The cryptocurrency market has faced an overall downtrend this week, with Bitcoin falling. However, while the most declining cryptocurrencies of the week were announced, these 5 altcoins saw bottom levels!
- Pepe (PEPE) price fell 39.58 percent
- PancakeSwap (CAKE) price dropped 28.51 percent
- Conflux (CFX) price dropped 22.68 percent
- Optimism (OP) price is down 21.61 percent
- Injective (INJ) price dropped 21.50 percent
5 altcoin projects that saw bottom levels this week have been announced!
Pepe (PEPE)
With the crypto market entering a downtrend, the price of PEPE, which is the leader among the most declining altcoin projects, has fallen sharply since reaching an all-time high of $0.0000046 on May 5. The decline pushed the price as low as $0.0000011 on May 12. That’s a 72 percent drop from the highest level.
If PEPE price bounces off, the nearest area of resistance will be $0.0000017. However, if the decline continues, PEPE could drop to the next nearest support at $0.0000009.
PancakeSwap (CAKE)
The price of popular altcoin project PancakeSwap (CAKE) has been bearish since it broke the ascending support line on April 19. The decline soon accelerated and the price broke down from its all-time low of $2.60 on May 1. So far, the price has reached an all-time low of $1.79.
If the decline continues, the next closest support area will be $0.70. However, if CAKE price turns higher again, it could move back to the $2.60 region.
Conflux (CFX)
The price of the popular altcoin Conflux (CFX) has been falling within a descending parallel channel since March 19. Such channels often contain corrective structures. According to experts, this means that a final breakout from the channel would be the most likely scenario.
For the moment, the price for the popular altcoin CFX is trading at the bottom of the channel and inside the horizontal support area of $0.24. If CFX price declines, the next closest support will be at the $0.18 support line of the channel. However, if a bounce occurs, the price could rally to the resistance line of the channel at $0.32.
Optimism (OP)
The price of Optimism (OP), one of the worst-performing popular altcoins of the week, has fallen below a descending resistance line since February. Finally, on April 15, it was rejected by the resistance line (red icon) and increased the bearish pace. On May 5, the price broke below the $2 horizontal support area.
If the decline continues, there is a confluence of a horizontal support area for Optimism (OP) and a support level at $1.40 formed by an ascending support line. On the other hand, if the price turns bullish again, there could be an increase towards the $2 area.
Injective (INJ)
The price of popular altcoin project Injective (INJ) has fallen sharply since hitting a yearly high of $9.97 on April 17. This decline fell to $5.58 on May 12.
Currently, INJ price is trading just above the 0.5 Fib retracement level at $5.58. If it breaks, the continued descent could accelerate towards $3.80. However, if the price bounces off, it could rally to the nearest resistance at $7.78.
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