While the cryptocurrency market is going through a turbulent period, many altcoins are experiencing a downtrend. Some altcoin projects, on the other hand, frighten their investors with huge losses. As Kriptokoin.com, we are presenting the altcoin project that has experienced the most price loss in the last week and the expected levels.
Here are the 5 altcoins that dropped the most this week and their expected levels:
Apecoin (APE)
APE has been falling since April 18, when it reached almost an all-time high of $27.80 . The downside was swift and there was no significant pullback. On May 4, the altcoin dropped below the $14 horizontal area that had previously acted as resistance. While the region was expected to provide support, it failed to do so. The next support is $12 formed by an ascending support line. A break below this can greatly accelerate the rate of decline.
ApeCoin is an ERC-20 token created on the Ethereum Blockchain. ApeCoin, also supported by the Ape Foundation, was issued by the community for use in the emerging Bored Ape Yacht Club ecosystem.
Kava (KAVA)
KAVA has fallen sharply since hitting $5.65 on April 29. The downside move led to a low of $3.64 on May 6. The low was found at the 0.618 Fibonacci retracement support level at $3.75. If this region fails to initiate a bounce, the rate of decline could accelerate greatly.
Kava is a software protocol that uses multiple cryptocurrencies to allow its users to borrow and lend assets without the need for a traditional financial intermediary.
STEPN (GMT)
GMT has been falling ever since it hit an all-time high of $4.17 on April 28. The downside move was swift and on May 5, GMT dropped from the $3 horizontal area. The next closest support area is at $2.10. If this zone fails to hold the price, there will be no more support levels up to $0.80.
STEPN is the first move2earn mobile NFT game powered by Solana, where players can walk or run outdoors with an NFT Sneaker to earn tokens.
Cronos (CRO)
CRO has been following an ascending support line since January 22. This continued until April 25, when the price dropped and hit the $0.26 low on May 3. There are no bullish signs for the altcoin. The next support area is $0.19.
Cronos is an EVM-compatible side chain that runs in parallel with the Crypto.org Chain. Prior to launching Cronos, the Crypto.com ecosystem included the Crypto.com chain and the centralized cryptocurrency exchange Crypto.com.
Last altcoin on the list: Phantom (FTM)
FTM has been falling with a descending parallel channel since Jan 26. More recently, it was rejected by the channel on April 2 (red icon) and has been dropping at an accelerating rate ever since. On April 30, FTM dropped to a new one-year low of $0.65. The support level of the channel is currently at $0.37.
Phantom is a decentralized, permissionless, open source smart contract platform for decentralized applications (dApps) and digital assets.
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