BeInCrypto looks at the five biggest altcoin losers in the entire crypto market this week, specifically from May 5 to 12.
The underperforming cryptos that saw prices falling the most in the entire cryptocurrency market this week are:
- Pepe (PEPE) price decreased by 39.58%
- PancakeSwap (CAKE) price decreased by 28.51%
- Conflux (CFX) price decreased by 22.68%
- Optimism (OP) price decreased by 21.61%
- Injective (INJ) price decreased by 21.50%
Pepe (PEPE) Price Leads Underperforming Cryptos
The PEPE price has fallen sharply since reaching an all-time high of $0.0000046 on May 5. The decrease took the price to a low of $0.0000011 on May 12. This amounted to a drop of 72% from the high.
If the price bounces, the closest resistance area will be at $0.0000017. However, if the decrease continues, PEPE could fall to the next closest support at $0.0000009.
PancakeSwap (CAKE) Price Falls to New All-Time Low
The CAKE price has decreased since it broke down from an ascending support line on April 19. The decrease accelerated shortly afterward, and the price broke down from its all-time low support level at $2.60 on May 1.
So far, the price has reached a new all-time low of $1.79.
If the decrease continues, the next closest support area will be at $0.70. However, if the price regains its footing, it can move to the $2.60 area again.
Conflux (CFX) Price Trades in Corrective Pattern
The CFX price has decreased inside a descending parallel channel since March 19. Such channels usually contain corrective structures.
This means that an eventual breakout from it would be the most likely scenario.
Currently, the price trades in the lower portion of the channel and inside the $0.24 horizontal support area. If the price breaks down, the next closest support will be at the channel’s support line at $0.18.
However, if a bounce occurs, the price can increase to the channel’s resistance line at $0.32.
Optimism (OP) Price Falls Below Crucial Support
The Optimism price had decreased under a descending resistance line since February. More recently, it was rejected by the resistance line on April 15 (red icon), accelerating its rate of decrease.
On May 5, the price broke down from the $2 horizontal support area.
If the decrease continues, there is a confluence of support levels at $1.40, created by a horizontal support area and an ascending support line. On the other hand, if the price regains its footing, an increase toward the $2 area could occur.
Injective (INJ) Price Attempts to Find Support
The INJ price has fallen sharply since reaching a new yearly high of $9.97 on April 17. The decrease took it to a low of $5.58 on May 12.
Currently, the INJ price trades just above the 0.5 Fib retracement support level at $5.58. If it breaks down, the ongoing descent could accelerate toward $3.80.
However, if the price bounces, it could increase to the closest resistance at $7.78.
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