Markets

Top 5 performing cryptocurrencies this week

BeInCrypto is looking for the five biggest altcoin losers in the entire cryptocurrency market this week, specifically from From April 28th to May 5th.

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

  1. Sui (SUI) price down 71.72%
  2. Persistence Price (IMX) Decreased 16.12%
  3. Injection Price (INJ) decreased by 15.44%
  4. Render Token (RNDR) Price Decreased 15.30%
  5. MultiversX (EGLD) price decreased by 12.92%

Sui (SUI) price is underperforming cryptocurrencies

SUI price has fallen below the short-term bearish resistance line since May 4 and is trading near the $1.25 horizontal support area. Since there is no price history as the project only started trading this week, it is difficult to make an estimate of where the price is headed next.

Hourly SUI/USDT chart. source: TradingView

Anyway, if the crypto-asset moves above the resistance line, it could rise to the $1.34 resistance area. On the other hand, a breakdown from the $1.25 area could lead to a sharp decline towards the nearest support at $0.96.

ImmutableX (IMX) collapses after rejection

IMX price has been declining since it was rejected by the $1.25 horizontal resistance area (red icon) on April 15th. Shortly thereafter, it broke down from the ascending support line, indicating that the previous increase has now completed.

If the downward movement continues, the nearest support is at $0.85, which was created by the 0.618 Fibonacci retracement support level.

ImmutableX (IMX) Poor encoding performance
IMX/USDT daily chart. source: TradingView

However, an upward move towards the $1.25 resistance area could occur if the digital asset regains its footing.

Real Deals (INJ) in a neutral style

INJ price has been trading inside a symmetrical triangle since February 17th. The symmetrical triangle is a neutral pattern, which means that both a breakout and breakdown are possible. Currently, the price is trading near the pattern support line.

Injection Price Movement (INJ)
INJ/USDT daily chart. source: TradingView

If the price breaks down, a drop to the $6.50 horizontal support area is likely to occur. However, an upward move to $9.20 is expected if the breach occurs.

Supply symbol (RNDR) is bouncing at resistance

RNDR price broke out from the $2.10 horizontal resistance area on April 26. Then, it came back validated as a support on May 3 (code green).

Render Token (RNDR) Price Action
RNDR/USDT daily chart. source: TradingView

If the price starts another upward movement, it could rally to the next resistance at $3.10. However, if a breakdown occurs, a drop to $1.60 is on the cards.

MultiversX (EGLD) Price risk breakdown

The final loser in crypto is EGLD. EGLD price has been falling below the descending resistance line since February. Recently, the line caused rejection on April 27th.

Now, the price is trading near the $38 horizontal support area. When combined with the line, it creates a descending triangle, which is considered a bearish pattern.

MultiversX (EGLD) Altcoin Movement
EGLD/USDT daily chart. source: TradingView

If the price collapses, it can be as low as $32 per year. However, if EGLD invalidates the bearish pattern and moves above the resistance line, an increase to $48 could occur.

For the latest cryptocurrency market analysis from BeInCrypto, click here

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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