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The 5 biggest underperforming cryptocurrencies of the week

BeInCrypto is looking for the five biggest altcoin losers in the entire cryptocurrency market this week, specifically from May 12th to 19th.

Underperforming cryptocurrencies that saw prices drop the most in the entire cryptocurrency market this week are:

  1. XDC Network (XDC) price decreased by 6.68%
  2. Bitcoin SV (BSV) Price Down 5.02%
  3. Kosmos (Atom) decreased by 3.83%
  4. Klaytn (KLAY) dropped 2.38%
  5. Casper (CSPR) fell 2.18%

The XDC network price (XDC) results in lower performance than encryption

XDC price has declined since its yearly high of $0.047 on March 21st. The decline caused a breakdown from the ascending support line on May 17.

Since the line has been in place since the beginning of the year, the breakdown indicates that the bullish structure is not intact anymore.

XDC/USDT daily chart. source: TradingView

If the decline continues, the next support will be at $0.026. However, if XDC price regains the previous ascending support line, it could rise towards the $0.041 resistance area.

Bitcoin SV price failed to break out

BSV price has been falling below the descending resistance line since December 2022. Recently, the line caused rejection on May 9 (red icon).

This started a continuous downward movement. Currently, BSV price is trading inside the $32 horizontal support area.

Bitcoin SV (BSV) Price Drop
BSV/USDT 12-hour chart. source: TradingView

If the price breaks down, the rate of decline could accelerate towards $23. However, if the price rebounds, it could reach the descending resistance line at $38.

Cosmos (ATOM) price failed to rebound despite the bullish pattern

ATOM price has been falling inside the falling wedge since March. The falling wedge is a bullish pattern, which means that it leads to breakouts most of the time.

However, despite the rebound on May 9, the price failed to start any kind of upward movement. Instead, the price toils near the wedge support line.

Cosmos (Atom) Price Wedge
ATOM/USDT 12-hour chart. source: TradingView

If the price can rebound, it can reach the wedge resistance line at $11.70. ATOM could drop to the next nearest support at $8.80 in the event of a breakdown.

Klaytn (KLAY) price is invalidating the bullish structure

KLAY price has been declining since it reached its yearly high of $0.37 on May 22 (red icon). The price broke down from an ascending support line on May 11th.

Since the line has been in place since October, a breakdown from it is a sign that the previous upward movement has completed, and a new downtrend has begun.

Klaytn (KLAY) The price is collapsing
12 hour chart KLAY/USDT. source: TradingView

If the decline continues, KLAY could drop to the nearest support at $0.12. In case of a reversal, the ascending support line at $0.21 is expected to provide resistance.

Casper Price (CSPR) Altcoins End Bearish

Casper price (CSPR) has been declining since it reached a yearly high of $0.063 on April 30. The decline took the price as low as $0.046 on May 18th.

Since there are no bullish reversal signals yet, CSPR is likely to drop to the previous bearish resistance line at $0.042.

Caspet Grid Price Action (CSPR)
12 hour chart CSPR/USDT. source: TradingView

If CSPR regains its footing, it could rise to the nearest resistance area at $0.057.

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Disclaimer

In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.

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