BeInCrypto is looking for the five biggest altcoin losers in the entire cryptocurrency market this week, specifically from From 7 to 14 April.
The underperforming altcoins that saw prices drop the most in the entire cryptocurrency market this week are:
SXP (SXP) price is underperforming altcoins
SXP price was engulfed in a massive increase in a six-day period starting on March 27th. This led to a new annual high of $0.94 six days later.
However, the price has since declined and reached as low as $0.57 on April 12. The ensuing bounce (green symbol) over the next 24 hours validated the 0.5 Fibonacci retracement support level.
If the rebound continues, SXP could move to the $0.93 resistance area again. However, if it closes below $0.58, another sharp drop towards $0.35 could occur.
Enjin (ENJ) price is retracing the bottom of the trading range
The price of ENJ has increased since March 10th. On April 5, it moved above the horizontal support area of $0.41 and validated it as support on April 12 (green symbol).
If the rebound continues, ENJ price could rise to $0.55. However, the loss of momentum could lead to a retest of the $0.41 support area.
The price of IOTA (IOTA) broke through the resistance line
IOTA price broke out of the descending resistance line on March 29. The breakout led to a high of $0.24 on April 6th. However, the price was rejected by the 0.618 Fibonacci retracement resistance (red icon) and declined afterwards.
The digital asset fell to an ascending support line after that. If it breaks down, a drop to $0.20 could follow. However, if IOTA moves above the 0.618 Fibonacci level, it is likely to rise to $0.27.
Quantitative (QNT) price trades in a corrective pattern
Quantum price has been trading inside an ascending parallel channel since November 2022. These channels usually contain corrective patterns. This means that eventual collapse is likely.
If that happens, QNT price could drop to $97.
However, if the crypto asset breaks away from the short-term resistance line (dashed), it could rally to the center line of the channel at $140.
Frax Share (FXS) The price is approaching a critical resistance
Similar to QNT, FXS price is also trading in an upward parallel channel since the establishment of a long lower wick on March 11th. The price reached the $10 resistance area on April 5th.
Whether FXS breaks above this area or breaks down from the channel is likely to determine the future direction. A breakout could lead to an increase towards the channel resistance line at $12, while a breakdown could lead to a retest of the $7.50 region.
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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.