonacci retracement level after a breakout from a descending resistance line on March 29. If the price continues to decline, the HBAR price could visit the $0.05 low level again. Conclusively, if the price retakes the 0.5 Fibonacci level then it could jump to the $0.09.
To sum up, this week in the crypto market was quite turbulent but hopefully, the altcoins discussed in this article will have a better future ahead and rise back above their decreased levels.
Caroline Lewis
- 2023-04-07
Crunching the Numbers - 5 Altcoins with Biggest Losses this Week
This week has been quite chaotic in Crypto market with some altcoins achieving major success while some are having a difficult time. Learn about 5 altcoins that have had biggest losses since March 31 to April 7.
