Cryptocurrencies have had a prominent presence in the financial sector since their inception. This week, some altcoins were seen struggling in the market, losing considerably more than other crypto assets. BeInCrypto has identified the five worst performing altcoins during this period, from April 28 to May 5, along with their future prospects.

One of these underperforming cryptos is the newly launched SUI. After the project went live this week and its price began to fall below the short-term descending resistance line on May 4, it shed little light on where the crypto asset was headed next. If it moves above the resistance line, it could go to the $1.34 resistance area, whereas a breakdown from the $1.25 area can shrink the value down to the $0.96 support.

Another crypto loser of the week is IMX. After suffering a downfall, caused by its rejection by the $1.25 horizontal resistance area on April 15, it broke away from its ascending support line, indicating the end of a previous price surge. Should its downward movement carry on, then a fall to the closest support at $0.85 is expected. In the alternate case, the digital asset may increase to the $1.25 resistance area.

The INJ price has been trading within a symmetrical triangle since it was formed on Feb. 17. This position makes it difficult to make an accurate forecast as both a breakout and breakdown could take place. If a breakdown persists, the price is likely to fall to the $6.50 horizontal support area. Although, an upward movement towards the $9.20 mark is likely if a breakout transpires.

The RNDR price posted an impressive move when it broke out from the $2.10 horizontal resistance area on April 26. But, since it was rejected by the area on May 3, the price has been retreating downwards. With an upward movement, the next resistance level of $3.10 may be breached. Alternatively, if it moves below the $1.60 support area, any bullish momentum may come to an end.

The final altcoin discussed in BeInCrypto’s analysis was EGLD. Its ordeal has been no different to the rest, being rejected by the descending resistance line in February which has been maintained since. Now, the price is located near the $38 horizontal support area along with the line, which form a descending triangle considered a bearish pattern. If the price falls and breaks down, it can reach the $32 yearly low. The outlook becomes optimistic if the price rises above the resistance line, propelling the value to $48.

Cryptocurrencies can make dramatic price movements in the market within a period of time. This article has covered five of these altcoins which underperformed the most in the crypto market this week. For further analysis, BeInCrypto provides a detailed on-site analysis.



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