The cryptocurrency market has faced the decline of many altcoin projects recently. Leading cryptocurrency analysts have made a list for those altcoins! The altcoins on the list are Stacks (STX), Conflux (CFX), Loopring (LRC), ImmutableX (IMX) and Algorand (ALGO)! Here are the details…
These altcoins have been down for the week!
The recent declines in cryptocurrencies continue to be the nightmare of many investors. Especially the rapid declines in some altcoin projects attracted the attention of many experts. So, what are these altcoins? Here are the most declining altcoins of the week…
Stacks (STX) price dropped 18.97 percent
Conflux (CFX) price dropped 17.89 percent
Loopring (LRC) price dropped 17.62 percent
ImmutableX (IMX) price fell 17.32 percent
Algorand (ALGO) price dropped 16.89 percent
Stacks (STX) price
The price of STX, which has been among the popular altcoins in the past weeks, reached a new year high with $ 1.31 on March 20. The highest level was settled above the $1.05 horizontal area. However, the price fell right after and the price area confirmed as resistance. These divergences are considered bearish signs as the buyers failed to sustain the breakout, according to experts. Instead, it followed a downward move as sellers took over.
STX, if the decline continues, the crypto asset could find support at the ascending support line at $0.60. However, if the price rises above the $1.05 zone again, it could rally towards $1.50.
Conflux (CFX)
CFX price has fallen below a descending resistance line since March 19. Such lines indicate that the trend is bearish and measure the slope of the downtrend. Currently, CFX price is trading inside the $0.32 horizontal support area. If the digital asset breaks down, it could find support at $0.27. However, if it bounces, CFX could reach the descending resistance line at $0.38. Instantly, CFX is trading at $0.297922.
Looping (LRC)
The price of LRC, one of the popular cryptocurrencies of the past weeks, has fallen since forming a long upper wick (red icon) on April 14. Such suppositories are considered signs of selling pressure. They indicate that buyers are unable to sustain the price and sellers are taking over, resulting in a period close that is significantly lower than the high. Instantly, LRC is trading at $0.350465.
As quoted by Kriptokoin.com, if the LRC price continues to decline, it can reach the rising support line at $ 0.34. However, if it gains momentum, a retest of the $0.45 area could occur.
ImmutableX (IMX)
The IMX price has fallen since March 19. It broke below the $1.20 price level resistance on March 29 and confirmed as resistance on April 15 (red icon). This is considered a sign of weakness, which often leads to declines. If the downside continues, the next closest support will be at $0.75. However, if IMX gains momentum, it could reach the $1.20 region again. Instantly, IMX is at the level of $ 0.9.
Algorand (ALGO)
ALGO price has dropped below a descending resistance line since hitting yearly highs on February 9. More recently, this line caused a rejection on April 17 (red icon). Algorand price is currently trading inside the $0.19 horizontal support area.
If the price bounces off, it could rise to the resistance line at $0.22. However, if it breaks down, ALGO could drop to $0.16.
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